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Category Archives: Chapter 7

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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Bankruptcy6

Famous Actor’s Ex-Wife Denied Bankruptcy Protection

By Nowack & Olson, PLLC |

Jean Claude van Damme was a leading action hero in the 1990s whose credits include Bloodsport, Sudden Death, and Timecop . For a few years in the 1990s he was also married to Darcy LaPier, a model. According to Radar Online, Ms. LaPier has attempted to file for Chapter 7 bankruptcy protection. With a… Read More »

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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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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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