Bankruptcy Law Blog

When individuals find themselves in financial distress, they often turn to bankruptcy as a form of relief. However, bankruptcy isn’t as straightforward as it might initially seem, especially when assets like classic cars are involved. Let’s examine what happens to a classic car during a bankruptcy case. Bankruptcy is a legal proceeding where individuals or…

Understanding the intersection of bankruptcy law and personal habits can be a complex endeavor. One topic that often raises questions is whether gambling is permitted during a Chapter 13 bankruptcy case. The Liviakis Law Firm, well-versed in bankruptcy law, aims to shed some light on this intricate matter. Chapter 13 bankruptcy, also known as a…

At the Liviakis Law Firm, we understand that financial matters can often be complex and challenging. One of the most common dilemmas faced by many individuals is the choice between declaring bankruptcy to become debt-free and maintaining a good credit score by avoiding bankruptcy. This article aims to shed light on both scenarios, helping you…

If a debtor wins the lottery while a bankruptcy case is ongoing, it might seem like a quick route to financial stability. However, the reality is quite complex. The impact of this windfall on a debtor’s bankruptcy case largely depends on the type of bankruptcy filed: Chapter 7 or Chapter 13, and when the lottery…

Bankruptcy can be a viable option for those overwhelmed by debt. However, one common question that many individuals have is “how many times can I file for bankruptcy?” The answer to this question depends on several factors, including the type of bankruptcy you’ve previously filed and how much time has passed since your last filing.…

Introduction Filing for bankruptcy can feel like an overwhelming process. At Liviakis Law Firm, we understand the emotional and technical challenges that come with it. The hardest part about filing bankruptcy is not a single factor but a combination of several aspects. Let’s explore these further. Understanding Bankruptcy Laws Bankruptcy laws are complex and can…

At Liviakis Law Firm, we frequently encounter clients who are uncertain about the timing of filing for bankruptcy. The question, “Should I wait to file bankruptcy?” is a common one. The answer, like many legal questions, is “it depends.” Each individual’s financial situation is unique and the decision to file bankruptcy should be carefully considered.…

Will Chapter 13 Bankruptcy Ruin Your Life? Understanding Chapter 13 Bankruptcy Chapter 13 bankruptcy, also known as a wage earner’s plan, enables individuals with regular income to develop a plan to repay all or part of their debts. This plan allows debtors to propose a repayment plan to creditors over three to five years. It’s…

At Liviakis Law Firm, we understand that you might have questions about filing for bankruptcy, especially when it comes to your home equity. One of the most common questions we get is, “How much equity can I have in my home and still file Chapter 7?” To answer this, it’s important to understand the basics…

Introduction Dealing with overwhelming debt can be stressful, and at times, declaring bankruptcy may seem like the only viable solution. However, the decision to file for bankruptcy is not one to be taken lightly. One of the key considerations is the amount of debt you owe. In this article, we will explore the debt thresholds…