Category Archives: Bankruptcy
A Bankruptcy Isn’t the End of Your Business Dreams
It’s hard to see bankruptcy as anything but a failure. Most people are able to pay their bills, but here you are, completely swamped. The only light at the end of the tunnel is bankruptcy to help you gain some breathing room. Many people naturally wonder if they will ever find financial success. Forbes… Read More »
You Should Discuss Your Finances Before Saying “I Do”
When you get married, you agree to take your spouse “for richer or poorer,” as well as in sickness and in health. Unfortunately, some newlyweds are in for a nasty surprise when they discover that their newly-minted spouse has terrible credit—and possibly far worse. To avoid any unpleasant discoveries, you should have an honest… Read More »
What to Look for in a Credit Counselor
Many indebted consumers try credit counseling in an attempt to get on top of their debt. Although credit counseling is not a silver bullet, it can sometimes help consumers who need a little bit of time to whittle away at their financial obligations But not all credit counselors are the same. In fact, there… Read More »
How to Keep Medical Debt from Affecting Your Credit Score
The United States is still a long way off from providing health care for all of its citizens. Even if you have health insurance, you might have a sky-high deductible or a very-low reimbursement rate. It is not unusual for even insured people to have tens of thousands of dollars in medical bills, and… Read More »
Consumer Credit Grew in August
According to a recent Federal Reserve report, consumer credit grew in August 2018 at the fastest pace in several months. Consumers added $20.1 billion in credit in August, bringing their total to $3.94 trillion. This represented a 6.2% growth rate. Non-Revolving Credit Grows the Most According to the report, nonrevolving credit grew by 6.4%…. Read More »
Foreclosure Myths
The housing market has recovered over the past few years, but thousands of homeowners still struggle to pay their mortgage each month. When homeowners cannot make payments, the bank might start the foreclosure process. At Nowack & Olson, we have heard some pretty inaccurate information about the home foreclosure process, so we bust some… Read More »
What to Do after a Car Repossession
Car repossessions rarely strike like a bolt out of the blue. After all, you must know that you have been missing payments. Nevertheless, finding out that your lender has repossessed your car is certainly a shocking experience. Car repossessions occur when borrowers do not pay their car loans. Because the loan is backed by… Read More »
Consumer Credit Defaults Hit Low
The U.S. economy has been sending some mixed messages recently. Although the unemployment rate has reached its lowest point in almost 50 years, the stock market continues to suffer serious losses while the housing market has cooled somewhat. Wage gains have also disappointed, though this is relative, as people are still seeing small wage… Read More »
First Toys ‘R Us, Now Sears…Who’s Next?
The news that giant retailer Sears had filed for bankruptcy on October 15, 2018 should not have been surprising. For years, Sears and its subsidiary Kmart have been closing stores around the country. However, it is always an unsettling experience to watch one of the nation’s oldest retailers admit that it cannot pay its… Read More »
Massachusetts Doctor Files for Bankruptcy to Avoid Jail
In one of the more unusual bankruptcy cases we have heard about, a doctor in Brookline, Massachusetts has filed bankruptcy to avoid going to jail. As reported by WBUR in late August, Dr. Nataly Minkina owed about $250,000 stemming from a lawsuit she filed against her lawyers. Thanks to the bankruptcy code’s automatic stay,… Read More »