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Category Archives: Chapter 7

BankFile

Too Broke for Bankruptcy?

By Nowack & Olson, PLLC |

It might sound counterintuitive, but some people are actually too broke to file for bankruptcy. The reason? They can’t afford the filing fee for a Chapter 7 bankruptcy. Also, they might not be able to afford the fees for an attorney. One option is to file for Chapter 13 bankruptcy protection, which will allow… Read More »

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MoneyGavel

Interesting Bankruptcy Case Heads to the Supreme Court

By Nowack & Olson, PLLC |

The United States Supreme Court does not hear very many bankruptcy cases. However, a new case is slated for oral argument on April 24th and deals with an interesting aspect of the law. In particular, the court will need to consider what happens when a debt is discharged but a creditor nevertheless tries to… Read More »

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Bankr17

How Long will a Bankruptcy Hurt Your Credit Score?

By Nowack & Olson, PLLC |

One of the prime reasons people do not file for bankruptcy is that they want to avoid hurting their credit score. As we often remind clients, these concerns are misplaced. Chances are, if you already have accounts in collections or if you have missed multiple payments already, your credit score is probably much lower… Read More »

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Bankruptcy15

What is the Wildcard Exemption in Florida?

By Nowack & Olson, PLLC |

Losing property is probably the worst part of a Chapter 7 liquidation. This is part of the trade-off at the heart of a Chapter 7—you get to wipe out unsecured debts (like credit card debts), but you have to give up property in exchange. Helpfully, Florida exempts certain property from bankruptcy, such as your… Read More »

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Bankruptcy10

Plus-Size Retailer Breaks Record for Fastest Business Reorganization

By Nowack & Olson, PLLC |

Chapter 11 reorganizations tend to take much longer than the Chapter 7 liquidations that most consumers are familiar with. The duration of a Chapter 11 is easily explained, since businesses hope to continue to stay in operation while reorganizing their debt. It takes time to come up with a debt reorganization plan and to… Read More »

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Bankr24

Bankruptcy & Foreign Assets

By Nowack & Olson, PLLC |

South Florida is truly one of the most cosmopolitan areas in the United States, with visitors and residents from around the globe. We also have thousands of people with dual citizenship or who own assets in foreign countries. But what happens to these assets if you get into financial trouble and need to file… Read More »

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Pets

Your Pets and Bankruptcy

By Nowack & Olson, PLLC |

Although many people consider their pets “family,” the fact is that pets are legally assets, no different really from your kitchen table or your car. Also, pet care is an expense that reduces the amount of money you can pay your creditors. For these reasons, your pets are not immune from bankruptcy, and it… Read More »

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BankrRetire

Retirement and Bankruptcy

By Nowack & Olson, PLLC |

Most Americans envision their retirement as a peaceful time to enjoy family, friends, and hobbies. Unfortunately, for many Americans, retirement is a time of enormous financial stress. Not only does your income typically plunge, but medical expenses can also skyrocket. At this time of life, you might find yourself more financially distressed than at… Read More »

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Bankr21

How to Make Bankruptcy Go as Smoothly as Possible

By Nowack & Olson, PLLC |

Bankruptcy provides our clients with a way to get out from under mountains of debt so that they can gain some breathing room. The bankruptcy process is relatively straightforward and there is no reason to make the process more difficult than it needs be. Having helped thousands of people successfully complete bankruptcy, we offer… Read More »

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Bankruptcy14

Just Moved to Florida. Can I File for Bankruptcy?

By Nowack & Olson, PLLC |

People move all the time now for a variety of reasons. Maybe you or your spouse accepted a new job in Florida, or perhaps you are one of the state’s most recent retirees who have moved here to enjoy the sun in your golden years. Whatever your reasons for coming to Florida, you might… Read More »

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