Category Archives: Bankruptcy
Getting Cold Feet: Can You Withdraw Your Bankruptcy Petition?
Many debtors are nervous about filing for bankruptcy, so it should not be surprising that some try to back out after having filed their bankruptcy petition. But is this possible? Actually, it depends on which bankruptcy you file, as well as your reasons for wanting to withdraw the petition. Withdrawing a Chapter 13 Petition… Read More »
Will You Lose Your Jewelry in Bankruptcy?
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 »
Bankruptcy as a Single Parent
Being a single parent is hard. Not only do you have to make all of the parenting decisions yourself, but you need to pay for everyday expenses without the benefit of another person’s income. Even if you are receiving child support, chances are the other parent is sometimes late with support—or in arrears altogether…. Read More »
Why Do People Fail to Complete a Chapter 13 Bankruptcy?
Chapter 13 has proven itself to be an attractive alternative to Chapter 7 liquidation. With a Chapter 13 bankruptcy, consumers can retain all of their non-exempt property while using disposable income to pay off a portion of their unsecured debt over the course of a few years. At the end of the repayment period,… Read More »
What Income is Included in the Chapter 7 Means Test?
Reforms made to the bankruptcy code in 2005 made it harder for consumers to file for Chapter 7 liquidation. In a Chapter 7, most consumers can completely wipe out (or “discharge”) their unsecured debts like personal loans, medical debt, and credit card debt. This is a terrific benefit for indebted consumers, so the banking… Read More »
Four Famous Bankruptcies
One reason we hear why people delay filing for bankruptcy is embarrassment. They don’t know anyone who has filed for bankruptcy and are afraid to admit that they are having financial difficulties. However, more people have filed for bankruptcy protection than you might imagine. And some very famous people sought bankruptcy protection for debts… Read More »
Can a Conservator or Guardian File for Bankruptcy?
When someone lacks the capacity to make financial decisions for themselves, they might be appointed a guardian or a conservator. These people can manage the ward’s financial affairs, including paying bills, making investment decisions, and buying or selling property. But can the guardian or conservator file for bankruptcy? In many situations, bankruptcy might be… Read More »
Facts about Bankruptcy Trustees
At the Nowack & Olson blog, we write a lot about the bankruptcy trustee, who is the person overseeing your bankruptcy. But who are trustees? And where do they come from? Read on for information about the people who will administer your bankruptcy estate. Most trustees are lawyers. This should not be surprising. The… Read More »
Three Questions about Secured Debt and Bankruptcy
At Nowack & Olson, many of our clients have secured debts—home mortgages and car loans primarily. Our clients are anxious to understand whether a bankruptcy can relieve them of this debt along with unsecured debts like credit card bills and personal loans. Below are answers to some of the most common questions that we… Read More »
Tips for Rebuilding Credit after Bankruptcy
One reason many consumers fear filing for bankruptcy is that they know their credit score will take a big hit. Of course, these consumers are exactly right. Depending on your score before you file, you might see a 200 point drop after bankruptcy. Nevertheless, consumers can begin rebuilding credit quickly after their discharge if… Read More »