Bankruptcy Law, Credit, Timothy Kingcade Posts

Black Friday is FINALLY here! But how does this relate to Bankruptcy?

Three words, credit card use. Many people choose to put their Black Friday purchases on credit cards. What consumers should know is how these purchases can affect you if you end up needing to file for bankruptcy in the near future.

1.) Luxury goods exceeding $600. If you purchase luxury goods or services exceeding $600 in the 90 days prior to your bankruptcy filing, there is a possibility that these debts will not be dischargeable in your bankruptcy. In fact, credit card companies can object to those specific charges. Luxury items include expensive electronics, such as flat screen TV’s, laptops, tablets, etc. Expensive jewelry, furniture and designer clothes would also fall into this category. Groceries along with other necessities like paying bills and gasoline would be considered dischargeable debts if purchased on credit cards.

2.) Cash Advances exceeding $925. Any cash advances you take within 70 days prior to your bankruptcy filing and totaling more than $925 are presumed to be non-dischargeable. If you take out a large cash advance to pay for your Black Friday expenditures, you better plan on paying it back, or adjusting your bankruptcy filing date.

Click here to read more on credit card use and cash advances prior to filing 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.

Foreclosures, Timothy Kingcade Posts

A Heartwarming Thanksgiving Story- 1,000 Homes Saved from Foreclosure

1,000 homes have been saved from foreclosure thanks to Affordable Housing Resources, a Nashville-based non-profit. Dorothy Fisher was all smiles this week following a difficult year and a half. She worked as an administrative assistant at Meharry Medical College for 20 years, until the school let her go last summer. After losing her job, she exhausted what little savings she had trying to keep up with her mortgage payments.

At the end of her rope, Fisher reached out to Affordable Housing Resources, a non-profit that helped her fight off foreclosure and keep her home. Affordable Housing Resources announced Fisher was just one of 1,000 Tennessee homeowners the Nashville-based non-profit helped avoid foreclosure.

Fisher is still working to get back on her feet and says, “Being able to keep her home makes the light at the end of the tunnel shine a little brighter.” This year, she will be able to have her family over for Thanksgiving. “Without Affordable Housing, we wouldn’t have a Thanksgiving dinner and I wouldn’t have my granddaughter and my grandson over to enjoy that festivity.”

Click here to read more on this story.

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 Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Tips to keep your Holiday Spending in Check this year

With the holidays upon us, below are some simple tips to avoid overspending this year.

1.) Set a budget you cannot exceed. Instead of using debit or credit cards to make your purchases this year, rely on cash only to buy gifts. Once the green is gone, you’re done! If you are not comfortable carrying cash, put the allotted money on a pre-paid card, such as the American Express Prepaid card, which charges no purchase, activation or maintenance fees.

2.) Surf the web smart. A recent study done by the California Institute of Technology revealed that customers are willing to pay about 50% more for products in stores than online. Dealnews.com is a great website that shows the day’s best prices on specific types of items.

3.) Give more gift cards. With gift cards you spend exactly the amount you intend. Sites such as GiftCardGranny.com and PlasticJungle.com sell gift cards from popular retailers at a discount.

4.) Reorganize your list. If you feel overwhelmed because you have to buy presents for every niece, cousin and uncle. Consider setting up a gift exchange, so that each person buys one gift with a set dollar amount. At the website Elfster.com you can invite others to a “Secret Santa” exchange. This site will then make gift assignments at random.

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The holidays can be a stressful time, particularly financially. The financial obligations that accompany the holiday season can result in people spending more money than they could afford. 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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Credit Card Delinquencies on the Rise

According to TransUnion, more Americans fell behind on their credit card payments in the third quarter. The rate of credit card payments at least 90 days overdue rose in the July-September quarter to 1.36% from the previous three-month period, when it was 1.27% — the lowest level on records going back to 2007.

That is expected to happen again in the current quarter, as many consumers are hitting the stores for the holiday season and then delay payments on their credit cards until early 2014. TransUnion projects the credit card delinquency rate will increase to around 1.48% in the fourth quarter.

Since 2007, the late-payment rate on credit cards has averaged about 2.2%. In the third quarter, credit card debt per borrower fell 1.3% versus the same quarter last year to $5,235. It was essentially flat compared to the previous quarter, TransUnion said. This can be attributed to slow and steady job growth and small wage gains, which have made Americans more reluctant to charge goods and services.

According to the Federal Reserve, Americans cut back on using their credit cards in September for the fourth straight month. Consumers increased their borrowing by $13.7 billion to $3.05 trillion, but the increase was driven entirely by higher borrowing for auto and student loans, which increased $15.8 billion. Credit card debt fell $2.1 billion.

The string of declines in credit card debt will likely hold back consumer spending, which accounts for 70% of economic activity.

Click here to read more on this story.

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Big Decision on Detroit Bankruptcy Coming December 3, 2013

A judge will announce December 3, 2013 whether Detroit is eligible to fix its finances through bankruptcy. This is considered the most important decision since the largest public filing in U.S. history last summer. Judge Steven Rhodes issued a brief order on Monday saying that he will rule from the bench on December 3rd and issue a written opinion later. Rhodes presided over a nine-day trial that ended November 8.

Unions and pensions funds claim Detroit is not eligible to file for bankruptcy because it failed to hold good-faith negotiations prior to the filing in July. The city claims that it did enough. A bankruptcy decision will mean the case would turn to how Detroit can fix $18 billion in debt.

The city’s emergency manager, Kevyn Orr, has warned of chaos if Detroit is not permitted to file bankruptcy. Creditors who were owed money at the time of filing could sue for payment and the long-term debt will continue to accumulate.

Click here to read more on this story.

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.

Bankruptcy Law, Timothy Kingcade Posts

Aaron Carter Files Chapter 7 Bankruptcy

Aaron Carter, younger brother of Backstreet Boys singer Nick Carter has recently filed for Chapter 7 bankruptcy. According to TMZ, he filed for Chapter 7 protection last month with assets of a little more than $8,000 and debts of more than $2.2 million, 1.37 million of that is money owed to the IRS for income taxes ranging from 2003 to 2006. Court documents also show he owes more than $31,000 to American Express and $9,000 for a tour bus.

He lists his assets as laptops, furs, jewelry and a dog (which is reportedly worth nothing). A representative for Carter states that the bankruptcy is a “positive thing.” “It’s him doing what he needs to do to move forward.”

Click here to read more on this story.

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.

Foreclosures, Timothy Kingcade Posts

Florida Home Values go Up as Foreclosures Loom

October’s single-family home sales for Brevard showed an increase of 9.3 percent over the year, to 727 sales, according to Florida Realtors. Median sales price- the point at which half the homes sell for less, half for more – in Brevard rose 3.4 percent in October, to $120,000, from a year ago. According to one realtor in Brevard County, most of her sellers are getting the full asking price or slightly more.

The positive sales numbers for October are the likely result of banks and lenders stepping up foreclosure activities against Brevard and Florida property owners who have been delinquent in payments. According to RealtyTrac, Florida continues to lead the nation in the number of homes threatened with foreclosure. In Brevard, RealtyTrac reports there were 10,184 properties in the foreclosure process, a nearly 22 percent increase from a year ago. That’s the highest the figure has been since at least 2009.

Housing experts say a key reason for the increase in local foreclosure activity is because banks and lenders are trying to free up properties to make them available to buyers, both investors and those who plan to live in a home.

Daren Blomquist, the Vice President of RealtyTrac, says “the banks realize they can get more money out of a property through a foreclosure than a short-sell and often prefer foreclosures because they can get paid in cash as opposed to depending on a traditional home loan.”

Click here to read more on this story.

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 Kingcade & Garcia website at www.miamibankruptcy.com.

Florida Bar, Foreclosures, Timothy Kingcade Posts

Big Time Florida Foreclosure Lawyer Accepts Disbarment

Florida lawyer, David J. Stern, whose law firm handled tens of thousands of foreclosure cases during the height of the financial crisis is ending his fight to hold on to his law license. The disbarment will mark the most significant punishment for the attorney’s role in falsifying documents through fake signatures and backdating records and not giving homeowners proper notice that they faced foreclosure.

In late January, the Florida Bar found probable cause for 17 counts against Stern. The alleged violations included misconduct and failure to supervise non-lawyers properly. Stern’s attorney initially said that his client had done nothing unethical and questioned if the Bar could prove his client did anything to merit punishment.

But recently, Stern’s lawyer, Jeffrey Tew, filed a one page document with the Florida Supreme Court stating that his client has decided to end his fight against recommendations that he be disbarred. A referee has also recommended that Stern pay nearly $50,000 in costs to the Florida Bar, claiming that Stern’s actions had “created chaos” in the courts.

The October report included testimony from six judges complaining about Stern and his firm’s lawyers. Judge Nancy Perez contended that Stern’s failure to exercise care was not “isolated, but rather a representation of the culture of the firm, as to the low level of competence and ethics.”


Click here to read more on the story.

Foreclosures, Timothy Kingcade Posts

JP Morgan Chase & Co., Govt. Near $13 Billion Settlement

The Justice Department and JPMorgan Chase & Co. have finally reached an agreement involving the $13 billion settlement of a civil inquiry into the company’s sales of low-quality mortgage backed securities that collapsed in value during the financial crisis. The settlement is the largest ever reached between the government and a corporation- surpassing the $4 billion BP oil spill settlement.

The agreement will require JPMorgan Chase & Co. to pay $6 billion to compensate investors, pay $4 billion to help struggling homeowners and pay the remainder as a fine.

So how is this going to help struggling homeowners hit hard by the housing crisis? Well, according to the first person close to the talks, some $1.5 billion will be a write-down forgiving homeowner loans, $300 million will enable homeowners to pay less now on their mortgages and the remainder of the $4 billion will go toward reducing existing loans, originating new loans and helping revive properties in some of the hardest hit areas of the housing crisis, such as Detroit.

Still to come is a decision as to whether the Justice Department will file criminal charges against JPMorgan Chase & Co. An investigation in currently under way.

Click here to read more on this story.

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 Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Foreclosures

U.S. Consumer Debt on the Rise- Highest Since Early 2008

According to data from the Federal Reserve Bank of New York, U.S. household debt increased in the latest quarter by the most it had in more than five years and student loans in delinquency hit a record high. Total consumer debt rose to $11.28 trillion, which marked the biggest quarterly jump since 2008. The increase in the third quarter suggests that the cycle may be nearing its end.
There is has been an increase of household debt essentially across all spectrums. Americans have recently put more on credit cards, borrowed more money to buy houses and cars and took out more student loan debt.

The continued rise in student debt continues to be a cause for concern. Outstanding balances increased $33 billion to $1.03 trillion in the third quarter. A record 11.8 percent of loans were behind by 90 days or more, the New York Fed said, up from 10.9 percent in the second quarter. Student loan debt can unfortunately not be discharged under current bankruptcy law. Economists worry that in the coming years delinquencies could lock people out of economic participation.

Foreclosures which continue to decline, hit their lowest levels since the end of 2005.

Click here to read more on this story.

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.