Archive for: ‘May 2012’

Tips to Obtain Your Best Credit Score Possible

May 15, 2012 Posted by kingcade

Early in 2012 credit card issuers became more selective about who they issued cards to.  According to Mintel Comperemedia, credit card issue rates dropped about 30% during the first quarter of 2012 in comparison to the previous year. Although the issue rates are decreasing, there has been an increase in incentives for cardholders and potential cardholders. For example, American Express is offering $150 cash back if a cardholder spends $1,000 or more in the first three months of holding the Blue Cash Preferred card. Another incentive from Chase requires a cardholder to spend only $500 in the first three months with a reward of $100 cash back. Offers from credit card issuers are expected to multiply during the summer months.

Below are some helpful hints to improve and maintain a good credit score:

1. As long as you manage them well, the more credit cards you hold, the better. Many people think if you are not using a card frequently, the best thing to do is cancel it.  However, the more cards you hold, the more responsible you seem to lenders. It is very important to your credit score to always pay your credit card bills and all other bills on time.

2. Do not max out your credit cards. Many credit analysts have said in the past the best way to improve your credit score is to never use more than 30% of your available credit. Fair Isaac said that Americans’ with the highest credit scores rarely use more than 10 – 20 percent of their available credit per card.

3. Even those who are in debt should hold at least two cards. Even cardholders who have two credit cards are sometimes viewed as having a “thin file.” Most experts in the field suggest for everyone two carry anywhere from three to five cards.

4. Do not apply for credit cards any more frequently than six months apart. Applying for a credit card can lower your score up to 25 points; therefore it is never a good idea to apply for cards too close together. When inquiring for a new card, this information stays on your record for two years and can impact your score for one year. Those who apply for multiple cards in a short time frame are perceived as having financial problems.

5. If you want to close a credit card account, the best way is to pay off the card and not use it for a long period of time and eventually the card issuer will close the account.

To read more on this story visit: http://online.wsj.com/article/SB10001424052702303877604577380263570426758.html

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. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. 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. at www.miamibankruptcy.com.

 

GM Relieved from Paying Federal Income Taxes for Years to Come

May 15, 2012 Posted by kingcade

General Motors received a government bailout in 2009 of approximately $49.5 billion. After generating a reported $13 billion in profit since 2009, $7.6 billion was made in 2011; however General Motors paid no income taxes for 2011. The spokesman for GM disclosed that GM would not have to pay income taxes for “many more years.”

In 2009, GM received the government bailout after filing for bankruptcy and recording about $18 billion in losses. According to the U.S. Treasury Department, GM must record at least a $1 billion profit for at least 18 straight quarters before they will be expected to pay federal income taxes, again. GM is still paying a worldwide tax and state taxes. GM’s limited liability partner, the Chrysler Group, is taking advantage of the partnership and not paying federal income taxes, either.

Ford Motor Co. has also avoided paying federal income taxes due to profit losses of up to $30 billion in previous years. Auto manufacturers are not the only major corporations receiving huge tax breaks from the government. AIG and Citibank have also received government bailouts after major profit losses.

To read more on this story visit: http://www.torquenews.com/1081/despite-massive-profits-gm-pays-zero-federal-income-taxes

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. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. 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. at www.miamibankruptcy.com.

Consumer Bureau to Propose New Rules for Mortgage Servicers

May 15, 2012 Posted by kingcade

The Consumer Financial Protection Bureau plans to propose a straightforward approach to loan administration that should benefit consumers and servicers, which are the firms that loan owners hire to collect payments, disburse taxes and insurance, and chase after delinquent borrowers.

The Bureau hopes to finalize the new rules by this summer and have them take effect by January 2013. However, it is likely that mortgage servicers will be given another year to incorporate the rules into their companies’ practices, which means the actual changes might not be seen until January of 2014.

Below is a list of the new rules that will be set in place by the Bureau:

• Mandatory issuing of monthly statements that are understandable to the loan holders. Mortgage servicers would be required to issue broken down loan statements each month that are detailed and easy for loan holders to understand.

• Required interest rate fluctuation warnings. A statement must be issued on what the current rate will be and the options for the loan holders if they are unable to afford the new rates.

• Mortgage servicers must give notice before purchasing “force-placed” insurance on the property.

• It will be required that the property has fire insurance and in some cases where it is not, the servicer must purchase its own as collateral on the property.

• Servicers will be forced to credit accounts immediately as they are paid by the loan holders. This has been required as a result of many consumer complaints that servicers are holding onto the payments for so long that an additional late fee is tacked on, costing consumers more unnecessary money.

• Servicers would be forced to practice with fewer errors made. Customer service from mortgage servicers will be more accessible and available if the consumer believes a mistake has been made on their account.

To read more on this story visit: http://www.latimes.com/business/realestate/la-fi-lew-20120506,0,7793027.story

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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.

Bank of America Gets a BIG Surprise at their Front Door

May 8, 2012 Posted by kingcade

The residents of a Liberty City neighborhood recently came together to clean up an abandoned property and later in the day planned on delivering the collected trash to a Bank of America branch. According to the Miami Workers Center, the home is owned by the Bank of America. Trenise Bryant, a member of the Miami Workers Center who organized the clean-up said, ”Banks maintain foreclosed properties in white neighborhoods why can’t they do the same in black communities?’ It’s bad enough these big banks put families out of their homes, now they just let the houses sit there bringing down the property value for everyone else in the neighborhood.”

To read more on this story visit: http://photoblog.msnbc.msn.com/_news/2012/05/03/11526492-protesters-in-miami-clean-garbage-from-foreclosed-homes-and-dump-it-at-bank?fb_action_ids=359465957435303%2C3864095560290&fb_action_types=news.reads&fb_ref=type%3Aread%2Cuser%3A1RchtAP5LJ9kvYUWzTJKGr9yz-8&fb_source=other_multiline

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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

Bankruptcy filings decrease as many Americans Struggle to afford the Filing Fee

May 8, 2012 Posted by kingcade

In recent years, filing for bankruptcy has become a luxury for people who have seen their debt snowball out of control due to events like job loss, foreclosure or medical emergency during the economic downturn. The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to recent research submitted to the National Bureau of Economic Research.

The cost of filing for bankruptcy has risen in recent years as a result of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, which aimed to reduce the number of bankruptcies taking place by adding more requirements to the filing process — including additional paperwork and the credit counseling and debtor education.

The research, conducted by a group of professors from Columbia University, the University of Chicago and Washington University in St. Louis, examined how bankruptcy filings spiked after people received their tax rebates in previous years. They estimate that another 200,000 consumers, who would otherwise not have enough money to file, will use their tax refunds to pay for bankruptcy this year.

Gerri Detweiler, director of consumer education for Credit.com warns consumer of ‘going it alone.’ “Make one mistake and your case is dismissed,” she said. “A dismissed bankruptcy hurts your credit just as badly as one you complete. So you are stuck with all of the downside without the fresh start.”

She also warns against ‘low-cost document preparation services’ claiming to help consumers fill out necessary documents. “It’s easy for consumers to think they’re getting sound legal advice even though the preparers aren’t lawyers,” she said.
To read more on this story visit: http://www.abcactionnews.com/dpp/money/money-some-seeking-bankruptcy-are-too-broke-to-file

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. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. 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. at www.miamibankruptcy.com