Recent Blog Posts
Rapper Lil Kim Files for Bankruptcy
Financial troubles seem to hit the wealthy just as frequently as the average working American. In a news scoop from last month, TMZ reported that famed rapper Lil Kim filed for bankruptcy protection in New Jersey. As reported in court documents, Kim is up to her eyeballs in debt to the tune of $4… Read More »
Starting a New Business after Bankruptcy
Many of our clients here at Nowack & Olson are interested in how they can re-establish their credit after filing for bankruptcy. But our business clients often have a slightly different concern—how to start a new business soon after a business bankruptcy. Maybe you caught the bug and can’t envision working for someone else…. Read More »
Just Moved to Florida. Can I File for Bankruptcy?
People move all the time now for a variety of reasons. Maybe you or your spouse accepted a new job in Florida, or perhaps you are one of the state’s most recent retirees who have moved here to enjoy the sun in your golden years. Whatever your reasons for coming to Florida, you might… Read More »
Buying a Car After Bankruptcy
Bankruptcy provides a fresh financial start for millions of Americans. However, bankruptcy comes with a downside—shredded credit, which makes it very difficult for those who recently filed bankruptcy to get a loan, even for a necessity such as a vehicle. Unfortunately, life does not stand still after bankruptcy. People still need a mode of… Read More »
Does Filing for Bankruptcy a Second Time Make Sense?
Financial difficulties can crop up at any moment. Many Americans seem to experience at least one crisis every decade, and they might consider filing for bankruptcy. But what happens if you already filed for bankruptcy once before? The good news is that there is no rule preventing people from filing for bankruptcy a second… Read More »
Is the Recent Foreclosure Spike a Sign of an Economic Downtown?
For the past decade, consumers have been able to dig out of debt and even begin to build savings. Some savvy consumers have even managed to save enough for a down payment on a home and take advantage of favorable interest rates. However, storm clouds might be on the horizon. A recent report shows… Read More »
Changes in Consumer Credit 10 Years after the Great Recession
TransUnion’s recently released Industry Insights Report provides a helpful window to compare the state of credit 10 years after the start of the last recession. The report provides optimism that consumers are in a much better place today than they were a decade earlier, and therefore are much better equipped to handle a financial… Read More »
Converting a Chapter 13 Bankruptcy to a Chapter 7
A Chapter 13 bankruptcy offers some advantages over a Chapter 7, but it is not for everyone. As an example, you don’t need to hand over non-exempt property, such as your car or investment property, to the trustee in a Chapter 13. However, you do have to complete a repayment plan that can last… Read More »
Best Way to Pay Off Your Debts
As summer turns to fall, many Floridians are assessing their financial situation. Having splurged on a summer vacation with the kids, you might be shocked when your credit card bill arrives in the next few months. Fortunately, many Americans pull themselves out of debt each year without the help of a debt management firm… Read More »
How to Discuss Bankruptcy with Your Spouse
One feature of the bankruptcy code is that married consumers can file for bankruptcy with their spouse. Of course, not everyone should file with their spouse. And even if you choose to file as an individual, your bankruptcy will affect your spouse and your future together. All of this is to say that married… Read More »