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Category Archives: Chapter 7

Debt10

Should You Reaffirm Your Debts In Bankruptcy?

By Nowack & Olson, PLLC |

When you declare bankruptcy protection, the court will discharge some of your debts.  If it is a chapter 7 bankruptcy filing, it may sell some of your assets in order to settle as many of your debts as possible.  The court will not sell any of your assets until after it thoroughly assesses your… Read More »

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Bankruptcy17

Bankruptcy Fraud Red Flags

By Nowack & Olson, PLLC |

Tax debts and criminal fines are among the kinds of debt that you cannot discharge when you file for bankruptcy protection.  Another thing that filing taxes and filing for bankruptcy have in common is that it is easy to make mistakes on the paperwork, and the temptation is palpable to fib in order to… Read More »

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StudentDebt4

Can You Discharge Private Student Loans In Bankruptcy?

By Nowack & Olson, PLLC |

Student loans are among the most difficult kinds of debt to get rid of.  Most consumer debt, including credit card debt and medical bills, is easily discharged in bankruptcy.  Bankruptcy will not erase overdue alimony and child support, but if the family court has placed financial obligations on you that you are unable to… Read More »

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Bankr14

Florida Celebrity Bankruptcy Files: David Cassidy

By Nowack & Olson, PLLC |

Sordid tales of fresh-faced child stars who grew up to have an above average share of adult problems are their own subgenre of celebrity gossip.  The public seems to get a kick out of hearing the names of celebrities whose squeaky-clean teenybopper image once set an impossible standard for their audiences to live up… Read More »

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Bank3

Florida Celebrity Bankruptcy Files: Antoine Walker

By Nowack & Olson, PLLC |

Several years ago, ESPN made an entire series of rags to riches to rags stories of professional athletes who gained immense wealth during their sports careers, only to lose their fortune several years later.  Viewers who lack athletic talent watched the show with Schadenfreude, thinking that people who made their money through boring jobs… Read More »

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Bankr26

What Is The Difference Between Discharge And Dismissal In A Bankruptcy Case?

By Nowack & Olson, PLLC |

In bankruptcy cases, as with many other legal matters, many words mean something other than their usual meanings.  On the surface, bankruptcy seems to mean not having any money, but the legal term is actually “bankruptcy protection,” where the court decides which of your possessions and how much of your money creditors cannot take… Read More »

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Bank5

Is Filing For Bankruptcy Better Than The Alternatives?

By Nowack & Olson, PLLC |

Certain corners of the Internet extol the virtues of living debt-free, but they can come across as smug to anyone who has ever walked in your shoes.  Most of the denizens who inhabit the debt-free message boards live in parts of the country that are much less expensive than South Florida.  Most of them… Read More »

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Questions

How Long Does Bankruptcy Affect Your Credit?

By Nowack & Olson, PLLC |

You might have heard the urban legend that, if you file for bankruptcy, you will never be eligible to borrow money again, or that you will be ineligible for credit for the next seven years.  Neither of these rumors is true.  Bankruptcy is not a temporary or permanent financial death certificate.  It also does… Read More »

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BankAtty

Do You Really Need A Lawyer When Filing For Bankruptcy?

By Nowack & Olson, PLLC |

The court system is meant to be accessible to anyone, and so you have the option to represent yourself, as opposed to hiring a professional attorney, in many kinds of legal cases.  In practice, self-representation (the Latin legal term for this is pro se) is more common in the kinds of legal matters that… Read More »

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BankFile2

Rethinking Your Relationship With Credit Cards After Bankruptcy

By Nowack & Olson, PLLC |

One of the most persistent myths about bankruptcy filings is that, after you file for bankruptcy, you will never be able to use a credit card again.  Not only are there hundreds of thousands of current credit card users who have previously filed for bankruptcy, but you might find that new credit card offers… Read More »

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