Saks Global said the company is 'evaluating its operational footprint to invest resources where it has the greatest long-term potential.'

Filing for Chapter 7? Avoid the errors that could derail your bankruptcy case or leave you worse off financially.

Saks Global, which owns Saks Fifth Avenue and Neiman Marcus, is expected to imminently file for bankruptcy protection, leaving questions about the retailer's future.

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Income limits vary by bankruptcy type, state, and household size, but they're typically higher than people expect.

Bankruptcy law does not set a single nationwide "maximum income" that cuts you off from relief. Instead, it asks a more practical question: after you pay for basic living costs and required bills, how much money is really left to pay creditors.