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Monthly Archives: April 2021

BusinessBankruptcy

3 Misconceptions About The Chapter 11 Bankruptcy Process For Businesses

By Nowack & Olson, PLLC |

No one is ever planning to end up in significant debt. However, both individuals and businesses can find themselves in the unfortunate position of being weighed down by expenses owed. Substantial debt can occur for a variety of reasons, many of which are perfectly understandable and could happen to any of us. The results… Read More »

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Retailers And Chapter 11 Bankruptcy During The Pandemic

By Nowack & Olson, PLLC |

With so many Americans spending so much of the last several months primarily at home, it likely comes as no surprise that retailers – those who own retail stores and produce and supply retail goods for consumers – have struggled in the face of the ongoing COVID-19 pandemic. This is especially true when it… Read More »

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A Recent Example Of The Consequences Of Bankruptcy Fraud Allegations

By Nowack & Olson, PLLC |

According to the Department of Justice, Dan Kamensky, the founder of hedge fund Marble Ridge Capital, pled guilty in February to bankruptcy fraud related to Neiman Marcus. The hedge fund founder pled in response to allegations of a scheme to pressure a rival bidder to abandon its higher bid for assets in connection with… Read More »

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Why Bankruptcy May be the Solution for Your Medical Debt

By Nowack & Olson, PLLC |

If you are one of the millions of Americans who is struggling to pay bills due to unexpected medical debt, you are not alone. Unfortunately, no one can predict or prevent a major health issue. When an emergency happens you simply have to figure out a way to get treatment – even if it’s… Read More »

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Your Tax Refund and Bankruptcy

By Nowack & Olson, PLLC |

The end of tax season can mean getting a substantial refund which is something that many Americans look forward to every spring and even this year when the deadline has been extended. In Fiscal Year 2019, the IRS collected more than $3.5 trillion in gross taxes and issued almost 122 million tax refunds that… Read More »

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Empty Threats Commonly Made By Debt Collectors

By Nowack & Olson, PLLC |

The realization that you are having serious financial problems you don’t have a solution to is hard enough to face. The last thing anyone who is already under financial stress needs is more stress in the form of ongoing contact with debt collectors. But unfortunately, those who are suffering the most financially often experience… Read More »

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Can You Be Arrested for Failing to Pay Debt?

By Nowack & Olson, PLLC |

Once upon a time, debtors would get sent to prison for failing to pay a debt. The famed English novelist Charles Dickens’ own father was sent to debtor’s prison when Dickens was a boy. In the United States, we have done away with debtor’s prison, which means that you will not be sent to… Read More »

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Protecting a Loan Cosigner in Bankruptcy

By Nowack & Olson, PLLC |

People with poor or no credit often need someone else to cosign on a loan. Legally, this means the cosigner is responsible for paying any debt that is unpaid. If your mother cosigns your car loan, she’s on the hook should you default on payments. Many of our clients have cosigners on loans and… Read More »

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Can You Negotiate Debt with a Credit Card Company?

By Nowack & Olson, PLLC |

According to The Balance, the average Floridian carries over $8,000 in credit card debt. With high interest rates, this debt can become unsustainable. Many people would like to negotiate with their credit card company. But is that possible? The answer is a big “maybe.” Credit card companies differ in their willingness to negotiate with… Read More »

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