Recent Blog Posts
Will Filing for Bankruptcy Hurt My Social Security Benefits?
Increasingly, more seniors are filing for bankruptcy. Their reasons vary. For some, medical expenses are eating up a larger share of their income, while many try to support family members. At the same time, retirees have a frayed safety net as few have the type of generous pensions that their parents enjoyed a few… Read More »
What is the Wildcard Exemption in Florida?
Losing property is probably the worst part of a Chapter 7 liquidation. This is part of the trade-off at the heart of a Chapter 7—you get to wipe out unsecured debts (like credit card debts), but you have to give up property in exchange. Helpfully, Florida exempts certain property from bankruptcy, such as your… Read More »
What if I Move after Filing for Bankruptcy but Before I Receive a Discharge?
People move for a variety of reasons, job change being one of the most common. But will moving affect your bankruptcy in any way? Although bankruptcy law is federal, you must file for bankruptcy in the district where you live. Also, bankruptcy relies on state law in certain situations, such as the list of… Read More »
NBC Promotes Experian Program that “Instantly Boosts” a Participant’s Credit Score
In a recent blog post, NBC News has decided to promote a program from credit bureau Experian that promises a quick increase in a person’s credit score. Though consumers should carefully consider all techniques for improving credit, NBC buries some valid criticisms of the program. What is Experian Boost? Giant credit bureau Experian is… Read More »
Plus-Size Retailer Breaks Record for Fastest Business Reorganization
Chapter 11 reorganizations tend to take much longer than the Chapter 7 liquidations that most consumers are familiar with. The duration of a Chapter 11 is easily explained, since businesses hope to continue to stay in operation while reorganizing their debt. It takes time to come up with a debt reorganization plan and to… Read More »
Can Bankruptcy Wipe Out Child Support Payments?
When a couple divorces with children, one parent almost always has to pay child support to the custodial parent. Child support serves many purposes, perhaps none more important than making sure that children do not end up on public welfare. If you have a child, then the state absolutely expects you to financially support… Read More »
Health Reform Legislation Has Not Helped Reduce Bankruptcies
A health crisis can make it extremely difficult to stay financially solvent. Many Americans lack sufficient health insurance and swiftly find themselves in tens of thousands of dollars of debt. As reported by CNBC, a recent study has found about two thirds of bankruptcies are related to health issues, which cause them to incur… Read More »
Will Congress Investigate the Credit Score System?
New York’s freshman Congresswoman Alexandria Ocasio-Cortez continues to make waves. In January, she announced that high-income people should pay a 70% income tax, which is roughly double what they currently pay. She has also proposed a “New Green Deal” which seeks to lower carbon emissions while boosting the number of good-paying jobs. But in… Read More »
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 »