Archive for: ‘August 2012’

Miami Bankruptcy Attorney Timothy S. Kingcade Discusses Bankruptcy Filing Trends in the Sun-Sentinel

August 10, 2012 Posted by kingcade

MIAMI – Bankruptcy attorney Timothy S. Kingcade, Managing Partner of the Miami-based law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) recently discussed the reasons for the decline in bankruptcy filings in South Florida with Sun-Sentinel reporter, Paul Owers.

“Many people find the average attorney fee of $1,500 cost prohibitive,” said Timothy S. Kingcade.  Also contributing to the decline, “Consumers do not feel as desperate, with so many facing financial troubles in recent years because of the nation’s economic troubles,” he said.

The number of bankruptcy filings for June fell from 3,222 in 2011 to 2,251 in 2012 in Palm Beach, Broward and Miami-Dade counties.  Bankruptcy filings also declined from May to June of this year. Bankruptcy and foreclosure trends tend to mimic each other. Consumers often wait to file for bankruptcy until they are at risk of being foreclosed on by their lender. Therefore, foreclosure filings in South Florida have also declined in recent months.

To read more on this story visit: http://articles.sun-sentinel.com/2012-07-03/business/fl-bankruptcies-june-20120702_1_bankruptcy-filings-loan-modifications-foreclosure-action.

Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout the Southern District of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care. More information can be found at www.miamibankruptcy.com or by calling 305-285-9100.

 

Bankruptcy Attorney Timothy S. Kingcade Quoted in the Miami New Times Discussing Sun-Sentinel Editor’s Financial Troubles

August 10, 2012 Posted by kingcade

MIAMI – Bankruptcy Attorney Timothy S. Kingcade, Managing Partner of the Miami-based law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) was recently interviewed by reporter, Rich Abdill for an article that was published in the Miami New Times. In the article he discussed the controversy surrounding Sun-Sentinel editor, Howard Saltz’s financial troubles. Saltz was recently relieved of millions of dollars in debt after filing for bankruptcy protection earlier this year. In an email to the Miami New Times, Saltz claimed it was a “business bankruptcy, not a personal bankruptcy.”

“It was a personal bankruptcy,” Timothy S. Kingcade said after reviewing the documents. “The character of the debt does not change the fact that it’s a personal bankruptcy.”

Later Kingcade went on to say that by filing for bankruptcy separately from his wife, Saltz was likely trying to stall a foreclosure or other settlement. “We call those types of cases ‘Ping-Pong’ cases. The creditors are being ping-ponged between the spouses,” Kingcade said. This is a method many have chosen during the recession as a last ditch effort to stay in their homes.

Saltz began purchasing real estate in the late 1990’s. Much of his debt came from unpaid mortgages, totaling more than $2.5 million. Saltz was also deep in credit card debt. He had a $17,000 credit-card bill due to Discover, a $52,000 credit-card bill due to Bank of America, a $60,000 credit-card bill due to Chase, an unpaid medical bill and other unpaid bills such as utilities.

To read more on this story visit: http://www.miaminewtimes.com/2012-07-26/news/sun-sentinel-editor-howard-saltz-bailed-on-millions-in-debts/

Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout the Southern District of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care. More information can be found at www.miamibankruptcy.com or by calling 305-285-9100.

Mortgage Fraud Scheme may Land Maryland Resident in Prison for Five Years

August 5, 2012 Posted by kingcade

Business owner and Maryland resident, Carline M. Charles, pled guilty on charges of conspiracy to commit bank fraud on July 27, 2012. Charles was the owner of the company, C&O Property Solutions LLC.  She had concocted a scheme where she fraudulently obtained mortgages, financial losses for lenders and evictions for her clients who were relying on her to help save their homes.

 

Charles would reportedly track down financially distressed homeowners and offer them help in refinancing their mortgages.  She told her clients that after a few months they would be able to remove investors’ names from the property deeds. While homeowners were under the impression they were refinancing their homes with Charles, she was in fact selling their properties to ‘straw buyers.’ She would pay the purchasers about $10,000 for use of their name and information.

 

Charles’ plea agreement required her to forfeit the $838,978 she profited from the scheme. Some of the homeowners were paying Charles their monthly mortgage payments, which she claimed she would be forwarding to the lenders, and never did. This resulted in 12 families being forced out of their homes. The lenders of these 12 mortgages lost somewhere between $1 and $2.5 million. The mortgage scheme resulted in a major investigation conducted by the FBI. Charles’ sentencing is scheduled for October 24, 2012.

 

To read more on this story visit: http://www.loansafe.org/foreclosure-prevention-business-owner-pleads-guilty-in-major-mortgage-fraud-scheme

 

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.