Category Archives: Bankruptcy
Colleges that Have Gone Bankrupt or Closed
A little-known trend has gathered steam recently—colleges have declared bankruptcy. At a time when most of the public is concerned about the high cost of student loan debt, the colleges and universities that have been prime beneficiaries of that debt have struggled with declining enrollments. One reason? The millennial generation has finally worked its… Read More »
Tackling Your Debt? Avoid these Mistakes
It is never too soon to start chipping away at your debt. The more debt you can pay off, the better your credit will be. Also, the amount you spend on debt service each month should fall, especially if you can contribute extra money each month to the debt principal. However, there are certain… Read More »
Should You File for Bankruptcy & Divorce?
Marriage is more than a spiritual or romantic union. It is also a financial one. Unless a couple has been married for only a short time, there is a good chance they own property together. They also probably share debts, which could include a home mortgage or a joint credit card. Bankruptcy and divorce… Read More »
When Can Wages Be Garnished?
Creditors use wage garnishment to get paid. Essentially, a creditor obtains a court order which is sent to the debtor’s employer. The order instructs the employer to withhold money from the employee’s paycheck and then send it to the creditor. Not all debts are treated the same in Florida. However, if you owe someone… Read More »
Getting Your First Credit Card
Building credit history isn’t easy. To get a credit card, you need a decent credit history. But how do you build that history if you don’t have a credit card? This Catch-22 might make it seem impossible to ever begin building credit. But there are steps that consumers can take. Maybe you are a… Read More »
Mistakes to Avoid when Budgeting
Creating a budget is a sensible and adult thing to do. Savvy consumers should keep track of all money coming in and going out the door, so they can maximize their savings and keep themselves from falling into financial disarray. However, there are some common mistakes that people make when budgeting money. By addressing… Read More »
What Are Negative Consequences of Foreclosure?
Losing a home means more than losing your small piece of the American Dream. There are also many negative financial consequences that could have repercussions long into the future. If at all possible, most people would benefit from avoiding a foreclosure. At Nowack & Olson, we understand that sudden job loss and medical crises… Read More »
Walmart Unveils a New Rewards Card, but Consumers Should Be Wary
According to Marketwatch.com, big box retailer Walmart is offering a new branded rewards card. These types of reward cards have been popular for years, with many consumers enjoying the perks that come with being a loyal consumer. Walmart hopes to compete with Amazon, which has been offering its own branded card for some time… Read More »
Choosing the Right Bankruptcy: Questions to Ask
Consumers typically have the choice of 2 different bankruptcies, which are named after specific chapters in the Bankruptcy Code: Chapter 7 and Chapter 13. They are very different, and choosing the right one is vital so that you handle your debts in an efficient manner. At Nowack & Olson, our Plantation bankruptcy attorneys focus… Read More »
Should You Use a 40-Year Mortgage to Save Your Home?
Most mortgages are for 15 or 30 years. You might be surprised to find out that some banks offer 40-year mortgages, which is pretty much what it sounds like—a mortgage with an additional 10 years to pay off. Many people on the market for a home cannot get a 40-year mortgage, though one might… Read More »