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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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Attending Bankruptcy Court for the Trustee and Meeting of Creditors

March 13th, 2015 | On Behalf of Liviakis Law | Posted in Chapter 7

What is the Meeting of Creditors and Why do I have to go?

One of the most central moments during a bankruptcy is the initial meeting of creditors. There are a number of procedures and requirements with which the debtor and her attorney must comply. Failure to do so will likely lead to dismissal of the case. This means that the debtor isn’t going to get . . .
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Keeping Your Assets After Bankruptcy

March 6th, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy

In many cases, the most important aspect of filing for bankruptcy protection is the section that determines the debtor’s rights in their belongings. That means that these rules allow a debtor to keep certain assets after bankruptcy. In a Chapter 7 bankruptcy filing, the exemptions can determine whether or not the debtor gets to keep their personal or real property. In a Chapter 13 filing, . . .
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Debt Collectors May Not Threaten Jail Time to Obtain Payments

February 27th, 2015 | On Behalf of Liviakis Law | Posted in Debt Relief

Collection companies for credit cards and pay-day loans may not put debtors in jail for simply failing behind on their payments. Yet ruthless debt collectors sometimes threaten debtors during phone calls to scare them into paying off the debt early.

The best move for consumers when being harassed like this is to seek the advice of a consumer debt lawyer. They will know . . .
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Credit Report Errors After Bankruptcy

February 20th, 2015 | On Behalf of Liviakis Law | Posted in Debt Relief

One of the most common reasons people file bankruptcy is to get a “fresh start.” But for many folks, that fresh start is hard to come by because of credit report errors. Creditors often fail to report an updated status for discharged accounts or continue to report their pre-discharge status and balance.

Such creditor conduct has a significant effect on consumers. Obviously, bankruptcy itself has a . . .
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The Automatic Stay in Bankruptcy Blocks Creditors

February 13th, 2015 | On Behalf of Liviakis Law | Posted in Bankruptcy

For many folks in the greater Sacramento area, the most valuable component of a bankruptcy is the automatic stay, which is usually gained immediately upon the filing of the initial bankruptcy documents. The stay stops most creditor actions against a debtor, including foreclosures, repossessions, garnishments, utility shut-offs, and, most of the time, evictions. The stay can also be effective in ending creditor collection efforts and . . .
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Delinquent Debt is Common, but Bankruptcy Can Help

December 11th, 2014 | On Behalf of Liviakis Law | Posted in Uncategorized

It might surprise you to hear that 77 million Americans who have a credit file have current delinquent debt. That means that 35% of us have an unpaid bill that is at least 30 days late and has been sent to a collection agency.

Not the Whole Story

These numbers might not even tell the whole story because they don’t include people who don’t . . .
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