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Budget

Good News on the Consumer Credit Front

By Nowack & Olson, PLLC |

Several stories have appeared recently suggesting that the U.S. economy is slipping into recession. First, there were reports that the “yield curve” had inverted, meaning that long-term bonds were paying out less than short-term bonds—a sign that investors anticipated a recession in the near future. Then the May 2019 jobs report showed a smaller-than-expected… Read More »

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Bankr26

New Income Limits for Chapter 7 Bankruptcy

By Nowack & Olson, PLLC |

Consumers who can’t repay their debts have their choice of 2 consumer bankruptcies—Chapter 7 and Chapter 13. They are named after specific chapters in the Bankruptcy Code and are very different. With a Chapter 7, you can wipe out unsecured debts, but you will probably lose non-exempt property. With a Chapter 13, you don’t… Read More »

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CellPhone

Will I Lose My Cell Phone if I File for Bankruptcy?

By Nowack & Olson, PLLC |

Many people realize that filing for bankruptcy comes with some strings. In particular, if you file for Chapter 7 bankruptcy, the trustee can sell your non-exempt property and send the proceeds to your creditor. But does this mean you will lose your cell phone? After all, it is an asset, and those are vulnerable… Read More »

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CashAdvance

Avoid Cash Advances

By Nowack & Olson, PLLC |

People are often pressed for cash. For example, you might need cash to pay a babysitter or to buy lunch. However, taking a cash advance is one of the worst things you can do financially. A cash advance is a loan you take on your credit card. Most cards allow for a cash advance… Read More »

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Bankr23

Health Crises Still Drive Many to Bankruptcy

By Nowack & Olson, PLLC |

An opinion column in USA Today reminds us that health care costs continue to send millions of Americans to bankruptcy. This might be surprising. After all, the rise of Obamacare and the expansion of Medicaid in many states should have put an end to the health care crisis in this country. But as columnist… Read More »

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Bank9

How to Tell Family and Friends about Your Bankruptcy

By Nowack & Olson, PLLC |

Bankruptcy is a public process in the United States. Not only are your court records public, but people can find out about your bankruptcy by doing a background check. Some newspapers also publish a list of the names of people who filed for bankruptcy in that jurisdiction. It’s unlikely that your friends and family… Read More »

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BusBankr

Florist FTD Files for Bankruptcy Protection

By Nowack & Olson, PLLC |

Founded over 100 years ago, florist FTD is probably best known for its commercials informing the public that they can ship flowers to loved ones on Mother’s Day or any other special occasion within 24 hours. FTD works by having a network of florists around the country who live near the intended recipient, thus… Read More »

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Bankruptcy14

Lil Kim Asks Judge to Drop Her Bankruptcy Case

By Nowack & Olson, PLLC |

Almost a year ago we wrote about rapper Lil Kim filing for bankruptcy protection. Now comes news that she is trying to get her bankruptcy case dismissed because she is apparently in better financial shape. However, as Lil Kim might find, it is far easier to file for bankruptcy than to get a judge… Read More »

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Bankr14

Towanda Braxton Files for Bankruptcy with $150 in Her Bank Account

By Nowack & Olson, PLLC |

One of the stars of “Braxton Family Values” has filed for bankruptcy protection. According to Yahoo Entertainment, Towanda Braxton file for Chapter 7 bankruptcy protection earlier this month. Her court filings reveal that she has over half a million dollars in debt–$547,056.39 to be exact. Unfortunately, her assets only total about half that much,… Read More »

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Bankr15

Most Common Reasons People File for Bankruptcy

By Nowack & Olson, PLLC |

A common misperception is that people who file for bankruptcy do so because they have “blown” money for years and their spendthrift ways have finally caught up with them. Think ritzy trips to Vegas, gambling addictions, and expensive vehicles. However, the reality is far different. The Motley Fool published an excellent article recently reminding… Read More »

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