Category Archives: Chapter 7
Chapter 7 has no debt limit
There are few things as stressful and draining as being overwhelmed by debt. It can seem like an endless downward spiral with no relief in sight. As debt collectors and creditors begin to hound you for payments, the pressure can become harmful to your health and the whole situation can put a strain on… Read More »
Chapter 7 bankruptcy may be your path out of debt
In Florida, it is far too easy to fall into debt and this unpleasant situation is one that countless families find themselves in each year. It is hard enough realizing that you can no longer make ends meet, but this is made worse when your creditors start demanding more and more interest, rapidly compounding… Read More »
Supreme Court bans second-mortgage lien stripping in Chapter 7
There are a variety of different ways that a Chapter 7 bankruptcy could potentially help an individual who is struggling with debt problems. However, there are limits to what a Chapter 7 bankruptcy can do. A recent decision by the U.S. Supreme Court set such a limit. This limit is that, when a debtor… Read More »
Two banks to update their credit reporting
A debt discharge is one of the things a person can receive in a bankruptcy, like a Chapter 7 bankruptcy. Having a debt discharged through a bankruptcy can have several general benefits for a debtor. One is that such a discharge generally removes the person’s legal obligation to pay the debt. Another is that… Read More »
What things can disqualify a person from Chapter 7 bankruptcy?
There are some bankruptcy and debt relief options a given person who is facing difficulties with debt might not have access to. This is because some options have strict eligibility requirements attached to them. An example of this can be seen in Chapter 7 bankruptcy. There are several different things that could make a… Read More »
What could endanger a Chapter 7 debt discharge?
Generally, when a person files for a Chapter 7 bankruptcy and meets the qualification requirements for this type of bankruptcy, one of the things they will receive in the bankruptcy is a discharge of debt. Now, this discharge may not apply to all of a person’s debts, as there are certain debts which generally… Read More »
The role of the bankruptcy trustee
We here at Nowack & Olson, P.L.L.C., understand that many people are discouraged from filing for Chapter 7 bankruptcy because they are uncomfortable with having their personal finances and financial difficulties scrutinized. You, like countless other Florida residents, may not be familiar with the role and/or duties of a Chapter 7 panel trustee. That… Read More »
Rebuilding credit after Chapter 7 bankruptcy
Many people who have completed the Chapter 7 bankruptcy process understand that it is an effective form of debt relief. That being said, eliminating one’s financial history means that a person has to reestablish his or her credit rating and confidence in the eyes of lenders. There are several things that people can do… Read More »
Preventing personal bankruptcy begins at a young age
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 »
Could student loans be dispelled through personal bankruptcy?
Millions of Americans are struggling with major financial issues, and unpaid student loan debt is a major part of the problem for many. Making the decision to attend a Florida university is often based at least partly on the prospect of improving one’s ultimate earning potential, but too many college graduates are learning the… Read More »