Archive for: ‘April 2015’

New Policy makes Medical Debt a Little Less Scary

April 23, 2015 Posted by kingcade

New York Attorney General Eric Schneiderman has reached an agreement with the three major credit bureaus that will help eliminate stress for consumers burdened by medical debt. The new policy will wait 180 days before adding delinquent medical bills to consumers’ credit reports. This means consumers will have a grace period to navigate through the tangled web of payments and reimbursements. Consumers often endure months of stress, going back and forth with insurance companies and doctors, to determine how much they actually owe.

The Consumer Protection Financial Bureau published a report in December 2014 that revealed many consumers who were behind on paying medical bills showed no other signs of financial distress. The report also revealed that 22% of those consumers have only medical bills showing up as unpaid on their credit reports.

According to the CPFB many of those consumers were unaware of their outstanding medical bills.  In some cases, this outstanding debt has been a barrier for consumers applying for a mortgage or even getting a new job.

Although positive changes are being made to assist those with medical debt, consumers still face many problems involving substantial medical debt, including:

  1. Determining exactly what they owe and to whom they owe it to. Consumers can often accrue multiple bills from a single hospital visit;
  2. The size of medical bills in comparison to their income and other expenses;
  3. Medical debt is often unforeseen and therefore many consumers have little savings to deal with the financial impact of such 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

Miami Bankruptcy Attorney Timothy S. Kingcade Receives the AVVO Clients’ Choice Award 2015

April 22, 2015 Posted by kingcade

Managing Shareholder, Timothy S. Kingcade of the Miami-based law firm of Kingcade & Garcia, P.A. was recently honored with the 2015 AVVO Clients’ Choice Award.  In order to achieve this honor, an attorney must have received five or more exceptional client reviews within the last year.

One of attorney Kingcade’s reviews on AVVO had this to say, “It’s never easy for a hard working, honest person to file for bankruptcy. But after years of struggling with a workplace injury, decreased earnings, and a dishonest bank, it was time to make a quality decision. I am so grateful that we chose the Law Firm of Kingcade & Garcia!  From the very first interview, it was clear; Mr. Kingcade was no ordinary attorney.  There is no question Mr. Kingcade is a brilliant legal intellect, but what is most striking is the sincere passion he has for his work.  Fighting for families in financial straits is not just a career, but a calling for him. He truly understands the negative impact financial hardships have on couples and families. His confidence, transparency and availability, afforded us peace-of-mind we hadn’t had in a long time! Excellence is not just concentrated behind Mr. Kingcade’s desk. It permeates the entire office. As a result, our bankruptcy was completed according to plan and ahead of schedule!”

Timothy S. Kingcade founded the law firm of Kingcade & Garcia, P.A., in 1996. Today, he and his firm handle more than one thousand bankruptcy filings each year. As Managing Shareholder of Kingcade & Garcia, P.A., Timothy and his firm represent clients throughout the State of Florida in Chapter 7 bankruptcy, foreclosure defense, personal injury and PIP claims. To compliment Attorney Kingcade’s extensive legal experience, he is also a certified public accountant (CPA), which provides him with a unique understanding of how to handle tax-motivated bankruptcy cases against the IRS.

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Miami-based Kingcade & Garcia, P.A. was established by managing partner and attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy, foreclosure defense, personal injury and PIP claims. The firm is committed to providing personalized service to each and every client. The office environment and the service provided are centered on a culture of superior client care. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

30-Year Mortgage Interest Rates Rise to 3.67 Percent

April 21, 2015 Posted by kingcade

After months of historically low interest rates, Freddie Mac released that the average 30-year mortgage rates rose slightly last week to 3.67 percent, up from 3.66 percent. The average 15-year mortgage rate rose from 2.93 percent to 2.94 percent. This time last year, the average 30-year mortgage rate was 4.27 percent and the 15-year rate was 3.33 percent.

The record low rate was in November and December of 2012, when the average 30-year rate reached 3.35 percent and the 15-year rate dropped to 2.66 percent. Rates remained low through the first quarter even though the Federal Reserve ended its monthly bond purchases last October, designed to maintain long-term rates. The Federal Reserve recently released that short-term rates will not rise any time soon after more than six years at zero.

Recent hiring gains have failed to create a stronger housing market. Home construction is down 2.5 percent from March 2014, according to the Commerce Department. Although the economy has experienced steady job growth, low mortgage rates and cheaper gas, the real estate market has yet to experience a significant boost.

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.

The WRONG Reasons to File Bankruptcy

April 20, 2015 Posted by kingcade

Although you may be receiving unwanted collections calls and falling behind on some bills, bankruptcy may not be the best option for you. There are certain types of debt which bankruptcy cannot erase. For example, back child support, alimony obligations, student loans and certain tax debts are non-dischargeable in bankruptcy.

Below are four reasons you should NOT file for bankruptcy:

1. You cannot make small payments on unsecured debt. Unsecured debt consists of most credit card debt and medical bills. In other words, it is debt that the lender has allowed you to run up without asking for a collateral in return. If you default on unsecured debt, the lender has nothing to repossess. Most consumers think that failing to make these payments will result in wage garnishment or other significant consequences.   However, most lenders cannot take action unless they sue you. This can oftentimes be a lengthy process, providing you time to come up with the payments. If the amount you owe is small, the lender may write it off as uncollectable, rather than taking legal action. There are also options such as the negotiation of your interest rate or being placed on a realistic payment plan.

2. You want debt collectors to stop contacting you. The Fair Debt Collection Practices Act (FDCPA) requires debt collectors stop contacting you if you ask them. You must send the collection company a certified letter requesting this. After you have taken such action, it is against the law for the collection company to contact you, except to let you know they are either going to take legal action against you or stop their collection efforts.

3. Most of your debts are from recent income taxes, court judgments, child support payments or student loans. These are some of the debts that are oftentimes non-dischargeable in bankruptcy court. Filing for bankruptcy will not relieve you of these type debts.

4. You do not have any assets or income outside of Social Security, unemployment or welfare. Creditors cannot garnish your Social Security income, unemployment or welfare, even if they sue you. It is not necessary to file bankruptcy if you do not have an income that creditors can take or assets they can seize.

Click here to read more on the wrong reasons to file 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.

Find out the Jobs that Qualify You for Student Loan Forgiveness

April 17, 2015 Posted by kingcade

Student loan debt is the second largest source of debt in America, behind home mortgages. Last year’s graduates entered into the job market with an average of $33,000 in student loan debt, the largest average debt for college graduates to date, according to an analysis by Edvisors.

Students do have options, such as deferment and income-based repayment plans to assist on a short-term basis. Some students have even turned to refinancing their student loans. However, there are some jobs that make you eligible for true student loan forgiveness.

Last year the Consumer Financial Protection Bureau revealed that approximately 25 percent of the U.S. workforce employed by a public service employer may be eligible for student loan forgiveness.

Although there is no student loan forgiveness program for private student loans, the programs cover many different types of federal student loans. In addition, forgiveness programs vary depending on the type of federal loan.

The Department of Education has created a reference charge that provides all of the conditions that may lead to the cancellation or forgiveness of a federal student loan.

Teacher Forgiveness
One of the most common ways to qualify for student loan forgiveness is to work as a teacher in the public service sector or for a nonprofit organization. You must first work for five consecutive years in a designated elementary, secondary or educational service agency to be eligible for up to $5,000 of the total amount to be forgiven.

Up to 100 percent of a Perkins loan may be forgiven if you have served full-time in a public or nonprofit elementary or secondary school system serving low-income families. You may also qualify if you are a special education teacher for infants, toddlers, children or youth with disabilities. If you teach in the fields of mathematics, science, foreign languages, bilingual education or any other field determined by the state education agency to have a shortage of qualified teachers in your state, you may also be eligible for student loan forgiveness.

If you qualify, the following formulas may be applied:

• 15 percent canceled per year for the first and second years of service;
• 20 percent canceled for the third and fourth years of service;
• 30 percent canceled for the fifth year of service.

Public Service Employee Forgiveness
Direct Loans are the most common loan considered for forgiveness for public service employees. If you hold a Perkins or FFEL loan, you may need to consolidate your loans in the Direct Loans program to qualify. PLUS loans for parents and graduate students are part of the Direct Loans Program.

If you are employed with a federal, state or local government agency, entity or organization or a not-for-profit organization that has been designated as tax exempt by the IRS, you may qualify for this program.

You may also qualify if the following apply to you:

• You have made 120 on-time, full scheduled, monthly payments on your Direct Loans after October 1, 2007. If you have consolidated your Perkins or FFEL loans, the 120-payment cycle must begin after the loans are consolidated;
• You have made those 120 payments under a qualified repayment plan;
• While you have made each of those payments, you must be working full-time at a qualifying public-service organization.

Click here to read more on jobs that may qualify you for student loan forgiveness.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you 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 http://www.miamibankruptcy.com.