Tag: Chapter 13 bankruptcy attorney

Credit Card Debt

Credit Card Debt Tops $1 Trillion

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Total credit card debt reached $1.03 trillion in the second quarter of 2023, according to the Federal Reserve Bank of New York.  That’s a 5% increase, or about $45 billion in consumer credit card debt. With student loan payments resuming in the fall, this can present challenges for borrowers going forward.

Not only are credit card balances higher, but more cardholders are also carrying debt from month-to-month, according to a separate Bankrate report, adding to the financial stress. Another rate hike by the Federal Reserve, which occurred last month, made the average credit card rate over 20%.

Foreclosure Defense, Foreclosures

Florida Second in the Nation for Evictions and Foreclosure Moves

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As the number of evictions and foreclosures have increased across the country, these types of legal actions have increased more in Florida. As a result, Florida now has the second highest rate in the country when it comes to evictions and foreclosures.

According to figures from ATTOM, American consumers are facing a significant increase in both evictions and foreclosures. They reported that a total of 324,237 foreclosures were in the court system in the U.S last year.

In 2022, a total of 204,000 American consumers reported that they were facing eviction or foreclosure in the U.S. During this year, the rate of evictions and foreclosures increased by 56 percent (56%).

Consumer Debt, Credit Score

Millions of Debt Collections Disappear from American Consumers’ Credit Reports

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Millions of debt collections disappeared from American consumers’ credit reports during the COVID-19 pandemic, according to reports from the Consumer Financial Protection Bureau (CFPB). Even though a large number of collections cases dropped off credit reports, overdue medical debt still remains a major consumer problem.

According to the CFPB, the total number of debt collection cases on consumer credit reports went from 261 million in 2018 to 175 million in 2022, dropping 33 percent (33%). Additionally, the number of consumers who had a debt collection on their credit report decreased by 20 percent (20%) between 2018 and 2022.

Bankruptcy Law, Consumer Bankruptcy

What Documents do you need to File Bankruptcy in Florida?

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At the start of a bankruptcy case, the filer is asked to fill out certain documents, including disclosures regarding the person’s financial affairs. This disclosure includes the person’s income, expenses, assets, debts, and any property transfers.

The filer will also need to provide supporting documentation, and the documents required are essentially the same for both Chapter 7 and Chapter 13 cases, with slightly different variations. It is often helpful to check with the bankruptcy trustee to ensure that all required documentation is submitted. Some trustees require more proof than others, and many times, this evidence will also be determined by the facts of the individual’s case.

Bankruptcy Law, Consumer Bankruptcy

How the Homestead Exemption Works in Bankruptcy

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When filing for bankruptcy many clients worry about losing everything they own, including the roof over their heads. However, the U.S. Bankruptcy Code provides bankruptcy exemptions, which allow the filer to protect certain property from being sold off during the course of bankruptcy. The State of Florida offers some of the most generous exemptions in the country for bankruptcy filers, including the homestead exemption.

The homestead exemption allows the filer to protect the equity he or she has in the home in which the filer resides. Florida bankruptcy law allows the filer to claim an exemption on his or her homestead for the full amount of the home, allowing him or her to keep the property during the bankruptcy. The key is, however, the homeowner must have bought and owned the property for at least 1,215 days prior to the bankruptcy filing.

Lawyers in the News, Legal Awards

KINGCADE GARCIA MCMAKEN RANKED #1 ON KEV’S BEST LIST OF “5 BEST BANKRUPTCY ATTORNEYS IN MIAMI”

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MIAMI – (May 24, 2022) The Miami-based bankruptcy law firm of Kingcade Garcia McMaken  has earned the esteemed designation of being named to the Kev’s Best “5 Best Bankruptcy Attorneys in Miami.”

“It is an honor to have received this award,” said Timothy S. Kingcade, Managing Partner of Kingcade Garcia McMaken. “Being recognized for the quality of our work reinforces the commitment we make each and every day to our clients.”

Consumer Debt, Credit Card Debt

Consumer Debt Reaches a Record-Breaking $15.6 Trillion

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Consumer debt hit an all-time high at the end of 2021, reaching a total of $15.6 trillion. According to figures from the Federal Reserve New York district, this figure represents a year-over-year increase of $333 billion during the fourth quarter of 2021, as well as a $1 trillion increase for the entire year.

This quarterly consumer debt increase is the largest one seen since 2007. Looking at it from an annual perspective, this increase is the largest one since 2003.

Bankruptcy Trends

Latest Bankruptcy Filings Mixed

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August and September 2021 bankruptcy filings have been mixed. While certain types of bankruptcy cases have increased, others have gone down, according to data from Epiq’s AACER bankruptcy information services.

According to Epiq, overall bankruptcy filings for all chapters have declined by four percent, with 32,263 new filings made in August 2021 to 30,907 new filings reported in September 2021. Additionally, individual Chapter 7 filings decreased by nine percent between August and September.

Bankruptcy Law

Which Type of Bankruptcy Should I File to Keep My Home?

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One of the biggest fears people have when filing for bankruptcy is losing their home, car, and other important assets. However, with Florida bankruptcy exemptions and depending on the type of bankruptcy being filed, it is possible for consumers to keep their home and other property. It ultimately depends on the filer’s financial circumstances.  

Protecting Home Equity  

How much equity the filer has in his or her home plays a big part in whether he or she can keep it.  Equity plays an important part in both Chapter 7 and Chapter 13 bankruptcies. The equity a person has in his or her home is protected through the state’s homestead exemption, and fortunately for Florida filers, the state’s homestead exemption is quite generous.  

Bankruptcy Law

Miami Bankruptcy Attorney Timothy S. Kingcade Obtains Order Allowing Protections for Chapter 13 Bankruptcy Client

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Bankruptcy Attorney Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken obtained an Order for his client in a Chapter 13 case (Case No. 20-10135-RAM), limiting the scope of permissible relief in a pending criminal contempt case. The Motion for Contempt seeks relief against Jeffrey Charlow and counsel, for proceeding with a criminal case pending against Kingcade’s client in Broward County, Florida.

The Criminal Contempt Case was initiated by an order entered by Judge Robert W. Lee in a civil case also pending against the client. The court determined continuation of the Criminal Contempt case was not a violation of the automatic stay, but imposed two important limitations protecting our client:  Judge Lee may not sentence our client to jail with an Order that expels the sentence if a fine is paid and payment will necessarily come from the property of the estate.