Articles Posted in Chapter 7

Many people consider a substantial bonus or generous overtime pay as a financial blessing. However, when bankruptcy is being contemplated, these additional earnings can complicate matters. A skilled Fresno bankruptcy lawyer can help navigate such complexities. In this article, we will explore how these earnings can affect the means test when filing for bankruptcy. To…

Bankruptcy can be a complex process, especially for those who own significant assets and have an above-average income. Fresno, California residents who own a home and a car and earn an above-average income often face unique challenges when considering bankruptcy. The Liviakis Law Firm is committed to helping navigate these complexities and develop a plan…

Understanding the Role of Chapter 7 Trustees in Sacramento, CA Eastern District Bankruptcy Court If you’ve resorted to filing for bankruptcy in the Sacramento CA Eastern District Bankruptcy Court under Chapter 7, you’ve likely come across a Chapter 7 trustee. Their roles are multi-faceted but one of their most critical tasks is the recovery of…

The bankruptcy means test is a critical aspect for those considering filing bankruptcy. It is a complex formula leveraged by the courts to ascertain whether you can file for Chapter 7 bankruptcy, also known as straight or liquidation bankruptcy, or whether you are eligible for Chapter 13 bankruptcy, referred to as wage earner’s plan. The…

Understanding Bankruptcy and its Legal Implications Bankruptcy is a legal process that allows individuals or businesses to eliminate or repay some or all of their debts under the protection of the federal bankruptcy court. The objective is to give these entities a fresh financial start. However, the complexity of bankruptcy laws and the potential consequences…

If you’ve found yourself in a financial predicament where filing for bankruptcy seems to be the most viable option, but your spouse is reluctant due to concerns about their credit score, you’re stuck in quite a conundrum. It’s a complex situation, but there are ways to navigate it. In this blog, we’ll discuss how to…

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…

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…

At Liviakis Law Firm, we often receive inquiries from people who are considering filing for Chapter 7 bankruptcy, but are unsure about the income restrictions. This article will shed light on the question, “Does Chapter 7 Bankruptcy have income limits?” Understanding Chapter 7 Bankruptcy Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a legal…

Understanding Chapter 7 Bankruptcy for Businesses Businesses, like individuals, can find themselves in financial turmoil. One option available to companies is Chapter 7 bankruptcy, but it’s not for everyone. This article will explore the concept of Chapter 7 bankruptcy and whether it could be a viable solution for a struggling business. What Is Chapter 7…