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Author Archives: Jay Butchko

Debt10

Should You Reaffirm Your Debts In Bankruptcy?

By Nowack & Olson, PLLC |

When you declare bankruptcy protection, the court will discharge some of your debts.  If it is a chapter 7 bankruptcy filing, it may sell some of your assets in order to settle as many of your debts as possible.  The court will not sell any of your assets until after it thoroughly assesses your… Read More »

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Bankruptcy17

Bankruptcy Fraud Red Flags

By Nowack & Olson, PLLC |

Tax debts and criminal fines are among the kinds of debt that you cannot discharge when you file for bankruptcy protection.  Another thing that filing taxes and filing for bankruptcy have in common is that it is easy to make mistakes on the paperwork, and the temptation is palpable to fib in order to… Read More »

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StudentDebt4

Can You Discharge Private Student Loans In Bankruptcy?

By Nowack & Olson, PLLC |

Student loans are among the most difficult kinds of debt to get rid of.  Most consumer debt, including credit card debt and medical bills, is easily discharged in bankruptcy.  Bankruptcy will not erase overdue alimony and child support, but if the family court has placed financial obligations on you that you are unable to… Read More »

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Bank8

What To Do If A Creditor Sues You

By Nowack & Olson, PLLC |

Have you ever heard someone tell a bully to pick on someone their own size?  Someone should say that to businesses that sue consumers for unpaid debts.  Business to consumer lawsuits have become frighteningly common in recent years.  Most of the time, the court allows these lawsuits to proceed without regard to the fact… Read More »

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CreditCardDebt

FTC Orders Operators of Credit Card Reduction Scam To Pay Millions And Get Out Of Debt Relief Business

By Nowack & Olson, PLLC |

Sometimes taking on a new debt to pay off your existing debt can be a wise move.  If the new loan has a lower interest rate than the debts you are using the loan money to pay off, then you will have a higher debt to credit ratio in the short term, but in… Read More »

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Debt9

Beware Of Loans With Interest Rates Higher Than 100 Percent

By Nowack & Olson, PLLC |

Several weeks ago, Jelena McWilliams ended her tenure as chairperson of the Federal Deposit Insurance Corporation (FDIC); President Biden will appoint a new chairperson soon.  The change in FDIC leadership could mean a change in its policies on consumer lending.  Consumer advocates and struggling borrowers hope that the new FDIC leader will close some… Read More »

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Bankruptcy12

Don’t Let Buy Now, Pay Later Make Your Debt Problems Worse

By Nowack & Olson, PLLC |

Some of the habits we as a society have picked up during the pandemic are more useful than others.  Learning to cook your favorite restaurant foods from scratch is a habit worth keeping even when in-person dining is in full swing.  Conversely, doom scrolling has not done anyone any favors.  Buy now pay later… Read More »

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Bank6

Bankruptcy: It Happened To Burt Reynolds, And It Can Happen To You

By Nowack & Olson, PLLC |

Burt Reynolds was a true original.  During the years he spent in Florida, he made the Sunshine State that much brighter.  The only bad thing anyone could think of to say about him was that he looked too much like Marlon Brando.  Perhaps you have expended considerable effort in trying to emulate him, but… Read More »

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DebtCalc

Maybe They Should Call It The Slightly Fewer Surprises Act

By Nowack & Olson, PLLC |

On paper, it looks like 2022 will be the year when medical bills impose less of a debt burden on American consumers.  Medical debt is the single biggest contributor to most people’s financial struggles; nationwide, approximately $88 billion of unpaid medical bills are bouncing around from one collection agency to another and hindering people’s… Read More »

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Bankr14

Florida Celebrity Bankruptcy Files: David Cassidy

By Nowack & Olson, PLLC |

Sordid tales of fresh-faced child stars who grew up to have an above average share of adult problems are their own subgenre of celebrity gossip.  The public seems to get a kick out of hearing the names of celebrities whose squeaky-clean teenybopper image once set an impossible standard for their audiences to live up… Read More »

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