Articles Posted in Chapter 7

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…

How To File Bankruptcy For Free: A Comprehensive Guide Bankruptcy provides a fresh start for those who are buried under unmanageable debt. However, the process can seem daunting, and the costs associated with filing for bankruptcy can be prohibitive for many. Fortunately, it’s possible to file bankruptcy for free, or at least at a minimal…

Bankruptcy can be a daunting experience, but it doesn’t have to mean the end of your dreams of homeownership. Many people wonder if they can still buy a house after filing bankruptcy. The answer is yes, but it requires careful planning and patience. Here’s how you can navigate this process. Understanding Bankruptcy Basics First, it’s…

Understanding Bankruptcy: Keeping Multiple Cars Bankruptcy is often viewed as a last resort for those under the crushing weight of debt. It’s a legal process that provides individuals an opportunity to seek relief from their financial obligations, but it’s not without its challenges. Among these challenges is the fear of losing personal assets, including cars.…