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Monthly Archives: February 2021

BankFile

Does Filing for Bankruptcy Affect Your Children?

By Nowack & Olson, PLLC |

Bankruptcy has repercussions that all debtors must fully consider before they decide to file. We’ve written before about some of the considerations, especially how a bankruptcy will affect your chances of obtaining a new job or securing an apartment. Debtors also should consider how bankruptcy will affect their children. Of course, your ability to… Read More »

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The National Rifle Association Enters Bankruptcy

By Nowack & Olson, PLLC |

The nation’s largest gun rights group has filed for bankruptcy, according to media reports. The NRA filed for Chapter 11 bankruptcy protection in Dallas federal court and announced concurrently that it would incorporate in Texas. Currently, the NRA is incorporated as a nonprofit in New York, where it faces a lawsuit filed by the… Read More »

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Is Chapter 13 Right for You?

By Nowack & Olson, PLLC |

Of the two consumer bankruptcies—Chapter 7 and Chapter 13—the first is by far the most popular in Florida. Statistics regularly show that Florida consumers file about three times as many Chapter 7 bankruptcies as they do Chapter 13. However, Chapter 13 remains popular because it provides greater flexibility than Chapter 7. With this bankruptcy,… Read More »

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NHL Star Files for Bankruptcy

By Nowack & Olson, PLLC |

Bankruptcy is not only for the poor and low income. Many wealthy people also struggle financially, becoming so overextended that they can no longer pay their bills. A recent example of this is NHL forward Evander Kane, who filed for Chapter 7 bankruptcy protection last week. Kane is a forward for the San Jose… Read More »

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Chapter 7 Bankruptcy & Overseas Assets

By Nowack & Olson, PLLC |

Many people have assets outside the country. They might own a boat that is docked in Bermuda, or a vacation property in the Caribbean or Mediterranean. Others hold financial assets in a trust that is offshore. With a Chapter 7 bankruptcy, the trustee is empowered to sell assets you own that you cannot exempt…. Read More »

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Bankruptcy Statistics for 2020

By Nowack & Olson, PLLC |

2020 was a year unlike any other. And, in the bankruptcy realm, it was also unusual. According to statistics gathered by legal services provider Epiq, last year saw the fewest bankruptcy filings since 1986! Despite the crumbling economy, fewer individuals and businesses filed for bankruptcy protection since Ronald Reagan was president. However, whether this… Read More »

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Student Loan Payments Will Resume for Millions of Borrowers

By Nowack & Olson, PLLC |

Roughly 42 million people with student loans will soon have to start making payments again. The payment freeze in place since March will lapse at the end of the year. Consequently, borrowers should anticipate having to cut a check in January unless the President and Congress act. If you have federal student loans, prepare… Read More »

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What Happens to Car Leases in Bankruptcy?

By Nowack & Olson, PLLC |

Many people realize that they might lose personal property if they file for Chapter 7 bankruptcy protection. But what about property you don’t own but instead lease? Thousands of people lease a vehicle, so they are naturally curious about what will happen to their lease in a bankruptcy. Let our Plantation bankruptcy attorney explain… Read More »

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What Are Priority Debts in Bankruptcy?

By Nowack & Olson, PLLC |

Not all debts are treated equally in bankruptcy. Instead, some are considered more important than others, and they go by the name “priority debts.” Many of our clients have debts that the bankruptcy code identifies as “priority,” so our clients should have some idea of what they are and how they are handled. Our… Read More »

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