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Category Archives: Bankruptcy Exemptions

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Florida’s Homestead Exemption in Bankruptcy

By Nowack & Olson, PLLC |

Florida residents pondering whether they should file for bankruptcy protection need to consider how filing will affect their assets. In many states, consumers who file for Chapter 7 bankruptcy can end up losing their homes and other valuable assets, such as their cars. Fortunately, the situation is different in Florida, but you still must… Read More »

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Chapter 13 bankruptcy and home foreclosure

By Nowack & Olson, PLLC |

Many people considering bankruptcy may also be facing potential foreclosures and should understand the relationship between the two. Floridians who are faced with serious and unmanageable levels of debt may understandably feel very afraid and unsure of how to proceed. As the pile of bills increases and the ability to pay them is not… Read More »

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Supreme Court declines to hear student loan case involving bankruptcy

By Nowack & Olson, PLLC |

Bankruptcy discharge for student loans will remain challenging Determining why the Supreme Court decides not to hear a case is an exercise in frustration. The Court grants what is known as “cert petitions” when at least four justices agree to hear the case. The Court typically will accept cases where there is an important… Read More »

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I cannot pay my student loans. Can bankruptcy help?

By Nowack & Olson, PLLC |

Millions of Americans pay significant amounts of money to invest in their education in the form of student loans. After graduation, many of these individuals find that they are not able to make payments and keep up with the exorbitant amount of debt that they accumulated over their years in college. For many graduates,… Read More »

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Will bankruptcy help me get my life back on track?

By Nowack & Olson, PLLC |

If your debts outweigh your assets, you are probably struggling to make ends meet. You may have underestimated the amount of money you need for retirement, or you had a medical situation that resulted in bills that never seem to stop. Perhaps you have been thinking of alternatives to get out of debt, and… Read More »

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Bankruptcy and protecting your home: Part II

By Nowack & Olson, PLLC |

Even though bankruptcy may be the best option for countless Florida families struggling with debt, many avoid the idea all together – often because of the mistaken belief that they will lose everything they own, including their home. However, bankruptcy is not meant to be a punishment, but a new start. In fact, thanks… Read More »

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Don’t be scared of losing everything in a Florida bankruptcy

By Nowack & Olson, PLLC |

Being in debt is scary, and you might be doing everything in your power to avoid dealing with the situation. However, you don’t have to let fear drive your decisions and control your financial life. Instead, you can educate yourself to take the mystery out of your situation and regain control. For instance, if… Read More »

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Will I lose my home in bankruptcy?

By Nowack & Olson, PLLC |

Once Miami, Florida, residents are at the point of considering filing for personal bankruptcy they are often already facing the prospect of losing their home to unmanageable debt. If you are a homeowner who is currently weighing your debt relief options, it can be helpful to know what may happen to your house in… Read More »

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Bankruptcy exemptions 101

By Nowack & Olson, PLLC |

While it is true that personal bankruptcy is intended to account for substantial amounts of debt, the process is not designed to compromise the financial security and/or personal integrity of filers. As a result, Florida state and federal guidelines regarding bankruptcy exemptions are in place to allow for the reasonable comfort and independence of… Read More »

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Certain IRA accounts may be considered exempt in FL bankruptcy cases

By Nowack & Olson, PLLC |

During hard economic times, some Florida residents are compelled to declare bankruptcy as a way to gain financial freedom from uncontrollable debt. As part of the bankruptcy process, people are required to list their assets and property as well as their debt. The trustee assigned to the case has the ability to reclaim certain… Read More »

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