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Liviakis Law Blog


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A blog written to provide fresh information for those interested in understanding their rights in bankruptcy.
2022-08-01 08:00
As we expect the nation to enter a recession in the coming weeks, many Americans are panicking about how to protect their funds and families from what could be financially hard times. For th… Read More
2022-07-16 18:36
Since the pandemic the economy has been turbulent to say the least. We have heard discussions of inflation, and many are often unaware of what it is or how it could impact our day to day liv… Read More
2022-07-01 14:13
The rise in mortgage interest rates is influenced by the Federal Reserve raising the federal funds rate. The federal funds rate is the rate at which depository institutions lend reserve bala… Read More
2022-06-05 16:17
One of the requirements in the process of debt relief through bankruptcy is to take two financial education courses. Before filing bankruptcy, you must take a pre-filing credit course called… Read More
2022-05-17 16:15
It is estimated that nearly one-third of Americans are unaware of their risk of financial hardship. Some people don’t even recognize the significance of their debt burdens until an eme… Read More
2022-04-27 18:06
Did you know that some debts aren’t eligible for bankruptcy? This is often the case for unsuspecting individuals that have a large tax debt. The reason is that tax debts do not always… Read More
2022-04-12 18:04
Falling behind on your taxes and having to cope with the IRS's penalties may be a difficult situation that affects every aspect of your life. Fortunately, you have several choices for reduci… Read More
2022-03-31 14:02
The bankruptcy process can seem intimidating to those who are unfamiliar with the process. Often thought of as the consequence of poor money management and irresponsibility, the bankruptcy p… Read More
2022-03-18 13:54
People suffering financial hardship often have more worries than just their mounting bills and inability to pay them. Often times people experience fear over losing their property and assets… Read More
2022-03-10 20:43
A foreclosure is the legal process by which a lender, typically a bank, takes back possession of a property after the borrower has failed to make loan payments. The bank then sells the prope… Read More
2022-03-01 20:40
A mortgage loan modification is a process where the terms of a mortgage are changed to make the payments more affordable. This can be done by extending the term of the loan, reducing the int… Read More
2022-02-22 16:49
It is not uncommon for people who have fallen into financial troubles to take out a second mortgage on their home. Often people take a second mortgage to lower their monthly payments or to f… Read More
2022-02-13 16:47
Vehicle loans are one of the most popular loan types in the country, and for good reason. To make a living, most people require reliable transportation. One of the main concerns of people wh… Read More
2022-01-24 17:57
Getting out of debt can seem overwhelming if you have ever been in deep water with debt. There are several options for getting out of debt, each with its own benefits and risks. It is import… Read More
2022-01-14 15:06
The belief that it is better to have it now and pay for it later leads millions of Americans to buy things they can't afford, only to leave themselves crippled with debt. There is a saying t… Read More
2022-01-06 15:03
The end of another turbulent economic year brings record levels of debt burdens and difficulties earning an income. The start of a new year presents an opportunity for many Americans to lear… Read More
2021-12-13 18:57
Many people seeking debt relief turn to the internet for a quick search of debt relief solutions. Often, people are guided towards various debt management and debt settlement options that ma… Read More
2021-12-06 18:54
If you have ever experienced problems with debt or are currently seeking debt relief, you may have heard of credit counseling. Credit counseling is a low cost service provided to you by a no… Read More
2021-11-21 17:56
The supply of holiday-related items and gifts is expected to be at its lowest in over a decade this season. While supply-chain officials work to alleviate the back log of goods stuck in the… Read More
2021-11-11 17:55
Many people are scrambling to buy gifts for loved ones this holiday season as a backlog of shipping containers at the ports threatens delivery before end of December deadlines. Although most… Read More
2021-10-26 15:44
A debt discharge in bankruptcy will free you from the liability over the debt going forward. There are certain types of debt that are not eligible for a debt discharge in bankruptcy unless t… Read More
2021-10-20 15:35
Many people have questions about how the debt discharge works in bankruptcy. A debt discharge is the ruling of the court declaring your debt ineligible for collection and discharged from you… Read More
2021-10-11 17:08
According to Experian, the average credit card debt per borrower is $4,858. That's not a small amount. The average interest rate on credit cards is around 15 percent, which means that the av… Read More
2021-10-06 17:08
Bankruptcy lawyers represent debtors, helping them file for bankruptcy. Bankruptcy lawyers assist debtors in understanding the filing process and help them understand the debt repayment plan… Read More
2021-08-27 17:19
Step 1: Filing the Bankruptcy Petition: You must file a petition with the court. This is a legal document that says you want to file for bankruptcy. You will need to provide information abou… Read More
2021-08-20 17:16
Bankruptcy is a court proceeding in which a judge decides whether or not your debts will be erased (referred to as a discharge) or reduced. Many people suffering with debt problems may find… Read More
2021-08-16 18:44
News has been circulating that student loan debt may soon be next for financial relief for struggling Americans. The appropriate method for providing student loan debt relief has been a focu… Read More
2021-07-23 10:05
Getting a loan after bankruptcy is not impossible. It is in fact quite possible to get a loan after a bankruptcy. However, the borrower must understand that it is not going to be easy. It is… Read More
2021-07-16 10:05
Getting behind on your house payments can happen to the best of us.  Whether job loss, medical costs, or other life stressors have led you down a road to mortgage debt; there are soluti… Read More
2021-06-14 17:12
Having debt is not always a bad thing. In fact, a high credit score is often the result of debt. However, debt can quickly go from helping your credit profile to hurting it when debt begins… Read More
2021-06-06 17:09
Each year millions of people experience overwhelming debt. Financial hardship can strike at anytime, leaving a bad debt situation worse. For many people, harassing debt collections and the f… Read More
2021-05-31 18:16
Summer vacation is just around the corner, and the season is expected to be booming this year. While more people traveling this summer is great for the economy, it isn't great for the consum… Read More
2021-05-20 18:13
Many people are facing growing medical debt burdens and the risk of losing their homes or property as a result. While some people may seek debt relief through a settlement or consolidation l… Read More
2021-05-12 14:13
When you file for bankruptcy, there are some important steps that must be completed before the court will consider your case. You will need to compile and submit a list of all your assets an… Read More
2021-04-23 18:01
If you’re facing trouble paying your utilities, your options may be limited. While you might qualify for a payment plan or loan with your utility company; that option is often counterp… Read More
2021-04-14 17:49
As the easing of regulations related to COVID-19 accelerate, the clocks of financial relief are running out of time. On March 13, 2020, the White House declared a state of emergency; an act… Read More
2021-04-02 15:03
Every year, millions of American homeowners fall behind on their mortgage payments. When their banks and lenders begin to threaten to come after the property, homeowners are terrified that t… Read More
2021-03-23 15:03
Over the last decade, healthcare legislation reforms have focused on lowering the burden many face as the result of medical costs. However, research shows that medical debts and expensive me… Read More
2021-03-11 21:05
Co-signing for a loan is not an everyday occurrence. Many people with poor or under established credit may only be able to secure a loan with the help of a co-signer. Although co-singing is… Read More
2021-03-04 21:02
These days, many people are finding themselves drowning in debt or still suffering the consequences of prior unresolved debts. To stay afloat, some are turning to high interest, risky loans… Read More
2021-02-26 22:02
Bankruptcy is a legal tool that was intended to help the consumer, not harm them. Unfortunately, myths and misunderstandings about bankruptcy have led many people to have false beliefs about… Read More
2021-02-18 21:59
Every year, millions of Americans are faced with financial problems that threaten their ability to provide for their families. The negative consequences of debt, income loss, and the inabili… Read More
2021-02-06 20:09
There are several types of loans that consumers can choose from when it comes to borrowing money. Payday loans, title loans and personal loans are the quickest, easiest option for anyone nee… Read More
2021-02-01 20:06
For many people, finances often take the back seat or are swept under the rug, that is, until a problem arises. Many people experience financial hardship that builds over time, while many mo… Read More
2021-01-28 16:52
Debt collectors make their living by harassing you for money owed to creditors. Unfortunately, the debt collector on the other end of the phone is simply the messenger; subjected to the emot… Read More
2021-01-22 16:49
Anyone suffering under debt problems or financial hardship understands the amount of stress money troubles can take on a person. Couple high stress burdens, along with a complicated legal pr… Read More
2021-01-20 16:38
Filing for bankruptcy is not a decision people arrive at with ease or swiftness, as it often is a stressful process that is one of last resort. The complicated nature of the bankruptcy proce… Read More
2021-01-16 16:34
When it comes to debt relief, not all solutions are created equal. Some debt relief options, may not be effective for debt resolution or could put you at risk of further debt collection. Whi… Read More
2021-01-09 16:34
One of the reasons people fail to secure proper debt relief solutions is due to fear of losing their property or assets. Much of this fear stems from myths about bankruptcy and a lack of und… Read More
2021-01-04 16:23
When you successfully resolve and complete a bankruptcy, some of your debts will be labeled as "discharged". This means that your debts are no longer enforceable for collections by the credi… Read More
2020-12-30 18:32
The majority of Americans have experienced some financial challenges this year. Many hardworking people have lost their jobs, have had to cash out retirement and asset funds to make ends mee… Read More
2020-12-22 18:32
From data released from the Survey of Consumer Finances conducted by the U.S. Federal Reserve, the average amount of debt for most families is around $5,700, with 41% of households carrying… Read More
2020-12-06 15:25
In 2019, the domestic box office hit the second highest record for profitability; bringing in some $11.4 billion. Prior to March of this year, many predicted that the profitability in 2020 w… Read More
2020-11-18 18:33
Fair Debt Collection Practices Act (this is part of the Consumer Credit Protection Act) provides consumers with protections against unlawful or unethical debt collection practices. Under the… Read More
2020-11-03 18:48
For most people, a mortgage is their most expensive asset and largest debt. If the debt owed on your home becomes too high of a financial burden to bear, you have a short window to seek help… Read More
2020-10-23 18:25
This year has been filled with unexpected events and outcomes for many families.  A turbulent economy, unexpected challenges in careers, and the loss of the comforting sense of status q… Read More
2020-10-13 18:30
There is a misconception that filing for bankruptcy damages your credit and prevents you from securing credit in the future. In fact, this is one of the most common excuses people have for n… Read More
2020-09-04 23:22
If you are stuck in debt, you should consider filing for personal bankruptcy, which helps clear away your debts. Personal bankruptcy includes two types, Chapter 7 and Chapter 13. While Chapt… Read More
2020-08-31 23:16
Financial problems are often a source of contention in marriages, especially if large debts are burdening the family. If you and your spouse are experiencing overwhelming debt, you may consi… Read More
2020-08-28 23:10
Two of the most common types of debt include secured and unsecured. Secured debts, like car and home loans, are tied to collateral that can be repossessed if you fail to make a payment. Unse… Read More
2020-08-24 23:02
It might seem that there is a direct connection between money management and bankruptcy. Money management skills are not always about being prepared or staying alert about your money. Howeve… Read More
2020-08-21 22:33
Wage garnishment is a court-ordered procedure in which the court directs your employer to send a part of your earnings to a person or an organization you owe money to. This process of wage g… Read More
2020-08-14 22:22
The primary reason an individual goes for bankruptcy is to get their debts discharged by an order from the court. Once they get the discharge, they no longer need to worry about repayments t… Read More
2020-08-07 22:16
Filing for bankruptcy is not always an easy path, but it is essential to avoid inevitable common mistakes that many individuals have made in the past. Mistake #1: Waiting too long to file On… Read More
2020-07-27 21:11
When you are considering bankruptcy to get out from under your debt, you may see many legal terms unfamiliar to you. If you have a brief understanding of the definitions, you may be less ove… Read More
2020-07-24 21:05
Financial stress is the number one burden on the success or failure of a marriage. Often people find themselves facing both financial ruin and separation from their spouse. If you are having… Read More
2020-07-20 20:57
What Is Pre-Bankruptcy Planning? This typically is done by evaluating the timing of your filing. There are some reasons why you might want to plan when to file is to legally move assets arou… Read More
2020-07-17 20:49
If you feel there is no hope of paying back your unsecured debt, like credit cards, medical bills, or personal loans during the next five years, you may want to find ways to get debt relief… Read More
2020-07-13 20:41
Declaring yourself or your small business bankrupt is a complicated legal process that requires you to follow specific guidelines and procedures. It requires you to show your inability to re… Read More
2020-06-22 18:02
As you may know, bankruptcy is a court proceeding in which a judge and court trustee examine the assets and liabilities of individuals and businesses who cannot pay their bills. Then the cou… Read More
2020-06-01 17:26
As the year 2020 continues to witness a sharp decline in economic growth, businesses all over the U.S. are filing for bankruptcy. This mainly includes the brick-and-mortar retail sector busi… Read More
2020-05-11 19:32
The U.S. Constitution permits citizens to file for bankruptcy when they are no longer capable of repaying their debts. In such cases, you can file for personal bankruptcy by petitioning unde… Read More
2020-05-04 19:26
Bankruptcy is one of the quickest and most affordable options to get out of debt. This is because bankruptcy stops debt collectors and even protects your assets. The most apparent benefit of… Read More
2020-04-27 19:03
Are you struggling with overwhelming debt, but are you concerned about the consequences of bankruptcy? Does the bankruptcy process intimidate you? Are you worried you will never secure loans… Read More
2020-04-20 18:55
Are you juggling your monthly bills, or losing sleep worrying about your debt? Are you considering a debt consolidation loan or a risky title loan to get a fresh start? Not all debt relief o… Read More
2020-04-06 20:20
When you are overwhelmed, and in debt, you may have tried other ways to get financial relief before you realized that bankruptcy is your best option. Most people don't realize that there are… Read More
2020-04-06 20:12
Credit card debt is a significant problem in the United States. Americans owed over a trillion dollars in credit card debt in 2019. The Credit Card Accountability Responsibility and Disclosu… Read More
2020-03-30 21:39
When someone is considering bankruptcy, they may worry they will lose their assets such as vehicles, homes, jewelry, etc. Many times, debtors sell some of their property to pay for their ban… Read More
2020-03-23 21:35
In 2005 the bankruptcy abuse prevention and consumer protection act was signed into law, stipulating that many types of retirement plans, including IRAs, are exempt assets in bankruptcy. The… Read More
2020-03-16 21:30
You may wonder what will happen to your debt during your bankruptcy case. Unsecured debt like credit cards, medical debt, and payday loans will be eliminated, but the secured debt will be ha… Read More
2020-03-09 21:23
The United States bankruptcy code is divided into chapters, and each chapter represents a section of the code. The different chapters will help various debtors in their unique situations. So… Read More
2020-03-02 21:15
If you find yourself struggling with your debt due to a job loss, being underemployed, or illness, you may find that you have fallen behind on your utility bills. If you are worried that you… Read More
2020-02-21 21:08
Bankruptcy was considered a creditors remedy in the beginning. The creditors could seize the property of the trader who was behind in payments and have them thrown in jail until his debts we… Read More
2020-02-07 21:00
Having easy access to a vehicle is essential for most of us to get to our jobs, schools, grocery store, etc. Therefore, having a vehicle payment is the most common type of consumer secured d… Read More
2020-01-23 20:43
A proof of claim is a document filed in the bankruptcy court to register a debt for the trustee to pay if funds are available. The creditor will need to list the amount of money owed, to who… Read More
2020-01-09 16:09
When your bankruptcy is completed, and all of your qualifying debt is eliminated, you may start to think of how to obtain good credit again. While you were going through the bankruptcy proce… Read More
2019-12-27 15:58
When you are behind in debt and worry every day whether you can pay your bills or not, you may want to consider filing bankruptcy. Chapter 7 bankruptcy cases are usually the shortest form of… Read More

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