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Category Archives: Bankruptcy

Legal5

How Much Is Your Cryptocurrency Worth?

By Nowack & Olson, PLLC |

We have written recently about the need to disclose all assets when filing for bankruptcy. Assets can include tangible personal property like cars and homes but also cash or investments. One investment that an increasing number of people own is Bitcoin. Some people use Bitcoin or other cryptocurrencies to make purchases, especially online. However,… Read More »

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BankAtty

Avoid these 4 Debt Consolidation Mistakes

By Nowack & Olson, PLLC |

Debt consolidation is often a sensible technique for digging out from under a debt pile. The strategy involves rolling high-interest debts into one debt that has a lower interest rate. Because of the lower rate, monthly payments should be lower, which allows the debtor to get out of debt quicker. One common type of… Read More »

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DebtTread

How to Get Off the Debt Treadmill

By Nowack & Olson, PLLC |

Have you ever felt like you were paying your debts month after month, but the principal never seems to go down? Are you broke at the end of each month but no closer to being debt free? If so, you are probably on the debt treadmill. The debt treadmill is a term to describe… Read More »

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Bank5

Florida Bankruptcy Statistics

By Nowack & Olson, PLLC |

Bankruptcy filings are often a good indication of the current health of the economy. When people lose jobs, they often rely on credit to get by and pay for essentials like food and transportation. After a while, however, all bills become due and the unemployed and others soon become insolvent. Bankruptcy is a sensible… Read More »

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Bank4

What Assets Must You Disclose when You File for Bankruptcy?

By Nowack & Olson, PLLC |

A key part of any bankruptcy filing is the schedule of assets you submit to the court. These assets include anything you own or are entitled to receive when you file. Although a Chapter 13 bankruptcy protects assets from liquidation, the trustee can take assets in a Chapter 7 bankruptcy and sell them, unless… Read More »

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Bank3

Avoid these 3 Bankruptcy Mistakes

By Nowack & Olson, PLLC |

Completing a do-it-yourself bankruptcy is much harder than it looks. Many people get seduced by the pre-printed forms they can download from the US courts website and assume they don’t need a lawyer’s help. Unfortunately, they can make many errors that hamstring their ability to wipe out debts. One reason to hire a bankruptcy… Read More »

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BankruptMoney

More Retailers File for Bankruptcy Twice

By Nowack & Olson, PLLC |

When a business files for bankruptcy twice, a question naturally arises: did the company simply not learn any lessons from the first go-around or are there serious problems in the industry? CNBC has an interesting article on retailers that have filed for bankruptcy protection twice in the past decade. The retail industry has struggled… Read More »

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CarRepo

How NOT to Fight a Vehicle Repossession

By Nowack & Olson, PLLC |

When signing a car loan, debtors are giving their creditor the right to repossess the vehicle in the event they default. And creditors take full advantage of that right. They will send a “repo man” out to your home to take possession of a vehicle and haul it away even before you have had… Read More »

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Bankr28

What Is a “No Asset” Bankruptcy Case and Do You Qualify?

By Nowack & Olson, PLLC |

Put simply, a “no asset” bankruptcy is a Chapter 7 bankruptcy in which the debtor has no non-exempt property for the trustee to seize and distribute to creditors. No asset cases go by very quickly because the trustee doesn’t have to get any assets appraised or arrange a sale, which can drag an otherwise… Read More »

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TaxPrep

Can You Keep a Tax Refund in Bankruptcy?

By Nowack & Olson, PLLC |

With the new year, many people are beginning to think about their income taxes for 2019. For millions of workers, filing by April 15 will result in a tax refund, usually because they contributed more in withholding taxes than they needed or because they can claim exemptions. If you are planning to file for… Read More »

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