Bankruptcy Law Blog

Understanding Chapter 7 Bankruptcy Bankruptcy is a legal process that allows individuals or businesses struggling with debt to find some relief and work towards a fresh financial start. Chapter 7, also known as ‘liquidation bankruptcy’, is one of the most common types. In this form of bankruptcy, some of your assets may be sold to…

Chapter 7 bankruptcy, often referred to as “liquidation bankruptcy,” is a legal process designed to help individuals wipe out most of their general unsecured debts. However, the situation can become complicated if a debtor procures a new job during the pendency of a Chapter 7 case. The crux of the issue is how the increased…

The decision to file for Chapter 7 bankruptcy is never easy. It often brings about a multitude of questions and concerns, one of the most common being: “Will my employer find out about my bankruptcy?” At Liviakis Law Firm, we understand the concerns that come with this decision, and we’re here to provide clarity on…

When experiencing financial difficulties, many Americans find themselves considering bankruptcy as a way to manage their debts. One common form of bankruptcy pursued is Chapter 13. But a question that often arises is, can a debtor sell a house during Chapter 13 bankruptcy? The answer to this question isn’t as straightforward as a simple yes…

Bankruptcy is a legal process that allows individuals or businesses who cannot pay their debts to seek relief from some or all of their debts. In the United States, it is governed by federal law, with certain aspects left to state law. One common form of bankruptcy is Chapter 7, also known as liquidation bankruptcy.…

Filing for Chapter 7 bankruptcy can provide a fresh financial start for individuals overwhelmed with debt. However, understanding the timeline of the process is crucial. This article will provide an overview of how long a Chapter 7 bankruptcy typically takes. The process begins with credit counseling, which must be completed within six months before filing…

Understanding Chapter 7 Bankruptcy Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves the sale of a debtor’s non-exempt assets by a trustee. The proceeds are then distributed to creditors according to the priorities established in the Bankruptcy Code. What is a Preferential Payment? A preferential payment is any payment made to a specific creditor…

Understanding the intricacies of bankruptcy law can be a daunting task. One common question that emerges when discussing Chapter 13 bankruptcy, in particular, is the importance of staying up-to-date on post-petition income taxes. At Liviakis Law Firm, we believe it’s crucial to shed light on this matter and give our clients the most accurate and…

As a nurse in Sacramento, California, you may find yourself grappling with financial hurdles that seem insurmountable. The cost of living, combined with student loan debt and other expenses, can be overwhelming. In such situations, filing for bankruptcy may seem like a viable option. But can nurses in Sacramento file for bankruptcy? The answer is…

The homestead exemption in bankruptcy is a legal provision designed to protect the value of a home from creditors during the bankruptcy process. It is one of many exemptions available under the United States Bankruptcy Code, specifically aimed at safeguarding debtors’ residences. This article aims to provide a basic understanding of the homestead exemption. What…