Author Archives: Jay Butchko
Does It Matter in What State I File for Bankruptcy?
Bankruptcy is federal law, and you can use it to discharge any debts that you have in the 50 states of the Union. Many people have homes in multiple states and move around, often for work. They call us up to ask whether it really matters in what state they file for bankruptcy. In… Read More »
Coal Companies Filing for Bankruptcy in Record Numbers
When he ran for office, President Trump promised to protect the coal industry, which was crucial to his winning certain states, such as West Virginia. However, in spite of the economic expansion that has no end in sight, many coal companies are feeling financial stress and filing for bankruptcy. Forbes ran an interesting story… Read More »
Questions to Ask a Credit Counselor
Credit counseling is sometimes an effective method of tackling debt, especially for those with relatively smaller debt loads. With this type of counseling, the debtor meets to discuss their current financial situation and develop a budget that will allow them to repay their debts in a sensible manner. As part of a debt management… Read More »
Colleges that Have Gone Bankrupt or Closed
A little-known trend has gathered steam recently—colleges have declared bankruptcy. At a time when most of the public is concerned about the high cost of student loan debt, the colleges and universities that have been prime beneficiaries of that debt have struggled with declining enrollments. One reason? The millennial generation has finally worked its… Read More »
Tackling Your Debt? Avoid these Mistakes
It is never too soon to start chipping away at your debt. The more debt you can pay off, the better your credit will be. Also, the amount you spend on debt service each month should fall, especially if you can contribute extra money each month to the debt principal. However, there are certain… Read More »
Should You File for Bankruptcy & Divorce?
Marriage is more than a spiritual or romantic union. It is also a financial one. Unless a couple has been married for only a short time, there is a good chance they own property together. They also probably share debts, which could include a home mortgage or a joint credit card. Bankruptcy and divorce… Read More »
When Can Wages Be Garnished?
Creditors use wage garnishment to get paid. Essentially, a creditor obtains a court order which is sent to the debtor’s employer. The order instructs the employer to withhold money from the employee’s paycheck and then send it to the creditor. Not all debts are treated the same in Florida. However, if you owe someone… Read More »
Getting Your First Credit Card
Building credit history isn’t easy. To get a credit card, you need a decent credit history. But how do you build that history if you don’t have a credit card? This Catch-22 might make it seem impossible to ever begin building credit. But there are steps that consumers can take. Maybe you are a… Read More »
Mistakes to Avoid when Budgeting
Creating a budget is a sensible and adult thing to do. Savvy consumers should keep track of all money coming in and going out the door, so they can maximize their savings and keep themselves from falling into financial disarray. However, there are some common mistakes that people make when budgeting money. By addressing… Read More »
What Are Negative Consequences of Foreclosure?
Losing a home means more than losing your small piece of the American Dream. There are also many negative financial consequences that could have repercussions long into the future. If at all possible, most people would benefit from avoiding a foreclosure. At Nowack & Olson, we understand that sudden job loss and medical crises… Read More »