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Tag Archives: Chapter 7 bankruptcy

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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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Will You Lose Your Jewelry in Bankruptcy?

By Nowack & Olson, PLLC |

Bankruptcy protection is usually a good deal for most indebted consumers. Filing will immediately halt all collection efforts, such as creditor lawsuits and repossessions. Also, you can typically discharge (wipe out) unsecured debts like credit card debts and medical debt entirely. However, bankruptcy does come with some downsides. One concern we hear from consumers… Read More »

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Bankruptcy Fraud

By Nowack & Olson, PLLC |

Bankruptcy is a quick way to wipe out certain debts and obtain immediate financial relief. However, a Chapter 7 bankruptcy comes with a catch: in exchange for eliminating debts, the trustee might sell some of your property and give the proceeds to your creditors. Some people attempt to avoid losing property by engaging in… Read More »

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I Have to Attend a Meeting of Creditors. Should I Be Worried?

By Nowack & Olson, PLLC |

Debtors who file a Chapter 7 bankruptcy must attend what is called 341 Meeting of Creditors, named after a section of the bankruptcy code. This meeting is unavoidable, so you are not about to encounter something that millions of debtors before you haven’t survived. Read on to learn more about this meeting. The Purpose… Read More »

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Reaffirming a Secured Debt in a Chapter 7 Bankruptcy

By Nowack & Olson, PLLC |

A Chapter 7 bankruptcy is a great way of wiping out unsecured debts like medical debt, credit card debt, and personal loans. However, you will not so easily get free of secured debts, such as a car loan or a home mortgage, because those loans are backed by collateral. Although the bankruptcy might wipe… Read More »

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What to expect if you file for bankruptcy

By Nowack & Olson, PLLC |

It is never easy to make the decisions to file for bankruptcy. In most cases, this decision comes after months of missed or late payments and harassment from creditors. For many consumers, bankruptcy provides them with a chance to start over and obtain a better financial future. It allows you to confront and deal… Read More »

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Conquering the feelings of shame over bankruptcy

By Nowack & Olson, PLLC |

If you struggled each month to pay your bills and often postponed one or more payments until your next paycheck, you didn’t need anyone to tell you that you were in financial trouble. In fact, you may have lived in fear that today would be the day it all fell apart. Then one day,… Read More »

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Bankruptcy and protecting your home: Part II

By Nowack & Olson, PLLC |

Even though bankruptcy may be the best option for countless Florida families struggling with debt, many avoid the idea all together – often because of the mistaken belief that they will lose everything they own, including their home. However, bankruptcy is not meant to be a punishment, but a new start. In fact, thanks… Read More »

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Are inherited IRAs protected in bankruptcy?

By Nowack & Olson, PLLC |

One of the many benefits of bankruptcy is that individual retirement accounts, better known as IRAs, are protected up to roughly $1.2 million. That means any assets held in IRAs up to that amount would not have to be liquidated in the event of a Chapter 7 bankruptcy. This exemption was put into law… Read More »

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Preventing personal bankruptcy begins at a young age

By Nowack & Olson, PLLC |

Parenting involves striking the fragile balance between teaching children effective life strategies and allowing them to make some mistakes in order to learn by experience. In fact, sometimes the most effective way to learn a lesson is to fail. Unfortunately, however, some mistakes are more difficult to bounce back from than others. The state… Read More »

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