Archive for: ‘October 2011’

Another Setback for Struggling Homeowners

October 28, 2011 Posted by kingcade

Florida’s foreclosure mediation program, designed to settle residential foreclosures and sort through the huge backlog of cases, is scheduled to end due to a recent ruling by a judicial committee. The program, which mandated that homeowners attend a mediation meeting with their lenders before a foreclosure case goes through the courts, began in late 2009. This ruling comes as another setback for struggling homeowners, placing them at a greater disadvantage against the government and big banks. A report presented to the high court said three main factors led to the program’s demise: borrowers not trusting the program; lenders not willing to settle cases in mediation; and officials not publicizing the program. This could not come at a worse time, as Florida has a backlog of about 350,000 foreclosures and more to come.

To read more on this story visit:
http://www.tampabay.com/news/business/realestate/floridas-foreclosure-mediation-could-end/1198314

http://www.miamiherald.com/2011/10/24/2469820/task-force-end-mandatory-foreclosure.html

Foreclosure defense attorney, Timothy Kingcade 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. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Study Reveals a Growing Number of College Grads filing for Bankruptcy Protection

October 18, 2011 Posted by kingcade

A new study done by the Institute for Financial Literacy reveals an increasing number of college graduates are filing for bankruptcy, challenging the notions that an advanced education is almost a guarantee for economic success. In 2006, degree holders accounted for 11.2 percent of bankruptcy protection filers, the study found. By 2010, their proportion rose to 13.6 percent.
Similar trends were observed for holders of two-year associate degrees and graduate degrees. In contrast, high school diploma holders or college dropouts logged a decline in bankruptcy protection applications. Data from the Department of Education showed that before students even leave their university some of them are already defaulting on their student loans. For the fiscal year that ended on Sept 30, 2010, student loan defaults went up to 8.8 percent from 7 percent the previous year. It comes as no surprise that there is a strong link between student default rates and joblessness rates.
To read more on the story visit: http://www.allheadlinenews.com/articles/90059838?Study%3A%20Growing%20number%20of%20college%20grads%20filing%20for%20bankruptcy%20protection
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Foreclosures increase in South Florida indicating Mortgage Lenders have worked through Paperwork Problems

October 18, 2011 Posted by kingcade

New reports from two industry experts indicate that lenders are beginning to speed up their home-repossession practices, which have been delayed due to last year’s “robo-signing” scandal.  Third-quarter foreclosure filings rose 13.2 percent to 9,170 in Miami-Dade County, compared to the previous quarter, according to data released Thursday by real estate research firm RealtyTrac. In Broward, total filings were up 36.9 percent in the third quarter to 7,712.

The increase in foreclosure filings is an indication that foreclosures delayed by the slowdown are beginning to work their way through the system. Current foreclosure totals are still far below last year’s numbers, but the trend is starting to shift upwards. The increase in new initial filings of foreclosure is a national trend; new default notices increased 14 percent nationwide in the third quarter.

To read more on this story visit: http://www.miamiherald.com/2011/10/13/2451238/foreclosure-filings-back-on-the.html#ixzz1ahVvm7Dd

Foreclosure defense attorney, Timothy Kingcade 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. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Dealing with Creditors and Debt Collectors While Filing for Bankruptcy in Florida

October 12, 2011 Posted by kingcade

One of the reasons that many people file for bankruptcy is that they are being harassed by debt collectors, or are facing wage garnishment and foreclosure, and they know they cannot turn around their financial situations without help. Filing bankruptcy stops all collection actions, including home foreclosure, but while people are in the process of filing a bankruptcy petition, they are often still dealing with creditors. Following some simple steps can reduce the stress of debt collectors bothering a person filing for bankruptcy.

Bankruptcy Protections

One of the most attractive benefits of bankruptcy is the stay of all foreclosure, garnishment, repossession and utility shut-off actions by creditors. Once a person files a bankruptcy petition, all of the person’s assets become part of the bankruptcy estate for the trustee to distribute to the creditors according to their priority under the law. Creditors cannot try to take money or other assets from the bankruptcy estate because it would potentially be “cutting in line” in front other creditors who have a higher priority.

Tips for Dealing with Creditors While Filing Bankruptcy

If a creditor is harassing a debtor with phone calls and letters during the time the debtor is filing the bankruptcy petition, the best course of action for the debtor is to inform the creditor that he or she is in the process of filing bankruptcy and that any actions to collect will be in vain.

It is advisable to keep all communications with the debt collector brief and only inform them of the upcoming bankruptcy petition. Many debt collectors will say things that are upsetting to the debtor or try to get the debtor to say things contrary to his or her interest. Writing a letter to the creditor is one possible way of ensuring that the communication is limited.

However, if a creditor has already obtained a judgment against a debtor against the debtor, the creditor may be motivated to act even more aggressively upon hearing the news that the debtor is filing bankruptcy by garnishing wages or bank accounts. The creditor cannot take more than $600 or the bankruptcy court will likely call that a “preference” and make the creditor return it. However, creditors may rush to garnish wages or accounts and take just under $600, knowing that they will likely be able to keep it and that is possibly the only payment they will ever see on the debt. In such a situation, the only remedy is to file the bankruptcy petition as quickly as possible.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment.  You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Protests Spread Nationwide in Response to Corporate Greed and Poor Government Spending

October 6, 2011 Posted by kingcade

Many Americans are fed up with the way our country is allocating its money in the midst of today’s economic crisis. In response, middle class, hard working individuals are taking their frustrations to the streets, holding rallies protesting corporate greed and social inequality. Demonstrators include unions, teachers, veterans, first responders, families, the unemployed and the underemployed. What’s known as the “Occupy Wall Street” movement has grown to more than 1,500 people in its second week in New York and is rapidly spreading across the country, with events popping up in Boston, Chicago and dozens of other cities nationwide.
The “99 percent,” as individuals involved in the movement refer to themselves as, are protesting against people who make $40,000 to $50,000 a year, who are struggling to make ends meet. The movement targets Wall Street- in particular big banks and corporations. One of the protestors explains their goal is to create national awareness of how state revenues are being funneled to big banks and corporations, instead of having these billions of dollars put toward job creation and creating solutions to the housing crisis.
To read more on the story visit:
http://abcnews.go.com/blogs/headlines/2011/10/occupy-wall-street-protests-spread-across-the-country-bloomberg-calls-them-misguided/
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. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.