Category Archives: Bankruptcy
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 »
Signs You are Headed for Bankruptcy
At Nowack & Olson, we constantly hear from clients who tell us that they never thought they would be sitting across from a bankruptcy lawyer. Bankruptcy seems to sneak up on them. However, there are some certain signs that everyone should be aware of. If you see any of these signs, then you should… Read More »
Three Questions about Florida’s Homestead Exemption
One fear many consumers have when filing for bankruptcy is that they will lose their home. This fear is rational. After all, in a Chapter 7 bankruptcy, the trustee in charge of your estate can sell assets in order to pay back your creditors. This means they can sell your home and use any… Read More »
Should You Use a Balance Transfer to Consolidate Debt?
A balance transfer is one of the debt management techniques that experts recommend to people who are financially distressed. Although it is an attractive option for some, other people will be better served filing for bankruptcy and wiping out the debt. What is a Balance Transfer? A balance transfer is a particular type of… Read More »
Bankruptcy and Your Credit Score
Many people work hard to maintain a high credit score. According to one study, the average American credit score is 695, with Florida residents having an average score of 669. Nevertheless, many people with high scores are struggling to keep up with their bills. For them, bankruptcy might be the best option for erasing… Read More »
Red Flags that You Have Hired the Wrong Bankruptcy Attorney
Hiring the right attorney to represent you is probably the single most important task any debtor must make when considering bankruptcy. If you are like most people, you probably don’t know any lawyers, in particular bankruptcy lawyers. You might have picked a name out of the phone book or scribbled down the phone number… Read More »
Should You Surrender Collateral in a Chapter 13 Bankruptcy?
One reason people choose a Chapter 13 bankruptcy over a Chapter 7 is that they do not want to lose property. In a Chapter 7, the trustee can sometimes sell property and distribute the proceeds to unsecured creditors. As a result, you might lose your car, boat, or other property. But what happens if… Read More »
Bankruptcy Filings Continue to Fall in the U.S.
Every week there is a new sign of the strength of the U.S. economy. Unemployment has fallen below 4%. Wages continue to rise. And the stock market has continued to rebound. Now we have another positive piece of news: bankruptcy filings have fallen in May 2018, the latest month for which statistics are available…. Read More »
Questions about the Automatic Stay
One of the most powerful benefits of filing for bankruptcy is the protection afforded by the automatic stay. As some of our readers know, the stay immediately halts any collection efforts, such as a car repossession or a home foreclosure. Any creditor who violates the stay could get in trouble with the court. The… Read More »