“Mr. Liviakis made a difficult time smooth and easy. He was always prompt in returning phone calls and his assistant was very professional and helpful. I would recommend Liviakis Law Firm for anyone needing to file bankruptcy.”

-Bankruptcy Client

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Sacramento, CA bankruptcy attorney Mik Liviakis

Sacramento Bankruptcy Attorney Solves Most Debt Problems

Debt for families and homeowners in California becomes unmanageable when life changes. Sacramento Bankruptcy Attorney Mik Liviakis helps solve most credit card and mortgage issues by filing bankruptcy. At the Liviakis Law Firm we are confident that we can help you quickly recover to a stronger financial future without losing your assets. As an Award-Winning Law Firm we know that eliminating your credit card debt as part of a customized debt-reduction plan prevents creditors from taking the things you have worked hard for. We protect homeowners while reducing monthly payments on credit card debt. From this work we have received an A+ Rating from the Better Business Bureau. Wondering how long it will take you to pay off your credit cards? Try our Credit Card Payments Calculator.

Choosing Between Debt Settlement, Chapter 7 and Chapter 13 Bankruptcy

Many local residents are confused about how debt settlement and bankruptcy actually help reduce debt in a dignified way. We make sure to educate our clients with simple legal advice to turn their financial problems around. Our debt attorneys explain how filing Chapter 7 bankruptcy works to eliminate credit card and medical debt. Liquidation bankruptcy usually works well for renters with low-income. While middle-income residents often file Chapter 13 bankruptcy to help reduce payments on all types of debt while ensuring that they can maintain valuable real estate. Alternatively, debt settlement works well for those with substantial savings that want a quick resolution to long lasting pressure from creditors.

Limitations of Filing Chapter 7 Bankruptcy

Chapter 7 bankruptcy can be relatively short and simple when compared to reorganization bankruptcy. However, not everyone qualifies for chapter 7 bankruptcy because of a stringent income test that compares a debtor's income to the median income of a family with the same household size. Many people in debt considering bankruptcy have higher than average household income figures. If chapter 7 bankruptcy is no longer an option for you, consider chapter 13 bankruptcy or debt settlement because they offer debt relief to higher income debtors. Read more about filing both Chapter 7 and Chapter 13.

Chapter 13 Bankruptcy Offers Relief for Homeowners and High Income Earners

Most confusion about chapter 13 reorganization relates to the amount of debt that a debtor must pay. Some new clients mistakenly believe that filing chapter 13 requires them to pay back their creditors in full. Chapter 13 plans can actually eliminate just as much debt as chapter 7. In Sacramento, California chapter 13 bankruptcy debtors pay less than half of their credit card debt on average. And when your income is lower than average you can submit a plan that offers to pay zero towards credit cards. This makes it similar to what a debtor would pay credit card companies in chapter 7. In addition to reducing the principal debt on credit cards, a debtor may also obtain a significant interest rate reduction. For debtors that earn higher than average income chapter 13 offers a real change to get out of debt and still have money available for living expenses.

Protecting Your Family Home from Foreclosure in Chapter 13 Bankruptcy

With rising home values, residents have a lot at stake in trying to protect their family residence. Their homes are targets for mortgage companies that have not been paid in several months and are unwilling to modify the mortgage. Credit cards companies often look at the value of a cardholder's home when deciding whether to sue. Chapter 13 gives homeowners protection to keep their homes away from the foreclosure process. And credit card companies cannot bring lawsuits against homeowners when they are in a chapter 13 bankruptcy.

Credit Card Debt Prevents Californians From Retiring Debt Free

Many Californians are in the habit of buying new products and paying for them later. Paying later is expensive because if you are paying 20% interest, a $500 credit card purchase could cost $1500 by the time it's paid in full. After paying the minimum monthly payment on the cards a consumer ends up needing the cards just to cover their living expenses. This cycle often continues for years, eating up the majority of disposable income that a consumer earns during the prime of their career.

How to Eliminate High Interest Credit Card Debt in Bankruptcy

You can stop the credit card interest cycle and start saving for retirement by changing your charging habits. Bankruptcy is a powerful way to zero-out credit card balances. For those that have the ability to pay back some or all of the debt, chapter 13 bankruptcy gives debtors a chance to pay a percentage of the debt without interest. After bankruptcy a debtor usually finds relief in only buying things that they can afford rather than riding a credit card roller coaster each month. Over time a debtor can regain access to credit cards in a responsible way.

Award Winning Bankruptcy Attorney Helps You File Bankruptcy with Confidence

Getting out of a debt is no easy task, but with the Liviakis Law Firm by your side you will be confident knowing your options for effective debt-relief. Our law firm gives you expert guidance on what you can expect in the bankruptcy process. We have been focusing on debt relief for a long time. Just call us to get started with a free initial consultation where we can answer your questions about which assets you can keep and how much the process will cost.
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When you are behind on your payments creditors start calling and sending letters pressure you when you cannot afford to pay. Filing bankruptcy with Liviakis Law Firm stops unwanted creditor harassment. If a creditor continues to contact you for payment the court may require them to pay you extra money.

When you miss several mortgage payments reorganizing your mortgage gives you a chance to save your home from foreclosure. Our firm helps home-owners maintain their home in chapter 13 bankruptcy while catching up on mortgage arrears. And if you choose, bankruptcy may extend the time to sell real estate giving you more time to protect your investment.

Credit card debt is burdensome and with soaring interest rates and minimum payments that mostly go toward interest, paying off the debt is often impossible. Our hard working clients have tried to repay their debts but have not been able to manage high credit card balances. With bankruptcy, our firm helps clear away stubborn credit card balances so you can regain control of your finances.