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Category Archives: Chapter 13

BankChapter13

Florida Celebrity Bankruptcy Files: Trick Daddy

By Nowack & Olson, PLLC |

Filing for bankruptcy protection is your legal right.  No one can take that right away from you, not your ex-spouse, not the beneficiaries of your will, and not even the family court, the criminal court, or the bankruptcy court.  In some cases there is a waiting period after one bankruptcy filing before you can… Read More »

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Tax1

Which Debts Should You Pay Down With Your Tax Refund?

By Nowack & Olson, PLLC |

The idea of universal basic income has been around since before the COVID-19 pandemic, but several rounds of stimulus checks have offered insights into what people actually do when they get a temporary and modestly sized windfall while living paycheck to paycheck.  Most people did not splurge their stimulus checks, whether or not they… Read More »

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BankruptcyReorg

Florida Celebrity Bankruptcy Files: Lakeisha Williams, Stepmother Of Venus And Serena

By Nowack & Olson, PLLC |

People who have seen the movie King Richard will be familiar with the story of how Richard Williams and his wife Oracene Price bought a house in South Florida and outfitted it with tennis courts where their daughters Venus and Serena would practice playing tennis until they became world champions.  Today, the house bears… Read More »

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Bankr26

How Does Filing For Bankruptcy Affect Your Career?

By Nowack & Olson, PLLC |

Everyone has the right to file for bankruptcy protection; neither the spouse nor the IRS nor anyone else has the right to stop you.  Despite this, just because you file for bankruptcy protection, it does not automatically mean that the court will accept your filing.  To get your bankruptcy petition accepted, you must persuade… Read More »

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BankrLaw

Can Bankruptcy Help with Past-Due Child Support?

By Nowack & Olson, PLLC |

As we have explained many times, not all debts can be wiped out in bankruptcy. The bankruptcy code identifies certain debts that are “non-dischargeable,” and child support payments are one type. But does this mean bankruptcy is useless if you owe past-due child support, called “arrearages”? No, actually. Bankruptcy does provide some tangible benefits… Read More »

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Bankr26

How Long Will My Chapter 13 Payment Plan Last?

By Nowack & Olson, PLLC |

Chapter 13 is an attractive alternative to Chapter 7 for many people. With a Chapter 13, you don’t give up any property. Instead, you contribute disposable income to your creditors for a period of years. At the end of this payment plan, any unpaid qualifying debt should be wiped out. Chapter 13 is ideal… Read More »

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Bankr26

New Income Limits for Chapter 7 Bankruptcy

By Nowack & Olson, PLLC |

Consumers who can’t repay their debts have their choice of 2 consumer bankruptcies—Chapter 7 and Chapter 13. They are named after specific chapters in the Bankruptcy Code and are very different. With a Chapter 7, you can wipe out unsecured debts, but you will probably lose non-exempt property. With a Chapter 13, you don’t… Read More »

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Bankruptcy14

Lil Kim Asks Judge to Drop Her Bankruptcy Case

By Nowack & Olson, PLLC |

Almost a year ago we wrote about rapper Lil Kim filing for bankruptcy protection. Now comes news that she is trying to get her bankruptcy case dismissed because she is apparently in better financial shape. However, as Lil Kim might find, it is far easier to file for bankruptcy than to get a judge… Read More »

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Bank1

Bankruptcy & Mediation

By Nowack & Olson, PLLC |

Mediation is a non-judicial proceeding which has begun to play an increasingly prominent role in bankruptcy. In mediation, a third party neutral (the mediator) listens to a dispute with the hopes that all sides can overcome their disagreements and find common ground. Used most commonly in large Chapter 11 bankruptcies, mediation has begun to… Read More »

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Bankr10

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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