Archive for: ‘April 2015’

Nearly 16 Percent of Retired NFL Players Go Bankrupt

April 30, 2015 Posted by kingcade

A recent statistic from the National Bureau of Economic Research (NBER) revealed that 15.7 percent of NFL players have filed for bankruptcy 12 years after retirement.  For many of us it’s hard to believe how professional athletes, who earn so much money, could end up bankrupt.

The report entitled, “Bankruptcy Rates Among NFL Players with Short-Lived Income Spikes,” focused on the traditional model of “consumption smoothing.” An athlete’s income peaks almost immediately after school while they are still very young, the exact opposite of most Americans.  They retire young and in the vast majority of cases, never earn at the same levels.  Because of this model, it is difficult for them to save.  They are often taken advantage of financially and ill-equipped to manage the amounts of money they are earning at the time.

The data finds that bankruptcy filings begin “very soon after retirement” (but just 1.9% of retirees have filed after two years) and “continue at a substantial rate through at least the first 12 years of retirement.”   Surprisingly, the bankruptcy rates were not affected by a player’s career length.  Meaning: playing for longer did not make it any less likely a player would go bankrupt.

The report includes data on all players drafted to the NFL from 1996 to 2003.

Click here to read more on retired NFL players going bankrupt.

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.

 

Comparing Rates when Refinancing Could Save You $24k

April 29, 2015 Posted by kingcade

If you are considering refinancing your mortgage, you would be cheating yourself if you did not shop the mortgage lenders, first.  If you were car shopping, would you visit only one dealer?  If purchasing an airline ticket, would you make your selection from just one airline?

A new study by LendingTree revealed that homeowners who shopped around saved significant amounts of money. On average, those who compared at least two different mortgage lenders saved up to $11,000. Those who compared three lenders saved up to $16,000 over the life of the loan. Those who compared five different mortgage lenders had the potential to save up to $24,000 because of the difference in interest rates.

The study also revealed that there are available interest rates as low as 2.63 percent. Rates have recently reached historically low numbers, but they are steadily climbing.  Now is the perfect time to refinance and maximize your savings.

Click here to read more on how you can save thousands when refinancing.

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.

 

March Bankruptcy Filings Down 12 Percent

April 28, 2015 Posted by kingcade

Bankruptcy filings for the end of March 2015 were down 12 percent from the previous year, according to the Administrative Office of the U.S. Courts. Total bankruptcy filings as of March 31, 2015 from the past twelve months totaled 911,086 compared to the previous 12-month period, which totaled 1,038,280.

Of the 911,086 filings between March 2014 and March 2015, 884,956 were non-business bankruptcy filings. More than 300,000 of those were Chapter 13 proceedings, 26,130 were Chapter 7 proceedings, 7,053 were Chapter 11 and only 354 were Chapter 12.

Click here to read more on the decrease in bankruptcy filings.

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.

 

7 Signs You Should File Bankruptcy

April 27, 2015 Posted by kingcade

If you are experiencing extreme financial hardship, filing for bankruptcy can be one of the best decisions you make. Below are seven signs you should move forward with filing for bankruptcy.

  1. Putting everyday necessities on credit cards. If you are racking up credit cards with everyday necessities, like groceries and gas, it may be time to move forward with your bankruptcy filing. Oftentimes we see clients spending nearly their entire paycheck on debt repayment. This becomes a vicious cycle. You continue to accrue interest and finance charges on these cards, and eventually you will owe more than you can ever afford to pay off.
  2. Paying credit cards with credit cards. Another sign bankruptcy protection might be the answer for you is if you are making one credit card payment with another credit card. If you are regularly taking out cash advances to pay another cash advance loan, you are only postponing your debt repayment, not lessening it.
  3. Interest rates rising. If your lenders are increasing your interest rates due to missed payments, you may want to consider filing for bankruptcy. If you start missing payments, lenders, particularly credit card companies will raise your interest rate by as much as 30%! If your interest rate is that high, you are only paying interest each month and not the balance.
  4. Working multiple jobs. If you are working two or three jobs and still struggling financially, bankruptcy may be your best option. Oftentimes, an extra income is enough to reduce your debt. If you are still lagging behind on your bills while working multiple jobs, you may need to consider more drastic options.
  5. Being sued / facing wage garnishment. If your lenders are pursuing a court order to garnish your wages, you should consider filing for bankruptcy protection. If the lenders are successful, they will make an arrangement with your bank or your employer to take money directly from your paycheck. If this happens, it can lead to more financial problems.
  6. Debt affecting your work and personal life. If your financial stress is affecting your work and personal life, you may want to consider filing for bankruptcy. Your financial problems will become much worse if your performance suffers and you are fired. Filing for bankruptcy will give you a fresh start with your finances and eliminate the financial stress and pressure you have been under.
  7. Dipping into retirement accounts. If you are considering taking money from your retirement account to pay your current debt, bankruptcy is a better option. Keep in mind, most retirement accounts are protected in bankruptcy, therefore you should avoid pulling out any money before you file.

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.

Related Resources:

http://www.moneycrashers.com/when-reasons-why-file-bankruptcy/

Palm Beach Judge Withdraws Foreclosure “Speed Up” Rule

April 24, 2015 Posted by kingcade

Chief Palm Beach Circuit Judge Jeffrey Colbath withdrew his latest proposed rule aimed at speeding up foreclosure cases. This rule came after the Florida Supreme Court local rules advisory committee rejected the 2014 administrative order intended to sweep through the backlog of foreclosure cases. The rule is based on the idea that a docket of more than 20,000 foreclosure cases created a crisis and would deplete judicial resources.

If Judge Colbath’s rule had gone into effect, lenders and borrowers would have 60 days after motions are filed to respond. After that, judges would be allowed to make decisions based on the filings alone. Judges would have also had the discretion to waive the requirement where attorneys must make two phone calls to attempt to resolve issues. The proposed rule would require them to “make reasonable efforts to speak to one another.”

Judge Colbath’s withdrawal came just one day before Circuit Judge Richard Oftedal issued a standing order with the intent to accomplish the same thing.

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.