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Category Archives: Chapter 13

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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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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Bankruptcy & Mobile Homes in Florida

By Nowack & Olson, PLLC |

Indebted consumers in Florida can typically choose between two bankruptcies—Chapter 7 or Chapter 13. With a Chapter 13, consumers do not lose any property, but they will need to stick to a repayment plan for 3-5 years before debts are discharged. With a Chapter 7, however, debtors can lose non-exempt property, which the trustee… Read More »

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Bank9

Tangible Benefits of Filing for Chapter 13 Bankruptcy

By Nowack & Olson, PLLC |

A little discussed research paper by the National Bureau of Economic Research (NBER) has highlighted the many benefits of filing for Chapter 13 bankruptcy. Looking at roughly half a million filings, the two researchers found that those who complete a Chapter 13 tend to make more money and live longer than those who don’t…. Read More »

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Bankr16

Rapper Lil Kim Files for Bankruptcy

By Nowack & Olson, PLLC |

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 »

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Bankr19

Converting a Chapter 13 Bankruptcy to a Chapter 7

By Nowack & Olson, PLLC |

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 »

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Can You Pay a Chapter 13 Plan Off Early?

By Nowack & Olson, PLLC |

The cornerstone of a Chapter 13 bankruptcy is the repayment plan. This plan lasts three to five years, and you pay off priority debts along with a portion of nonpriority debt (which is usually unsecured debt like credit cards). At the end of the repayment plan, any remaining unsecured debt gets wiped out and… Read More »

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DebtColl4

Can I File for Bankruptcy if I am Not Behind on Bills?

By Nowack & Olson, PLLC |

Every now and then we hear from someone with a very high credit score and no collection accounts who nevertheless is under financial distress. This person wonders if they can file for bankruptcy to obtain peace of mind or whether they must wait until their accounts go into collections before filing. This is an… Read More »

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