Archive for: ‘August 2015’

After Months of Decline, Florida Foreclosures Spike

August 25, 2015 Posted by kingcade

A decline in U.S. home prices accelerated nationwide last month, according to the S&P/Case-Shiller home price index. This is the steepest drop Florida has seen in 16 years. For nearly a year, foreclosure rates in Florida have steadily decreased; however, July’s spike has changed that trend.

According to Miami CBS Local, Florida experienced a decline in foreclosures for the last 10 consecutive months. Realty Trac’s data showed that in July 2015, Florida foreclosures had increased by 16%. The report also revealed that for every 408 homes, one had a foreclosure filing. Realty Trac’s Spokesperson, Ginny Walker termed the sudden increase as a “one month anomaly.” Walker also stated that there may be more Florida foreclosures as the Supreme Court finalizes its ruling on whether the state will have a statute of limitations for foreclosures.

Florida’s southern region has the state’s third highest foreclosure rate, according to the report. This region has also shown an increase in the number of filings when compared with other areas of the state. In the tri-county area alone, 7,285 foreclosure filings are already in progress. This is a 31% increase from June and a 24% increase from July. The report also includes property repossession and notices of auction.

Florida is not alone. Nationwide, foreclosure rates have increased. Some believe this is due to the sudden increase of bank repossessions since 2013.

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.

Source:

http://www.realtytoday.com/articles/29226/20150824/foreclosure-start-spike-florida-months-decline.htm

http://www.wptv.com/news/state/foreclosures-spike-in-florida-after-months-of-decline

Questions You Should Ask Your Bankruptcy Attorney

August 23, 2015 Posted by kingcade

If you are considering filing for bankruptcy, you will likely have a lot of questions for your attorney. Factors such as fees, the type of bankruptcy to file, the time frame, etc. should all be explained to you. It is important that you understand the bankruptcy process and that you ask the right questions before selecting your bankruptcy attorney.

Below is a list of important questions you should ask your bankruptcy attorney at your initial consultation:

Should I file for bankruptcy?

Bankruptcy is not for everyone.   The first question you should ask your attorney is whether bankruptcy is the best option for you.  Your attorney should thoroughly explain to you how filing will affect your current situation, as well as steps to take moving forward.

Which type of bankruptcy should I file?

If bankruptcy is indeed the best option for you, your attorney will need to determine which type of bankruptcy to file. The two most common types are Chapter 7 bankruptcy and Chapter 13 bankruptcy.  One of the biggest differences between the two is that Chapter 7 works toward discharging all or most of your debt, while Chapter 13 works toward a manageable re-payment plan. Discussing your options with your attorney will help you better understand which option is right for you.

What will it cost to file for bankruptcy?

It is important to get an estimate as to how much it will cost you to file for bankruptcy. Ask your bankruptcy attorney to provide the cost for your case as a total, including all attorney fees, court fees and additional costs which may be incurred. Many bankruptcy attorneys offer manageable repayment plans for their clients.

How long will the bankruptcy process take?

Ask your attorney what the expected time frame will be for your bankruptcy case. You should find out important information such as when your case will be filed, details of the bankruptcy process, and when you can expect to receive a complete discharge of your debts.

Are there concerns that will affect my bankruptcy case?

Full disclosure with your bankruptcy attorney is crucial to making sure your case is handled properly. If you had instances in the past that may later come up as a “red flag” during your bankruptcy case, ask your attorney about them. These instances can include the possible “gifting” of an asset to a family member, making a large purchase far beyond your means or receiving an inheritance. These can all affect your bankruptcy eligibility and should be discussed with your attorney at your initial consultation.

For more information on how to best prepare for your initial consultation with a bankruptcy attorney, please visit: http://timothykingcade.com/?p=4234.

At Kingcade & Garcia the consultation is FREE and the relief is REAL!  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.

Source:

http://blogs.findlaw.com/law_and_life/2014/01/5-questions-to-ask-a-bankruptcy-lawyer.html

Divorce and Bankruptcy: Which Should I File First?

August 20, 2015 Posted by kingcade

For many people, divorce is the main reason they need to file for bankruptcy. While both predicaments can be challenging, proper planning can make the process less complicated and more cost effective. If you are not sure whether to file for bankruptcy or divorce first, there are several important factors to consider beforehand.

Bankruptcy and Divorce Costs

Bankruptcy filing fees remain the same, whether you file jointly or individually.  By filing a joint bankruptcy with your spouse prior to a divorce you can save on court fees and legal costs. Filing for bankruptcy before your divorce can also simplify debt issues, property division and divorce costs. It will also allow for financial support considerations, as this can affect how your bankruptcy will proceed.

Debt Allocation

Deciding which debts should be assigned to each spouse can become complicated in a divorce. While a bankruptcy may discharge a debt it does not discharge spousal obligations. If one spouse must pay a particular debt per the divorce decree, it does not alter the other spouse’s obligations toward that creditor. It may be in both spouses’ best interest to file bankruptcy and discharge combined debts prior to a divorce. Filing for bankruptcy jointly will allow for all debts to be addressed in one case.

Property Division

Eliminating debts by filing for bankruptcy jointly will simplify the property division process in a divorce.  If you own multiple properties, it may be a better idea to file a joint bankruptcy for more exemptions. However, bankruptcy proceedings will take precedence over divorce proceedings. Filing for bankruptcy during an ongoing divorce will enact the automatic stay, which will place a hold on the property division process until the bankruptcy is complete. A qualified and experienced bankruptcy attorney can discuss these options with you.

Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy

Chapter 7 bankruptcy is a liquidation bankruptcy designed to eliminate your unsecured debts- like credit card debt and medical bills.  In a Chapter 7 bankruptcy, discharges typically take place after only a few months.  This allows the bankruptcy to be completed quickly before a divorce.

It is important to note that you must qualify for Chapter 7 bankruptcy protection, based on your income. It may be necessary to wait until each spouse has a separate household after the divorce, before filing for Chapter 7 bankruptcy.  On the other hand, Chapter 13 bankruptcy may last three to five years because a portion or all of the outstanding debts will need to be repaid through a structured repayment plan.  Those filing Chapter 13 may want to do so individually, after the divorce because of how long the Chapter 13 bankruptcy process can take.

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.

Sources:

http://www.nolo.com/legal-encyclopedia/divorce-bankruptcy-which-comes-first.html

http://www.alllaw.com/articles/nolo/bankruptcy/bankruptcy-and-divorce-which-comes-first.html

Top Five Reasons People Go Bankrupt

August 19, 2015 Posted by kingcade

Over the last few decades, America has seen a significant increase in the number of consumers struggling with debt. Many Americans are turning to bankruptcy to achieve a fresh start with their finances.  Below is a list of the top five causes of bankruptcy in America today.

1. Medical Expenses.

An unexpected illness or injury can easily turn into hundreds of thousands of dollars in medical bills. Medical debt can quickly drain savings accounts, retirement or college education funds, even home equity.

According to a Harvard University study, the leading cause of bankruptcy is medical debt. It represents 62% of all personal bankruptcies. The study also showed that 78% of filers carried some form of health insurance, which debunks the myth that medical debt only burdens the uninsured.

2. Job Loss.

A layoff or job termination can cause a loss of income that can be financially devastating. For many Americans, they may experience a job loss without the cushion of savings or a severance package, which leaves little room for security.

3. Poor Use of Credit.

Credit card debt can easily spiral out of control, where even making the minimum payment becomes a challenge. Statistics show that many debt consolidation plans fail, only delaying an inevitable bankruptcy filing.  Utilizing home-equity loans or other loans to solve immediate financial problems can be risky and result in more debt and even foreclosure.

4. Divorce/ Separation.

These life changes are not only emotionally draining but also financially draining. Dividing marital assets, the loss of two incomes, paying child support, alimony, and legal fees often force many Americans into bankruptcy.

5. Unexpected Expenses.

Loss of property due to theft, an unexpected casualty, or a natural disaster can result in tremendous financial distress. Many homeowners may be unaware that additional coverage might be necessary to protect their home and valuables from natural disasters like a hurricane, flood or tornado.

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.

Source:

http://www.investopedia.com/financial-edge/0310/top-5-reasons-people-go-bankrupt.aspx

Celebrity Bankruptcies a Valuable Lesson for Kids

August 18, 2015 Posted by kingcade

Celebrity bankruptcies like NFL quarterback Michael Vick, hip-hop musician 50 Cent, and award-winning actor Nicolas Cage among others, have been widely reported by the news media.

Having once been one of the nation’s wealthiest hip-hop artists, 50 Cent wound up millions of dollars in debt, reducing his net worth from $150 million to $0. While this story is unfortunate, he’s not alone.  His story stands as a cautionary tale for many. Whether you are a celebrity or just the ‘average Joe,’ one rule should always be followed: Never spend beyond your means.

Bankruptcy statistics among celebrities show how quickly sudden wealth can disappear after poor financial decisions. One of the most important tips for young adults to remember is to be an active participant in the management of their money. Whether it is through a savings account or stocks, it is important to clearly understand what you are investing in. Even those who hire a financial adviser should monitor financial activities and stay involved when making investment choices.

Parents can play an important role in helping their children develop smart spending habits and money management. There are numerous daily opportunities that involve money management. Take advantage of including your child in these money matters so they can learn about it first hand.

Here are some ways to engage your child in money management and encourage smart spending habits:

  • Allow them to help with coupons and price comparisons;
  • Explain TV advertisements and messages that encourage spending;
  • Discuss how currency impacts society;
  • Give them an earned allowance;
  • Start a savings account for your child;
  • Explain balancing spending and saving;
  • Remind them that money cannot buy happiness.

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.

Source:

http://www.postbulletin.com/business/kids-can-learn-lessons-when-celebrities-go-bankrupt/article_b347c0a2-bfdc-5489-896c-c962344977d6.html