Articles Posted in Chapter 7

Bankruptcy is a legal process that allows individuals or businesses to get a fresh start by discharging debts. However, the process is complicated and involves many different players, including Chapter 7 trustees. These individuals are appointed by the court to oversee the bankruptcy proceedings, and in some cases, they may exploit debtors’ friends and families…

Bankruptcy proceedings can be complex and intimidating. However, at Liviakis Law Firm, we make the process straightforward and manageable for our clients in Sacramento, CA. The key to our approach lies in meticulous preparation. Understanding Your Financial Situation The first step we take in preparing a bankruptcy case is gaining a comprehensive understanding of your…

Bankruptcy can be a daunting and stressful process for anyone, but it can also provide financial relief and a fresh start for those struggling with debt. Specifically, Chapter 7 bankruptcy allows eligible individuals to discharge most of their unsecured debts and start anew. However, it also might involve liquidating some of the debtor’s non-exempt assets…

If you are struggling with debt and finding it hard to make ends meet, then filing for bankruptcy might be the solution you need. But, before you can file for bankruptcy, you must first qualify for it. Bankruptcy laws are complex, and qualifying for bankruptcy is not as straightforward as it may seem. In this…

If you or your business are going through financial difficulties and you wish to file for bankruptcy, you may choose to do so under the bankruptcy code. The Bankruptcy Reform Act of 1978, often referred to as the Bankruptcy Code is a federal law and must be read along with the Bankruptcy Abuse Prevention and…

Chapter 7 bankruptcy is an effective form of personal bankruptcy because in as little as five to six months you can have your qualifying debt eliminated. Qualifying debt usually includes unsecured debts such as credit cards, medical bills, payday loans, and utility bills. Chapter 7 may not discharge current taxes, some student loans, penalties and…

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 personal bankruptcy. You can file Chapter 7 if you live in, have property, or a business in the United States.…

Also called the “liquidation” bankruptcy, Chapter 7 is the quickest and easiest form of bankruptcy. In three to six months, all of your qualifying debt can be eliminated. Anyone can file Chapter 7 bankruptcy that lives in the United States or has property in the U.S. if they meet eligibility criteria. In order to qualify,…

One advantage of a Chapter 7 bankruptcy in California is the short amount of time a debtor can obtain debt relief through a bankruptcy discharge. How fast is a Chapter 7 bankruptcy in California you may ask? While the amount of time a Chapter 7 bankruptcy can be different for everyone depending on their circumstances,…

When you file Chapter 7 bankruptcy, certain types of unsecured debt, such as credit card debt and medical debt are discharged (wiped out). You are also granted bankruptcy exemptions, which protect certain assets from entering into the “bankruptcy estate”. Items in your bankruptcy estate are known as non-exempt and will be sold off by the…