Archive for: ‘July 2017’

Student loan debt has grown 250% in the last 10 years

July 31, 2017 Posted by kingcade

Student loan debt has skyrocketed, as much as 250 percent across the U.S., according to a new report.  This puts total student loan debt at $1.4 trillion.  Between 2004 and 2014, the U.S. saw an almost 90 percent increase in the number of student loan borrowers, and a nearly 80 percent increase in average balance size.  The average amount of debt per borrower is now $26,700.  Value Penguin, the consumer spending site that published the report ranked the states where the average amount of student debt is the highest.

  1. New Hampshire

Number of graduates with debt: 76 percent
Average debt: $36,101

  1. Pennsylvania

Number of graduates with debt: 71 percent
Average debt: $34,798

  1. Connecticut

Number of graduates with debt: 64 percent
Average debt: $34,773

  1. Delaware

Number of graduates with debt: 65 percent
Average debt: $33,849

  1. Rhode Island

Number of graduates with debt: 64 percent
Average debt: $32,920

Click here to read more on this story.

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 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.

New Changes Coming to Student Loans

July 28, 2017 Posted by kingcade

Student loan debt now stands at a staggering $1.34 trillion in the U.S.  If you are not struggling with student loan debt, you probably know someone who is.  Student debt has surpassed auto loans and credit card debt.  But some big changes could be coming as to how the government handles them.

For one, the Education Department may consolidate the number of federal lenders.  Currently, there are nine.  This number could be reduced to just one. In the president’s submitted budget plan, the federal loan program would move from the Education Department to the Treasury Department.

Studies show students in 2016 graduated with an average of more than $37,000 in student loan debt, compared to ten years ago when it was just over $20,000.

Click here to read more on this story.

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 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.

New Payday Loan Regulations for Lenders

July 27, 2017 Posted by kingcade

Online lenders are now required to advertise on at least one price comparison website and display “prominently” a link on their own website to a price comparison site.  A cap on payday loan costs is also being enforced.  The Competition and Markets Authority (CMA), say the new rules are a win for consumers and will allow them to compare loans more easily and establish the best value. Borrowers will also be provided a clear explanation of the fees and charges, making it easier to determine the costs of missing payments.

We never advise clients’ resort to taking out payday loans, as this are an extremely costly way to borrow money.  We have identified alternatives to payday loans in another blog on this same topic.

Click here to read more about this story.

If you have any questions on this topic or are in a financial crisis and considering filing for 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.

South Florida Foreclosures Down 33 Percent

July 26, 2017 Posted by kingcade

The increase in home prices and a stable job market have caused foreclosures to decline across South Florida.  The first half of this year, 12,463 homes were in some stage of foreclosure, down 33 percent from a year ago and 56 percent from the same period in 2015, according to ATTOM Data Solutions.

Miami-Dade, Broward and Palm Beach will close out the year with a fraction of the total that occurred during the 2009 peek of the housing crisis, when there were 172,854 properties in the process of foreclosure.  Statewide, foreclosures are down 34 percent from a year ago and 56 percent from 2015.

South Florida is on pace to finish 2017 with a foreclosure rate of about 1 percent.  Numbers have not been that low in Miami-Dade, Broward and Palm Beach since 2006.

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.

 

Thousands of Student Loan Debts Could Be Wiped Out Due to Missing Paperwork

July 25, 2017 Posted by kingcade

Tens of thousands of borrowers will likely see their private student loan debt erased due to a technicality- missing paperwork and incomplete ownership records.  One of the largest owners of private student loans in the U.S., The National Collegiate Student Loan Trusts is at the center of a legal dispute involving at least $5 billion in student loans, the New York Times reports.

Judges have dismissed dozens of lawsuits filed by the lender against student borrowers due to the lack of documentation proving the loans are even owed.  The National Collegiate Student Loan Trusts, which includes 15 trusts that hold 800,000 private student loans, has brought tens of thousands of lawsuits in the past five years against borrowers who have fallen behind on their payments.  The trusts hold loans totaling $12 billion and more than $5 billion of those loans are in default.  The mix up occurred when the loans, which were originally made by banks, were sold to lenders and the ownership records were lost in the process.

Click here to read more on this story.

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 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.