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DOES FILING BANKRUPTCY RUIN MY CREDIT

DOES FILING BANKRUPTCY RUIN MY CREDIT?

Filing Bankruptcy ruins a person’s credit is not true if the person already does not have a good credit score. Most programs take several years to repair a credit score. I have seen some plans developed for my clients that are designed to take up to thirteen years to pay off the credit, then after [...]

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Sacramento Bankruptcy Lawyer

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Six Years After Bust

Six Years After Bust

“Six years after bust, many have paid more into homes than they’re worth” This headline from October 16, 2011 from the Sacramento Bee article, by Phillip Reese, makes it is clear that many current home buyers have already paid more to their lenders than their home is currently worth. The article assumes there was a [...]

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New Law provides Anti-Deficiency Protection For Borrowers Short Sale Homes

On October 1, 2010 Governor Schwarzenegger signed California Senate Bill 931 into law.  This new law adds Section 580(e) to the California Code of Civil Procedure.  While this is great news for borrowers insisting on a short sale, it only applies to the first mortgage.  Existing law, CCP 580(d) does not allow a deficiency for [...]

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Trustee May Sell Your Home After Your Discharge

The Ninth Circuit Court rules that a Trustee may sell a Debtor’s home if the value increases above the exempt amount before the bankruptcy case closes. At the time the Debtors filed bankruptcy, the combination of the exemptions and the encumbrances (mortgages) on their homes left no equity for the Trustee to distribute to the [...]

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Discharge A Second Mortgage

Discharge A Second Mortgage In A Sacramento Bankruptcy

Discharging a Second Mortgage is possible in a Chapter 13 Bankruptcy.  When the value of a home is less than the senior encumbrances, the bankruptcy court may find that a secured loan is unsecured and treat it as a wholly unsecured loan, and discharge the junior secured loan (commonly called a “lien-strip”). For example, a [...]

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Hamilton V Lanning Decision

The  SUPREME COURT OF THE UNITED STATES recently ruled that when a bankruptcy court calculates a debtor’s projected disposable income, the court may account for changes in the debtor’s income or expenses that are known or virtually certain at the time of confirmation.  The debtor’s had an unusual item of income, a severance payout from [...]

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Free Credit Report

Obtaining A Free Credit Report

Once per year every person is entitled to receive a free copy of their credit reports from all three of the credit reporting agencies.  The free credit report is available through the web site www.annualcreditreport.com.  This is the official web site set up to provide the free credit reports by the Federal Trade Commission, www.FTC.gov.  [...]

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Sacramento Debt Relief Agency

Sacramento Debt Relief Agency

The United States Supreme Court has designated the Law Office of Peter Cianchetta as a Debt Relief Agency.  In Milavetz, Gallop & Milavetz, P.A. v. United States 08-1119, the Supreme Court ruled that for the purposes of 11 U.S.C. 526 Bankruptcy Attorneys are Debt Relief Agencies. IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM AN ATTORNEY [...]

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Chapter 13 Bankruptcy Sacramento

File For A Chapter 13 Bankruptcy Sacramento With Only $500 Up Front

Your Sacramento Bankruptcy Attorney is introducing a special to assist people who need help filing Chapter 13 bankruptcy in Sacramento but cannot come up with a large payment to get started.  For persons that qualify for this program a Sacramento Chapter 13 bankruptcy can be filed with as little as $500.oo up front, the balance [...]

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Sacramento Bankruptcy

Sacramento Bankruptcy Means Test

The Sacramento Bankruptcy Means Test is used to determine if you may file Chapter 7.  If you do not qualify to file Chapter 7 then you may be eligible to file a Chapter 13.  The first step of the test is to compare your gross income for the six full months prior to the month [...]

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Sacramento CA Bankruptcy

Sacramento CA Bankruptcy Is On The Rise

Sacramento CA Bankruptcy Filing is on the rise. Bankruptcy filing in the Sacramento Bankruptcy Court is on the increase. In the first four months of 2010 Bankruptcy filings for Chapter 7 Bankruptcy in Sacramento totaled 14,727.  That represents an increase of almost 30% from the 11,462 Chapter 7 cases filed in the same period in [...]

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Chapter 7 Bankruptcy

What Is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is a liquidation of the Debtor’s assets. When a Debtor files a Chapter 7 Bankruptcy, the Debtor must list all of the Debtor’s assets and liabilities. The Debtor chooses how to apply the exemptions to the Debtor’s property. If the Debtor has more assets than the exemptions will allow the Debtor to [...]

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Chapter 13 Bankruptcy

What Is Chapter 13 Bankruptcy?

A Chapter 13 Bankruptcy is an adjustment of debts of an individual (including married couples) with regular income.  Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.  A chapter 13 bankruptcy is also called a wage earner’s plan. The Debtor proposes a repayment plan, or Chapter [...]

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Sacramento Bankruptcy Attorney

Sacramento Bankruptcy Attorney

The Law Office of Peter Cianchetta is your Sacramento Bankruptcy Attorney. If you need to file Chapter 7 or Chapter 13 call now for your free appointment. You may not want to file bankruptcy, but have no choice. If you have been sued, have a wage garnishment, or simply just cannot pay your bills, then [...]

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Bankruptcy Terminology

Bankruptcy Terminology

Most debtors who file a bankruptcy petition, and many of their creditors, know very little about the bankruptcy process. Bankruptcy Basics is designed to provide debtors, creditors, judiciary employees, and the general public with a basic explanation of bankruptcy and how it works. This glossary of bankruptcy terminology explains, in layman’s terms, many of the [...]

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Sacramento Bankruptcy Court

Sacramento Bankruptcy Court

The Sacramento Bankruptcy Court is located in the Robert Matsui federal building at 501 I Street, Sacramento, California. The Sacramento bankruptcy clerk’s office is on the 3rd floor. The courtrooms for bankruptcy are located on the sixth and seventh floors. Judge Christopher Klein is the Chief Judge, the other Sacramento Judges are Michael S. McManus, [...]

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