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Category Archives: Chapter 7

MedicalBills

Fewer Americans Are Struggling to Pay their Medical Bills

By Nowack & Olson, PLLC |

There is no doubt that medical debt is a significant cost for Americans, even those with health insurance. According to a survey by the Kaiser Family Foundation, the average premium for a person with worker-provided health insurance was over $20,000, of which employers covered around 70%. Before even seeing a doctor, many Americans are… Read More »

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Tax1

Why Raiding Your IRA to Pay Off Debt is a Bad Idea

By Nowack & Olson, PLLC |

Living with debt can be extremely stressful. As experienced Plantation bankruptcy attorneys, we have heard clients describe sleepless nights as they mull over their debts. The fear of going bankrupt never really leaves them, and this stress is compounded by constant calls from debt collectors. Many people will do almost anything to get out… Read More »

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Accident5

Can I Keep My Personal Injury Settlement if I File for Bankruptcy?

By Nowack & Olson, PLLC |

After a devastating car accident or slip and fall, many victims negotiate a settlement to help compensate them for medical bills, lost income, and pain and suffering. These settlements often provide crucial support to injured victims, allowing them to keep the lights on as they try to recover and return to work. But what… Read More »

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FileBank

What 5 Things Should You Know before Filing for Bankruptcy?

By Nowack & Olson, PLLC |

Filing for bankruptcy protection is a significant decision, and one our clients do not make lightly. As experienced attorneys, we make sure our clients fully understand what will happen in bankruptcy along with the alternatives. Below are 5 facts you should be aware of before filing your paperwork. Know Which Debts Will Get Discharged… Read More »

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Legal3

Can You Reduce Income to Qualify for a Chapter 7 Bankruptcy?

By Nowack & Olson, PLLC |

Consumers generally have two bankruptcy options to choose from—Chapter 7 and Chapter 13. Each has different strengths and weaknesses, but a big plus of a Chapter 7 is speed. You can usually wipe out qualifying debts in a few months from start to finish. With a Chapter 13, by contrast, consumers must make monthly… Read More »

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DistWoman

Can You Lose Your IRA in a Bankruptcy?

By Nowack & Olson, PLLC |

A Chapter 7 bankruptcy involves a trade-off: you wipe out qualifying unsecured debts and any property you have gets sold to partially pay your creditors. Florida, like other states, allow debtor to exempt certain property, including an Individual Retirement Account (IRA), so you don’t lose everything. However, a recent court case shows that a… Read More »

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CellPhone

Will I Lose My Cell Phone if I File for Bankruptcy?

By Nowack & Olson, PLLC |

Many people realize that filing for bankruptcy comes with some strings. In particular, if you file for Chapter 7 bankruptcy, the trustee can sell your non-exempt property and send the proceeds to your creditor. But does this mean you will lose your cell phone? After all, it is an asset, and those are vulnerable… Read More »

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Bankr23

Health Crises Still Drive Many to Bankruptcy

By Nowack & Olson, PLLC |

An opinion column in USA Today reminds us that health care costs continue to send millions of Americans to bankruptcy. This might be surprising. After all, the rise of Obamacare and the expansion of Medicaid in many states should have put an end to the health care crisis in this country. But as columnist… Read More »

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Bankr14

Towanda Braxton Files for Bankruptcy with $150 in Her Bank Account

By Nowack & Olson, PLLC |

One of the stars of “Braxton Family Values” has filed for bankruptcy protection. According to Yahoo Entertainment, Towanda Braxton file for Chapter 7 bankruptcy protection earlier this month. Her court filings reveal that she has over half a million dollars in debt–$547,056.39 to be exact. Unfortunately, her assets only total about half that much,… Read More »

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Bankr15

Most Common Reasons People File for Bankruptcy

By Nowack & Olson, PLLC |

A common misperception is that people who file for bankruptcy do so because they have “blown” money for years and their spendthrift ways have finally caught up with them. Think ritzy trips to Vegas, gambling addictions, and expensive vehicles. However, the reality is far different. The Motley Fool published an excellent article recently reminding… Read More »

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