Author Archives: Jay Butchko
Foreclosure Myths
The housing market has recovered over the past few years, but thousands of homeowners still struggle to pay their mortgage each month. When homeowners cannot make payments, the bank might start the foreclosure process. At Nowack & Olson, we have heard some pretty inaccurate information about the home foreclosure process, so we bust some… Read More »
What to Do after a Car Repossession
Car repossessions rarely strike like a bolt out of the blue. After all, you must know that you have been missing payments. Nevertheless, finding out that your lender has repossessed your car is certainly a shocking experience. Car repossessions occur when borrowers do not pay their car loans. Because the loan is backed by… Read More »
Consumer Credit Defaults Hit Low
The U.S. economy has been sending some mixed messages recently. Although the unemployment rate has reached its lowest point in almost 50 years, the stock market continues to suffer serious losses while the housing market has cooled somewhat. Wage gains have also disappointed, though this is relative, as people are still seeing small wage… Read More »
First Toys ‘R Us, Now Sears…Who’s Next?
The news that giant retailer Sears had filed for bankruptcy on October 15, 2018 should not have been surprising. For years, Sears and its subsidiary Kmart have been closing stores around the country. However, it is always an unsettling experience to watch one of the nation’s oldest retailers admit that it cannot pay its… Read More »
Massachusetts Doctor Files for Bankruptcy to Avoid Jail
In one of the more unusual bankruptcy cases we have heard about, a doctor in Brookline, Massachusetts has filed bankruptcy to avoid going to jail. As reported by WBUR in late August, Dr. Nataly Minkina owed about $250,000 stemming from a lawsuit she filed against her lawyers. Thanks to the bankruptcy code’s automatic stay,… Read More »
Harvey Weinstein Bankruptcy Takes Another Odd Turn
As some people know, media mogul Harvey Weinstein faces numerous credible accusations of sexual harassment and sexual assault. In response, his company, The Weinstein Company (TWC), filed for Chapter 11 bankruptcy protection. Whenever a debtor files for bankruptcy, the court enters an automatic stay that halts all collection attempts against the debtor, including lawsuits…. Read More »
A Look Back at Burt Reynolds’ 1996 Bankruptcy
Famed actor Burt Reynolds recently died. Known for his roles in the Smokey and the Bandit franchise, as well as his marriage to Loni Anderson, Reynolds also famously filed for bankruptcy in 1996. At the time, the news was shocking since Reynolds had been one of the most reliable Hollywood draws for decades. In… Read More »
How to Make Bankruptcy Go as Smoothly as Possible
Bankruptcy provides our clients with a way to get out from under mountains of debt so that they can gain some breathing room. The bankruptcy process is relatively straightforward and there is no reason to make the process more difficult than it needs be. Having helped thousands of people successfully complete bankruptcy, we offer… Read More »
Credit Card Debt Continues to Get More Expensive
If you carry a credit card balance, you probably regularly check your monthly statement. You might have noticed something surprising over the past year—even though you are regularly paying your debt, your balance does not seem to be declining as fast as it should. There is a simple reason—your interest rate has probably been… Read More »
Americans’ Debt Load Soars, but Experts Don’t See a Problem
As reported by the Federal Reserve earlier this month, the debt loads for Americans have once more surpassed their peak before the Great Recession. However, few experts are worried since consumers should have a much easier time managing this debt. Over $13 Trillion in Household Debt The new high of $13.3 trillion, reached in… Read More »