Archive for: ‘August 2013’

Kodak’s New Strategy after Emerging from Chapter 11 Bankruptcy

August 23, 2013 Posted by kingcade

A Manhattan bankruptcy judge recently approved a plan for Eastman Kodak to emerge from Chapter 11 as early as September 3rd, 2013. The new company will be vastly different from the once dominant film company that virtually invented amateur photography.

Manhattan bankruptcy judge Allan Gropper, in approving the plan, called it a necessary preliminary to Kodak regaining what he called “its position in the pantheon of American business.”

After decades of seeing its traditional business diminish as a result of foreign competition and digital photography, Kodak was forced to seek bankruptcy protection. Kodak said in a statement that it is transforming itself into a seller of digital printing services to other businesses. That does not mean the company’s traditional consumer products will disappear; they will now be made by another entity, owned by a U.K. pension fund. Kodak is selling its consumer film and camera business to the workers’ pension fund to settle $3 billion worth of pension obligations to its former workers in the U.K.

Click here to read more on Kodak’s new strategy after emerging from Chapter 11 bankruptcy.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

South Florida Home Sales- Prices Rise by Double Digits in July

August 22, 2013 Posted by kingcade

Sales volume in South Florida today is matching the 2005 housing boom, although the median prices are far lower. More single-family homes were sold in July in Miami-Dade County than at any time since the peak of the housing boom. Supply and demand is what is driving the market. Supply is lacking and demand is high as homebuyers are trying to capitalize on the low mortgage interest rates.

The median price of a single-family home in Miami-Dade soared 25.7 percent in July to $230,000 from $183,000 a year earlier, the Miami Association of Realtors recently reported. Single-family home sales in Miami-Dade jumped 27.3 percent in July to 1,227 closings from 964 a year earlier. That marked the highest sales volume since 2005, when the median price was $351,200.

Miami-Dade has seen 20 consecutive months of price increases in both single-family homes and condominiums. Experts attribute the increase to a heightened demand and the low mortgage interest rates being offered. However, interest rates are steadily rising as the housing market is gaining momentum and posting dramatic gains. The average rate on a 30-year, fixed-rate mortgage is 4.74 percent, up more than a full percentage point from 3.61 percent in early May, according to HSH.com.

Click here to read more on South Florida home prices rising double digits in July.

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

How to Get your House for FREE

August 21, 2013 Posted by kingcade

Several hundred to possibly thousands of Florida homeowners will have an opportunity to own their house free of charge as a result of a Florida law. The statute is common contract law that says a person has five years to sue on a debt, with the right to collect that money expiring at the end of the time period. The most common scenario of how this occurs is: The bank filed the initial foreclosure, then dismissed it for whatever reason and failed to refile during the five-year period. It is possible that cases currently in the system, and older than five years, could get dismissed and then will not be refiled because the allotted time has run out.

In Palm Beach County, 30,100 foreclosures were filed in 2008. There are about 1,550 still in the system, which are five years old or older.

But it is not just age that determines whether the statute of limitations will grant victims of foreclosure a free house. It is also critical to know when the clock started ticking. Most attorneys agree that it is at the time of “acceleration” — when the bank decides after a series of missed payments that the entire loan amount is due. That typically happens when the foreclosure is filed with the court.

Homeowners cannot just assume they will be protected by the statute. If a lender files after the deadline passes, and the borrower does not respond and defend the case, the bank could win despite missing the deadline. Several unprecedented events during Florida’s housing crisis have increased the chances that borrowers will benefit from the five-year statute of limitations on foreclosures. Some of these events included the hundreds of thousands of foreclosure documents filed with Florida’s courts that were either flawed or fraudulent along with sloppy paperwork signed by countless numbers of robosigners.

In a recent South Florida case, a ‘legal misstep’ was to blame for a foreclosure victim being awarded her multi-million dollar Boca Raton waterfront mansion, which had been in foreclosure since 2008. The bank’s attorneys were forced to voluntarily dismiss the case that went to trial on July 25, 2013.

Click here to read more on the possibility of Florida foreclosure victims getting their houses for free.

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

New Law Causes Decrease in Foreclosures in Palm Beach County

August 20, 2013 Posted by kingcade

It has been reported that foreclosure filings are down in Palm Beach County likely due to a new law that is making it more difficult for banks and lenders to initiate foreclosures. The new state law (Section 702.015, Florida Statutes) requires plaintiffs to acknowledge in their foreclosure complaint that they have all the documents necessary to prove the case against the homeowner.

The latest statistics reveal several interesting trends:

• The number of new foreclosure filings in Palm Beach County decreased dramatically in July.

• Since the new foreclosure filing requirements took effect July 1, 2013, there were 387 new foreclosures, a 61.3 percent decrease from 1,001 new foreclosures in June, and a 68.3 percent decrease from 1,220 cases filed in July 2012.

• The new cases filed in July represent the lowest number of new foreclosures filed with the Clerk & Comptroller, Palm Beach County, since July 2006, when 392 foreclosures were filed.

• The number of new mortgages and deeds recorded in Palm Beach County during July remained higher compared with the previous year, but lower than the totals recorded in June. There were 6,985 deeds recorded in Palm Beach County in July, down 7.5 percent from 7,548 deeds recorded in June, but up 44.7 percent from 4,828 deeds recorded in July 2012.

Clerk Sharon Bock attributes the new law to the declining number of foreclosures, which demonstrates that banks are acting with an abundance of caution before they bring forward foreclosures cases in Florida.

Click here to read more on the recent decline in foreclosures in Palm Beach County.

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

Who the New Student Loan Act Really Benefits

August 19, 2013 Posted by kingcade

You may be surprised to hear who the Bipartisan Student Loan Certainty Act of 2013, officially signed on August 9, by President Obama is actually benefitting. According to a recent story in U.S. News & World Report, the Congressional Budget Office projects the new law will increase government profits on student loans through 2023 by $715 million! The new law offers a moderate amount of help to current students at the expense of future ones and simply does not address the fundamental problem in the student loan system- the enormous profit the federal government is making at the expense of students.

The amount added to subsidized and unsubsidized direct loans for undergraduates is 2.05 percentage points. Unsubsidized direct loans for graduate and professional students have 3.6 percentage points added to the 10-year Treasury note rate and 4.6 percentage points are added to PLUS loans for graduate and professional students. By itself- when interest rates are low- this is not too bad.

Unfortunately, the new law combines this market rate with different – and much higher – interest rate caps. Undergraduates can now pay a maximum interest rate of 8.25 percent – compared with the previous maximums of 6.8 and 3.4 percent for unsubsidized and subsidized direct loans. When interest rates go up, which they likely will in the near future, students will pay much higher rates.

Click here to read more on the new student loan act and who it is actually benefiting.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.