Archive for: ‘February 2014’

Hospital Bankruptcies the Result of a Downward Trend

February 28, 2014 Posted by kingcade

A recent study by the Department of Health Services Administration at the University of Alabama, reveals that it is not simply a “bad year” but a downward trend over time, decreasing volumes, reimbursement changes and deteriorating physician relationships that results in a hospital filing for bankruptcy.

While 67 percent of hospitals that filed for bankruptcy eventually closed, one-third completed a re-organization. The study examined a six-year period from 2000 to 2006, during which 42 hospitals across the nation filed for bankruptcy. Data was compiled from the American Hospital Association and trade publications to get detailed information on these organizations.

The study revealed that filing hospitals tend to be smaller and many factors were involved, including: poor financial management, changes in pay, reimbursement reductions, overzealous construction, purchasing of physician practices, decrease in volume and demographic shifts.

Many organizations often overlook the signs and wait until they are in a very poor financial condition before filing. If the hospital starts pursuing strategies to change earlier, they have a better chance at restructuring afterward. Hospitals need to look at the issue from a positive perspective. First, bankruptcy can be a good way for hospitals to get debt relief and be purchased by a system or other hospital. It also gives time to pause and think about how they will move forward in the future.


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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.

Proposed ordinance in Coral Gables requires banks to maintain foreclosed homes

February 26, 2014 Posted by kingcade

City commissioners tentatively approved an ordinance Tuesday that will require banks to maintain foreclosed homes in Coral Gables. This new ordinance will increase the annual cost of keeping a property on the city’s registry of abandoned homes, allow police to issue trespassing warnings on those properties and allow the city attorney and city manager to take legal action against lenders.

The move is in an effort to keep banks focused on dealing with the amount of abandoned properties and get them back on the market quickly so property values do not suffer. The registration fee is increasing from $200 to $600 annually. This will cover the city’s “additional costs in monitoring the property,” according to the ordinance. This registration will also give police the ability to issue trespassing warnings to squatters. At present time, 94 homes in Coral Gables are listed as bank-owned, according to RealtyTrac.

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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.

4 Tax Changes you Should Know about in 2014

February 24, 2014 Posted by kingcade

As many of us are sorting through tax documents for the 2013 filing season, there are some important changes coming up in 2014 that will affect the way you plan your finances and budget for the coming year.

1. Additional 2013 taxes for high earners. Tax year 2013 marked the start of two new taxes for high earners: a 0.9% Medicare tax and a 3.8% tax on unearned/investment income. If you are subject to these, be prepared to pay them by April 15, 2014. Good planning throughout the year can go a long way.

2. Joint returns for same-sex couples. Since the recent Supreme Court ruling DOMA, married same-sex couples can now file joint federal returns. It is also possible to amend past returns (from up to three years) to reflect the filing status.

3. Tax breaks expiring at the end of 2013. If you have relied on certain tax breaks the last few years, you may be disappointed to find out that some are expiring at the end of 2013.

These include:

• Credits for certain energy-efficient home improvements
• Deduction for university tuition and fees
• Deductions for teachers who purchased classroom supplies out of their own pockets
• Deduction for PMI payments

4. Changes from the debt-ceiling battle. Tax changes are inevitable if there is another debt-ceiling battle. If there is another government shutdown, delays could be seen during the tax filing season. The best advice is to get your tax return prepared as early as possible so you are not trying to figure out what to do when delays become a problem.


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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.

Mel Gibson’s Ex Files for Bankruptcy

February 21, 2014 Posted by kingcade

Oksana Grigorieva, Mel Gibson’s ex has filed for bankruptcy over her legal debts just years after turning down a $15 million custody settlement. The legal debts are said to be in the range of $250,000. In legal documents obtained by TMZ, Oksana has just $10 in cash to her name. The musician, who is the mother to Mel’s four-year-old daughter Lucia, has $48,000 in assets and $438,000 in debts.

During her custody battle with Mel, Oksana used more than 40 lawyers. At the end of it all, Mel was ordered to pay $750,000 to Grigorieva, which he is paying in installments. According to legal documents, she is receiving $20,000 a month in child support for Lucia, while Timothy Dalton pays her $2,500 for their son Alexander.

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.

More Americans Facing Retirement with Debt

February 18, 2014 Posted by kingcade

According to a recent study, the majority of people who contribute to retirement plans, such as 401(k)s, have accumulated more debt than retirement savings in recent years. More troubling is the fact that those approaching retirement- between 50 and 65 years old- had a monthly debt obligation in 2010 equivalent to 22% of their earnings, up 69% from 1992, according to the analysis.

A study by the Center for Retirement Research at Boston College found that the proportion of people in their 60s with debt increased from just under half in 1998 to nearly two-thirds in 2010. Debt as a percentage of assets nearly doubled, from 10% to 18% over that time frame.

Mortgages account for the largest portion of that debt. Older Americans are not only more likely to have mortgages than in previous years; they are also taking longer to pay them off. Some owners enjoy low enough mortgage rates and large enough investment assets to feel comfortable taking out a home equity line of credit to pay for emergency expenses. But in some cases, this is not a good idea. Many financial institutions are encouraging homeowners to look at their houses as a cash machines, with low interest rates. A lot of baby boomers have done this and are now stuck with higher mortgages. To keep debt from derailing your retirement plans, it is important to meet with an experienced financial advisor to manage your post-retirement cash flow.

The typical worker – between 50 and 65 years old- has saved enough for just two years of working income, even though the median post-retirement life span is about 17 years. Balancing debt and saving for retirement starts with carefully measuring what your income and your expenses will be. Many people facing retirement will be on a fixed-income. It is important to make sure that the income streams have the ability to pay your debt.

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.