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Protecting Home in Bankruptcy May Become Easier

May 22nd, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy, Chapter 13

When people in the Sacramento area file bankruptcy, often one their chief concerns is whether they will be able to protect the equity in their homes. The primary tool for protecting that equity is called the “Homestead Exemption.” There are federal exemptions and many states offer different maximum exemptions for folks’ primary residence. Since real estate values vary nationwide, obviously one national standard . . .
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Conflict May Arise with Creditors in Bankruptcy

May 18th, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy, Chapter 7

The vast majority of bankruptcy filings in Sacramento and Northern California go through the system smoothly. However, there are many situations that can arise in a bankruptcy case that involve conflict between a creditor, the debtor, and/or the trustee. Many times, these conflicts must be resolved in bankruptcy court in front of a judge. Complex conflicts often result in the filing of an . . .
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Chapter 7 Extends Time in House Before Foreclosure?

May 8th, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy, Chapter 7

The Sacramento area boasts a vast and active real estate market. In addition, house values can be volatile, as can the job market. As a result, many consumers in the Sacramento area can end up behind on their mortgage payments, seemingly without options, and searching for solutions.

This is a common question from consumer debtors:

“I filed a Chapter 7 bankruptcy and my meeting of . . .
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Petition Preparer or Attorney, What’s Better for Bankruptcy?

May 1st, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy, Chapter 13

It makes sense that if someone needs to file bankruptcy, they probably don’t have a lot of money. So it can be tempting to seek bankruptcy help from a petition preparer or a cheap attorney from out of town. But it makes much more sense to hire someone who is actually an attorney and is familiar with the local bankruptcy rules and procedures. . . .
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Does Business Bankruptcy Eliminate My Personal Liability?

April 27th, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy, Chapter 7

Northern California is filled with hard-working people. Many of those folks are small business owners. But running a small business can be a struggle, especially in a volatile economy. It is a great thing that inhabitants of the Sacramento Valley are proactive entrepreneurs. From general contractors to orthodontists, there are examples of what makes the Sacramento community great. However, when business wanes or . . .
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Commons Reasons to Ask for Debt Relief

April 20th, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy, Chapter 7, Debt Relief

There are many reasons that folks in the Sacramento area file for bankruptcy protection. From divorce to medical expenses, tough (but common) life events are often the primary cause of bankruptcy. It is important to realize that these problems happen to many, many people. While feelings of shame are valid and come from a place of personal responsibility, it is crucial that proactive . . .
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Secured Debts Are Treated Differently in Bankruptcy

April 10th, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy, Chapter 13, Chapter 7

Many people who file bankruptcy wonder what it means to have a “secured creditor.” A secured creditor is a person or entity to whom the debtor owes an obligation which is backed by real or personal property. That property is often called “collateral.” The secured creditor has a secured interest in that collateral. The reason this is important in bankruptcy is because secured . . .
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Will I have to pay taxes on the debt discharged in my bankruptcy?

April 4th, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy, Debt Relief

It’s tax season. Many folks in the Sacramento area have already filed their tax returns, but there are still a lot of people who will be filing their taxes over the next 10 days. One question that often comes up in the context of bankruptcy is whether all that discharged debt is taxable as “gross income.”

Fortunately, the law is quite clear on this subject. Generally . . .
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Keeping A Car Loan Through a Chapter 7

March 29th, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy, Chapter 7

A chapter 7 bankruptcy filing provides a couple of options to deal with a secured debt like an auto loan. “Redemption” and “Reaffirmation” are options that allow the debtor to keep the car during and after the bankruptcy is complete. “Surrender” is the option that allows the debtor to return the car back to the lender during the first few months of the case. Surrender . . .
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Bankruptcy During Marriage

March 22nd, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy

Bankruptcy often occurs during a tumultuous period in life. Another tumultuous life event that often involves finances is divorce. Inevitably, bankruptcy and divorce sometimes are intertwined, so it’s important to understand the ramifications of filing bankruptcy individually versus jointly.

Individual versus Joint Filing

A married couple can file a joint bankruptcy, even if they are no longer living together and are in the process of divorce. For . . .
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