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Monthly Archives: September 2020

CreditCards2

Credit Card Debt Surprisingly Declines

By Nowack & Olson, PLLC |

With so many recent job losses—more than 40 million at last count—we expected consumers to tap their credit cards to keep afloat and pay bills. However, recent data from the federal government shows that credit card debt has declined. According to Forbes, credit card debt fell below $1 billion for the first time in… Read More »

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Be Careful Taking on New Debt if You Intend to File for Bankruptcy

By Nowack & Olson, PLLC |

When our clients decide to file for bankruptcy, we need to discuss how they should handle taking on new debt. Life does not stand still, and people often need to tap their credit in the weeks leading up to a bankruptcy filing. However, taking on new debt could create problems, and some debts might… Read More »

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Restaurant

Restaurants Seek Additional Help to Survive Pandemic

By Nowack & Olson, PLLC |

The restaurant industry has been hammered during the recent pandemic, and a wave of bankruptcy filings could be on the horizon. Health officials have identified indoor dining as a vector for transmission of the coronavirus, so countless restaurants have been closed in the past few months. Around the state, many restaurants and chains have… Read More »

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What to Do if You Have Unfiled Taxes

By Nowack & Olson, PLLC |

The filing date for federal and state income tax for 2019 got pushed back to July 15, 2020. But many people did not submit their taxes on that date, and they might even have unfiled taxes from previous years. If you are considering bankruptcy, then your attorney needs to understand your tax situation. It… Read More »

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What to Do to Avoid Default on Your Car Loan

By Nowack & Olson, PLLC |

It has been a difficult past few months for many Floridians, who have seen their hours reduced or their jobs disappear altogether. Many people have had to make tough decisions about how to spend what little money they have. Many of our clients are desperate to keep their cars, and we can’t blame them…. Read More »

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Bankr19

Terrible Debt Repayment Strategies

By Nowack & Olson, PLLC |

A recent show on ABC News caught our attention. A young woman discussed with the cable news outlet her strategy for repaying Y in debt. Her plan? To become a “sugar baby” to a wealthier man. We are confident few people will follow this young woman’s path, but the story got us thinking about… Read More »

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College

Should You Pay for College this Fall?

By Nowack & Olson, PLLC |

College is an enormous expense, and one many parents are reconsidering as the novel coronavirus pandemic continues to gain steam across the country. This fall, many colleges and universities are keeping students away, instead offering virtual learning. But is this an expense that parents should happily shell out for? Students who are financing their… Read More »

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Bankr20

How Much Debt Must You Repay in a Chapter 13?

By Nowack & Olson, PLLC |

Chapter 13 is the lesser-known consumer bankruptcy. In Florida, about 3 out of 4 individuals file for Chapter 7 bankruptcy protection, which is much quicker than a Chapter 13, which can take three to five years. Nevertheless, a Chapter 13 has its place, and we have helped countless debtors apply for Chapter 13 relief…. Read More »

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Bankr24

Can You Use Bankruptcy to Get Out of a Lease?

By Nowack & Olson, PLLC |

For many individuals and businesses, monthly leases make up a large fraction of their expenses. Real estate in South Florida is expensive, and many of our clients cannot continue to pay their rent. Many want to know: “Can you use a bankruptcy to get out of a lease?” The answer is “yes.” However, individuals… Read More »

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Bankr18

Is There Life after Chapter 7?

By Nowack & Olson, PLLC |

For many of our clients, filing for bankruptcy is a momentous decision. Many consumers have spent years struggling with mammoth debt loads because they dreaded filing for bankruptcy protection. Many of these fears are overblown, as our clients soon find out. Yes, there is life after bankruptcy. But there will also be changes, and… Read More »

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