Author Archives: Jay Butchko
Former NFL Player Files for Bankruptcy
Celebrities seem to be filing bankruptcy a lot recently. News reports have informed us that German tennis star Boris Becker has been involved in bankruptcy proceedings. Dina Lohan also filed for bankruptcy this Fall. Now come reports that a former National Football League player has recently filed for bankruptcy. Reggie Rucker, a former wide… Read More »
Lawyer Suspended for Bankruptcy Fraud
Bankruptcy fraud does not receive a lot of attention. For one thing, few people commit fraud. They don’t have any large assets, so there is nothing to hide. For another, many debtors work with a seasoned bankruptcy attorney, like those from Nowack & Olson, who will carefully survey their assets and debts to make… Read More »
Can You Discharge Homeowners Association Dues in Bankruptcy?
Homeowners associations (HOAs) are popular in Florida. For the pleasure of living in a planned community, however, you need to pay dues to the HOA, which can sometimes exceed thousands of dollars a year. Homeowners who fall behind on their dues often ask us whether they can get rid of them in bankruptcy. Often,… Read More »
Credit Cards are the Most Popular Method of Payment
A cashless society might be a reality at some point in the future, and a recent report from Mercator Advisory Group shows that many Americans will be prepared if that day ever arrives. Mercator’s Insight Summary Report highlights an interesting fact: credit cards are now the most popular payment method in stores, replacing cash,… Read More »
Can Financial Coaching Help Pay off Student Loan Debts?
It’s no secret that student loans are a drag on the lives of college graduates. According to the latest statistics, about 70% of students who earn a bachelor’s degree end up with student loan debt, and the average debt load is $35,000 per person. And about one third of people with loans will have… Read More »
Bankruptcy & Mediation
Mediation is a non-judicial proceeding which has begun to play an increasingly prominent role in bankruptcy. In mediation, a third party neutral (the mediator) listens to a dispute with the hopes that all sides can overcome their disagreements and find common ground. Used most commonly in large Chapter 11 bankruptcies, mediation has begun to… Read More »
Can You Keep a Credit Card During and After Bankruptcy?
Credit cards make life easy. You never have to worry about having enough cash on you, and you can even make a purchase that you know you can’t afford today but will pay off over time. However, the ease and convenience of credit cards is probably one of the main reasons you are visiting… Read More »
Bankruptcy & Foreign Assets
South Florida is truly one of the most cosmopolitan areas in the United States, with visitors and residents from around the globe. We also have thousands of people with dual citizenship or who own assets in foreign countries. But what happens to these assets if you get into financial trouble and need to file… Read More »
Thinking of Debt Settlement? Think Again
Some people will do anything to avoid filing for bankruptcy. They might meet with a credit counselor and try to develop a budget. They might unplug their phone and hide under the covers. Another option debtors consider is debt settlement. At our firm, we have had clients file for bankruptcy after failing to settle… Read More »
Preferential & Fraudulent Transfers: What You Need to Know
One of the key concepts of U.S. bankruptcy law is that creditors must be treated fairly. This means that the trustee can’t treat one unsecured creditor more favorably than another. It also means that debtors cannot favor a creditor ahead of all other creditors. However, many debtors commit preferential transfers and fraudulent transfers. Preferential… Read More »