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Bankruptcy http://eglaw.net Tue, 26 Feb 2013 05:24:13 +0000 en-US hourly 1 https://wordpress.org/?v=4.6.6 Sacramento Bankruptcy Lawyer http://eglaw.net/sacramento-bankruptcy-lawyer/ http://eglaw.net/sacramento-bankruptcy-lawyer/#respond Mon, 20 Feb 2012 22:08:28 +0000 http://eglaw.net/?p=199 ]]>

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Six Years After Bust http://eglaw.net/six-years-after-bust/ http://eglaw.net/six-years-after-bust/#respond Thu, 20 Oct 2011 22:02:12 +0000 http://eglaw.net/?p=210 “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 down payment paid. If you are in the same situation, or similar with a second mortgage, you would likely benefit from stripping off the second mortgage.

A Chapter 13 Bankruptcy can give you relief from the second mortgage. The Court makes a determination that the second mortgage has no security interest in your home and therefore is discharged. There is no cost to call and speak with an experienced Sacramento bankruptcy attorney to evaluate your situation. Find out if there is something that you can do to make your financial future brighter, or you can keep your head down and continue pushing through the muddy waters of finical uncertainty. If you are struggling to make your payments or just don’t know if there will be any retirement or whatever the financial uncertainty is, Peter Cianchetta would be happy to meet with you and discuss your situation at no cost to you. Call today for your free confidential Sacramento bankruptcy consultation with Peter at 916-226-2740!

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Trustee May Sell Your Home After Your Discharge http://eglaw.net/trustee-may-sell-your-home-after-your-discharge/ http://eglaw.net/trustee-may-sell-your-home-after-your-discharge/#respond Thu, 23 Sep 2010 04:45:02 +0000 http://eglaw.net/?p=188 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 unsecured creditors.  The Debtors were discharged, however their cases were not closed.  After 18 and 21 months in the two cases consolidated for appeal, the homes had appreciated where there was sufficient equity for the Trustee to sell the homes, pay the debtors their exempt amount, pay the encumbrances, and distribute money to the unsecured creditors.  How could this be?  The Debtors filed bankruptcy in 2003 and the cases were open until 2006 when the Trustee moved for an order to sell the debtors homes.  The Trustee argued that the exemption was for a dollar amount because it was for “interest in real property” and did not exempt “Real Property.” The Court agreed with the Trustee, therefore the Debtors only received the dollar amount of their exemption.

The Debtors should have ensured that, since their case was not closed shortly after their discharge, that the property was abandoned.  This is possible by filing a motion under 11 U.S.C. § 554(b), requesting the Court to order the Trustee to abandon the property back to the Debtor as  burdensome to the estate or that is of inconsequential value and benefit to the estate.  A motion under this section forces the Trustee to make a decision without the benefit of appreciation of an asset.  This may seem to be inconsequential in the current Real Estate market, however the same issue may be applied to other property such as stock, business interests, or any other asset that may appreciate.  If a case is not dismissed shortly after discharge a 11 U.S.C. § 554(b) should be considered.

The consolidated cases are In Re Gebhart 07-16769 and In Re: Chappell 07-35704.   Read the entire case on the Ninth Circuit Court of Appeals web site at http://www.ca9.uscourts.gov/datastore/opinions/2010/09/14/07-16769.pdf

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Obtaining A Free Credit Report http://eglaw.net/free-credit-report/ http://eglaw.net/free-credit-report/#respond Thu, 08 Jul 2010 15:35:53 +0000 http://eglaw.net/?p=156 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.  The free reports are available from each of the three credit reporting agencies, Expreian, Equifax and Transunion.  Be careful when obtaining your free report, you will be ask if you want additional services, the additional services have fees associated with them.  If you only desire to obtain your FREE credit report, and you are requested to enter a credit card number, you are likely paying for an additional service.

You may also request your free credit reports by telephone or mail by following the links on the annualcreditreport.com web site.

If you believe your identity has been stolen, contact all three agencies immediately and place a Fraud Alert on your credit profile.  Placing a Fraud Alert on your credit profile will make it more difficult to open an account using your information.  There are specific steps that must be take to obtain credit once a fraud alert is in place.  You may also contact the Federal Trade Commission to inform them of the identity theft and for more information.

If you have errors on your credit report contact the agency and the creditor in writing to correct the error.  After an investigation of your reported error, the credit reporting agency will reply to you with the action they have taken in response to your report.

The individual agencies may be contacted at the following addresses.
Equifax: www.equifax.com
Experian: www.experian.com
TransUnion: www.transunion.com
The addresses of the three Credit Reporting Agencies are:


P.O. Box 740256
Atlanta, Georgia 30374
P.O. Box 9554
Allen, Texas 75013
P.O. Box 6790
Fullerton, CA 92834
Corporate Headquarters

1550 Peachtree St., NW
Atlanta, GA 30309

475 Anton Blvd.
Costa Mesa, CA 92626


Agent for Service of Process
Kent E. Mast, Agent for Service of Process
1550 Peachtree St., NW
Atlanta, GA 30309

C T Corporation System, Agent for Service of Process
818 West Seventh St.
Los Angeles, CA 90017

The Prentice Hall Corporation System, Inc., Agent for Service of Process
2730 Gateway Oaks Dr. Ste. 100
Sacramento, CA 95833

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File For A Chapter 13 Bankruptcy Sacramento With Only $500 Up Front http://eglaw.net/chapter-13-bankruptcy-sacramento/ http://eglaw.net/chapter-13-bankruptcy-sacramento/#respond Thu, 08 Jul 2010 15:01:10 +0000 http://eglaw.net/?p=147 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 of the attorney fees will be paid through the plan over the life of the Chapter 13.

Filing Chapter 13 bankruptcy Sacramento may save your home from foreclosure.  Chapter 13 is for people with income that need to have some time to repay their debts.  The Typical Chapter 13 plans are from three to five years long.  Some debtors are able to completely eliminate their second mortgage and third mortgage and home equity lines of credit on their homes.  Also some are able to reduce the amount paid on their automobiles to the current value as well as reducing the interest rate at the same time.

Chapter 13 has limitations, first the debtor must have a source of income sufficient to fund the Chapter 13 plan.  The total debts cannot exceed the limits for secured and unsecured debts.  The current debt limits are $1,081,400 secured  and $360,475 unsecured debt.

How can someone find out if they qualify to file Chapter 13 bankruptcy Sacramento?  The best way to find out is to call the Law Office of Peter Cianchetta to schedule your free consultation.  Peter will personally meet with you and review your situation to see if you qualify and if Chapter 13 bankruptcy is best for you.  If you will be better off filing Chapter 7 bankruptcy of not filing bankruptcy at all, Peter will tell you.  The Law Office is not looking to crank out as many bankruptcy petitions as possible, they are here to serve you with the best legal advice available.  Call today for your appointment with your attorney.

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Sacramento Bankruptcy Means Test http://eglaw.net/sacramento-bankruptcy-means-test/ http://eglaw.net/sacramento-bankruptcy-means-test/#respond Mon, 21 Jun 2010 15:14:11 +0000 http://eglaw.net/?p=126 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 you file Bankruptcy.  Compare your average monthly Gross Income  (pay before any deductions)  to the following.

1 Person     $3,997
2 Persons    $5,387
3 Persons    $5,887
4 Persons    $6,600
6 Persons    $7,225
7 Persons    $7,850
8 Persons    $8,475
Add $625 for each person above 8 in the household.

Median income is the first test.  If your income is greater than the Median income you may still qualify to file Chapter 7 bankruptcy.  There is a second phase of the test takes into account your obligation to pay your secured debts, taxes, insurance, retirement contributions, union dues, and other job related expenses.  This is a very complex calculation and a competent bankruptcy attorney will be able to help you determine if you are eligible to file Chapter 7.

If you do not qualify to file Chapter 7 bankruptcy then you may be eligible to file Chapter 13 bankruptcy.  Many times Chapter 13 is more advantageous than a Chapter 7.  Chapter 13 bankruptcy uses similar means test data to determine the Plan length, either 3 or 5 years and your Disposable Monthly Income (DMI).  Disposable monthly income is the income that is available to pay your unsecured debts.  The determination of DMI is very complex and you should consult with a Sacramento bankruptcy attorney to ensure your Chapter 13 bankruptcy is filed correctly.

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What Is Chapter 7 Bankruptcy? http://eglaw.net/chapter-7-bankruptcy/ http://eglaw.net/chapter-7-bankruptcy/#respond Sun, 13 Jun 2010 00:35:37 +0000 http://eglaw.net/?p=107 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 exempt, then the Debtor must decide which assets to leave un-exempt.

The administration of a Chapter 7 Bankruptcy in Sacramento involves liquidating the Debtor’s assets that are not exempt and administering the payment money received from the liquidation of the assets to the unsecured creditors. Although most Chapter 7 cases are no asset cases, some cases are asset cases. A no asset case is a case where there are no assets that are being liquidated, in other words all of the debtor’s assets are exempt. If there are assets, which are not exempt, then the case is an asset case. There are also no asset cases when there are assets that are not exempt. This happens when the assets are not valuable enough to realize a benefit to the unsecured creditors. This can also happen when the cost of liquidating an asset will leave little or no money left to distribute. Additionally when only a portion of an asset is not exempt, it may not be cost effective for the Trustee to sell the asset, pay the Debtor the exempt portion and then distribute the money to the unsecured creditors.

The fact that case is an asset case will not cause a delay in the discharge of the debtor. The Chapter 7 Trustee will cause the Bankruptcy Court to send a notice to file a claim to all the creditors in the case. If the asset is not cash, the Trustee will liquidate the asset and distribute the proceeds to the creditors according to the Bankruptcy Code.

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What Is Chapter 13 Bankruptcy? http://eglaw.net/chapter-13-bankruptcy/ http://eglaw.net/chapter-13-bankruptcy/#respond Sun, 13 Jun 2010 00:14:43 +0000 http://eglaw.net/?p=101 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 13 Plan which will repay some or all of the Debtor’s debts.  Upon completion of the Plan, the Debtor receives a discharge of debts.  The plan must be approved by the Court.  Upon approval of the Plan, the Debtor makes payments to the Chapter 13 Trustee and the Trustee pays out the month to the creditor’s according to the Plan.

The length of the Plan is determined by comparing the Debtor’s income to the applicable median income.  If the Debtor’s income is below the median income then the Plan length will be three years, if it is more than the median then the plan will be five years. The comparison of the Debtor’s income to the median is very similar to the chapter 7 means test.  There are exceptions to the length of the Plan on an individual basis as determined by the Court.  A Chapter 13 allows a Debtor to make up missed payments on secured debt such as missed house or car payments.  This allows the Debtor to save those assets by repaying the delinquent payments over the length of the Plan.  Taxes may also be repaid over the length of the Chapter 13 Plan.

If a Debtor has more than one secured debt on their home, and the first mortgage is greater than the value of the home, then it may be possible to strip the subsequent debts from the asset and have those debts included with the unsecured debts.  A Debtor may cram down the debt on a motor vehicle to the fair market value in a Chapter 13 Plan.  Debts that are not dischargeable in a Chapter 7 may be discharged in a Chapter 13 upon completion of the Plan.  There are eligibility requirements for filing a Chapter 13 which include having a regular income, Secured and unsecured debt limits and the length of time since filing a prior bankruptcy.  A Chapter 13 Bankruptcy is very complex and a Debtor contemplating filing should seek the advice of an Sacramento Bankruptcy Attorney.

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Sacramento Bankruptcy Attorney http://eglaw.net/sacramento-bankruptcy-attorney/ http://eglaw.net/sacramento-bankruptcy-attorney/#respond Thu, 27 May 2010 22:56:53 +0000 http://eglaw.net/?p=82

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 you should call now. There is no cost for the consultation to see if bankruptcy is your best solution.

If it is better for your situation to negotiate with your creditors, we can help you with that too. We have helped settle disputes over debt both through negotiations and bankruptcy.

In your initial appointment I will discuss your options for Bankruptcy. We will review the “Means Test” and determine if you qualify for a Chapter 7 or Chapter 13. We will also review the length of your Chapter 13 plan. We will discuss what the Exemptions are and how they apply to your specific situation. Finally we will discuss the cost to you and the options available to pay for the Sacramento Bankruptcy.

A Chapter 7 Bankruptcy is a liquidation of your non-exempt assets. You may say “Wow that sounds like I will lose some of my belongings” but it is not as bad as it sounds. In most cases you lose nothing, you may surrender your car or house if it is best for you, but most people lose nothing that they wanted to keep.

A Chapter 13 Bankruptcy is a repayment plan. In a Chapter 13 you can still get rid of your unsecured debt (including Credit Card Debt). In some cases nothing is paid to the Credit Card Debt companies. There are many benefits to Chapter 13 that will be discussed in your fee appointment.

Will Bankruptcy make it impossible to get a loan for 7 years? This is a very common question and the answer is NO. There are companies that will lend money to Bankruptcy Debtors the day after they file for bankruptcy. The recovery time to buy a house with a mortgage is less than the time for a Foreclosure. Likewise, the recovery time for purchasing an automobile is much shorter after Bankruptcy than a Repossession. If you are facing a Repossession or a Foreclosure then you should consult with an Attorney.

8830 Elk Grove Blvd.
Elk Grove, CA 95624

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