Archive for: ‘May 2010’

5 Ways to Rebuild your Credit after Bankruptcy

May 28, 2010 Posted by kingcade

Filing for bankruptcy can be an unfortunate blow to your credit score. However, the good news is there are ways you can rebuild this, it’s just a matter of knowing how. Nothing in credit is “forever.” Adopting responsible credit habits such as paying your bills on time, using only a small portion of your available credit and not applying for too much credit at once can rebuild your credit gradually.

1.) Learn from your mistakes. If your problem was overspending, create a budget and stick to it. If medical bills caused you to file bankruptcy, seek a job with adequate health insurance coverage.

2.) Establish an emergency fund to help get you through a job loss or other financial setback. Try to save at least 25% of your paycheck and get a second job if necessary. This also may require you to live below your means for the first 6 months to save as much as possible.

3.) Open a checking or savings account, preferably through a large bank. 

4.) Attain a secured credit card. To quickly rebuild your credit you need to establish two types of credit: Installment (i.e. – auto loans, student loans or mortgages) and Revolving (i.e. – credit cards or home equity lines of credit). Light, regular use of a credit card will help rebuild your credit.

5.) Become familiar with your credit report. The most important thing is for you to attain positive reports from your credit card issuer through Experian, TransUnion and Equifax- ALL three. Check your credit reports every 4 to 6 months, making sure all information is accurate.

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. Web site at www.miamibankruptcy.info/.

5 Things to NEVER do after Filing for Bankruptcy

May 28, 2010 Posted by kingcade

1.) Do not pay your bills automatically from your checking account. Automatic bill pay can overdraft your account if you are not monitoring it carefully and can hurt your efforts of trying to rebuild your credit.

2.) Never use payday loans. The fees and interest rates are high and it is easy to get into trouble using them.

3.) Do not try to erase bankruptcy from your credit report, it is not possible and will only make matters worse.

4.) Do not enlist credit counseling agencies to clean up bad credit, no matter how legitimate they seem. Too often these companies are more likely to take advantage of the situation than help you.

5.) Do not immediately go out for a $150 dinner or buy a $200 pair of jeans. Curb your spending habits to avoid repeating the same mistakes twice.

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. Web site at www.miamibankruptcy.info/.

Renter’s Rights Violated by Foreclosed Property Owners

May 9, 2010 Posted by kingcade

Many renters, particularly in the Miami-Dade area are under an increasing amount of pressure due to foreclosures placed on the property they are renting.   A recent federal law passed by President Obama, called Help Families Save Their Homes Act states that following the date of foreclosure, the renter has 90 days before vacating, if they are renting month-to-month, or until the end of their lease.  However, many landlords are taking matters into their own hands and are disregarding the law, evicting tenants before the end of their lease.

A large part of the problem is lack of knowledge on the part of the owner and the tenant.  New owners are taking advantage of the fact that lawmakers are not enforcing these laws.  A lot of my clients are unaware that only an order by a judge can force them out of their home before their lease ends.   In July of 2009, the Affordable Housing Task Force created a packet for individuals in the Miami-Dade area explaining their rights as a tenant and their landlord’s rights as a property owner. The packet is complete with scenarios and different routes you can take in addressing this legally if you have been violated of your rights. http://www.miamidade.gov/foreclosure/library/Know_Your_Rights_Handbook.pdf

If you have any questions on this topic or are facing foreclosure, please feel free to contact Bankruptcy and Foreclosure attorney, Timothy Kingcade at (305) 285-9100. He has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives.   You can also find useful consumer information on the Kingcade & Garcia, P.A. Web site at www.miamibankruptcy.info.

– Timothy Kingcade