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Toys ‘R Us Bankruptcy Hit Toys for Tots Program

By Nowack & Olson, PLLC |

The recent bankruptcy filing and closure of giant retailer Toys ‘R Us made it harder for parents to find toys for their children this holiday season. The bankruptcy filing also hammered the famous Toys for Tots program, hampering the charity’s ability to obtain the toys it needs to distribute to needy families. Toys for… Read More »

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What are Allowed Living Expenses in a Chapter 13 Repayment Plan

By Nowack & Olson, PLLC |

The repayment plan is the centerpiece of a Chapter 13 bankruptcy. This plan can last up to five years, and it identifies how much you will pay to your creditors. Any debt that remains at the end of the repayment period gets wiped out, and you can walk away free. At its simplest, a… Read More »

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Bankruptcy & Mobile Homes in Florida

By Nowack & Olson, PLLC |

Indebted consumers in Florida can typically choose between two bankruptcies—Chapter 7 or Chapter 13. With a Chapter 13, consumers do not lose any property, but they will need to stick to a repayment plan for 3-5 years before debts are discharged. With a Chapter 7, however, debtors can lose non-exempt property, which the trustee… Read More »

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Florida Companies File for Bankruptcy

By Nowack & Olson, PLLC |

Although giant retailers like Sears and Toys R Us get all the attention, smaller Florida businesses have also been filing for bankruptcy protection recently. Whether these companies can reorganize their debts successfully remains to be seen, but if your small business is struggling, realize that you are not alone. Promise Healthcare Group Seeks Chapter… Read More »

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Tangible Benefits of Filing for Chapter 13 Bankruptcy

By Nowack & Olson, PLLC |

A little discussed research paper by the National Bureau of Economic Research (NBER) has highlighted the many benefits of filing for Chapter 13 bankruptcy. Looking at roughly half a million filings, the two researchers found that those who complete a Chapter 13 tend to make more money and live longer than those who don’t…. Read More »

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Hoping to Win the Lottery? It Could Lead to Bankruptcy

By Nowack & Olson, PLLC |

Gigantic lottery jackpots have been in the news recently. First, there was the $1.6 billion Powerball lottery in 2016. Then, in late October 2018, Mega Millions offered a $1.5 billion lottery jackpot—which was won by a single person who bought a ticket in South Carolina. We wish that we could tell the public that… Read More »

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Before Picking a College, Check a School’s Student Loan Default Rate

By Nowack & Olson, PLLC |

College is expensive. And, like medical care, the cost never seems to go down. If you are planning to go to college, or if you have a child who is about to leave the nest, you need to carefully review each prospective college default rate. This is the percentage of students who take out… Read More »

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Credit Card Debt Continues to Increase

By Nowack & Olson, PLLC |

According to Value Penguin, the average American household had $5,700 in credit card debt as of November 2018. The median (or midpoint) debt was $2,300. However, these numbers also include the households that carried no debt. By narrowing the analysis to households with debt, the numbers were much scarier: an average debt of $9,333…. Read More »

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How to Create a Budget

By Nowack & Olson, PLLC |

A budget is a basic financial planning tool that all people should have. As lawyers at a prominent bankruptcy firm in Plantation, we are constantly surprised at how few clients have created a budget. As a result, few of them fully understand how much money they make each month and what exactly they are… Read More »

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Your Pets and Bankruptcy

By Nowack & Olson, PLLC |

Although many people consider their pets “family,” the fact is that pets are legally assets, no different really from your kitchen table or your car. Also, pet care is an expense that reduces the amount of money you can pay your creditors. For these reasons, your pets are not immune from bankruptcy, and it… Read More »

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