Posts Tagged: ‘Chapter 7 Miami bankruptcy attorney’

Filing for Bankruptcy: Important Things You Need to Know

October 31, 2017 Posted by kingcade

For any individual or company contemplating filing for bankruptcy, the decision should not be taken lightly.  It is important to understand what to expect once you initiate the process.  Here are some important things you need to know before filing:

Types of bankruptcy.  Chapter 7 and Chapter 13 are the two basic options individuals have when filing for bankruptcy. There are key differences between the two and choosing the right one is critical for the success of your bankruptcy case. Chapter 7 bankruptcy is a liquidation form of bankruptcy that can discharge all or most of your debts. Chapter 13 bankruptcy is a form of reorganization that involves creating a payment plan to pay back creditors over a period of time. This process can take between three and five years. Businesses can file for Chapter 7 bankruptcy, but at the end of the process the business will cease to exist.  The most popular type of business bankruptcy is Chapter 11, which allows businesses to reorganize their debts and continue operating.

Bankruptcy is not free.  Some people are surprised to hear this.  As opposed to a straightforward Chapter 7 bankruptcy, the cost of filing Chapter 13 bankruptcy is typically more because it is stretched out over the course of several years.  You cannot go wrong scheduling an appointment with an experienced bankruptcy attorney to discuss the best path for your financial future.  Many offer FREE consultations and Saturday appointments to best assess your financial situation and provide guidance moving forward.

Bankruptcy does not eliminate all of your debts.  Bankruptcy will discharge your unsecured debts, such as medical bills, payday loans, outstanding utility bills, and credit card debt, but it will not eliminate the following:

  • Student loans
  • Alimony
  • Child support
  • Taxes
  • Real estate liens

You will also have to attend something called a meeting of creditors before completion of the bankruptcy process. Creditors have one final opportunity to dispute the discharge of any debts that you owe.

When in doubt, meet with a professional. How do you know if filing for bankruptcy is right for you?  It can be difficult to make this decision without consulting with an experienced bankruptcy attorney, first.  Receiving this professional guidance can help ensure you will take the right financial steps, complete all of the proper forms and avoid doing anything that could disqualify you from getting your debts discharged.

If you have any questions on this topic or are in 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Related Resources:

https://www.forbes.com/sites/larrymyler/2017/10/03/filing-for-bankruptcy-3-most-important-things-you-need-to-know/#81d8d257fe66

Credit Stress? Here are 5 Ways to Negotiate with Your Credit Card Company

October 27, 2017 Posted by kingcade

Opening up a credit card statement each month can be a daunting task. However, negotiating the terms of your debt with your credit card company is not as hard as you think. If you take the right steps, you will be surprised at how eager some banks and credit card issuers are to work with you.

Here are five things to keep in mind when negotiating with credit card companies.

  1. Go right to the top. When you call your credit card company to negotiate the terms, ask to speak to a manager right away. Be polite and assure the representative there is not a problem. If the representative asks you if there is a way for them to help you, explain what you are trying to accomplish.
  2. Request a due date change. An easy adjustment to make to your credit card terms is to simply change your payment due date. Most credit card companies are willing to move the date to help increase timely payments. If you consistently make late payments, it would be in your best interest to request a more suitable date.
  3. Bargain for a lower interest rate. Have you been getting some competitive offers from other credit card companies? If so, you may be able to use the offers as a bargaining tool. Before you go to your credit card company, make sure you jot down all the perks, interest rates and other benefits that you would be getting if you switched cards. Your credit card company most likely will not want to lose you as a customer and will be willing to work with you.
  4. Request a late payment fee waiver. If you have a responsible payment history with your company, they may be willing to waive late fees. If you consistently make late payments, they will likely suggest you sign up for automatic payments.
  5. Negotiate to get the annual fee removed. Some credit card companies charge as much as $95 per year in annual fees in exchange for a few perks. When you signed up for your card, the annual fees may have worked in your favor because of the benefits you received as a cardholder. However, it may be time to reevaluate whether or not the benefits, such as cash back rewards and travel points, are outweighing the annual fees.

Click here to read more on this story.

If you have any questions on this topic or are in 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

 

Medical Debt the leading cause of Homelessness in South Florida

October 10, 2017 Posted by kingcade

Even with Obamacare still intact, a number of Floridians remain without health insurance.  Census surveys say that Florida has one of the highest uninsured populations in the nation, and of the top 25 metro areas, Miami ranks at the bottom three for healthcare coverage.

Medical debt now tops the list of reasons people become homeless in South Florida, according to a recent study. Drug addiction and mental health issues round out the top three.

The recent statistics come from addictions.com, where survey takers conducted in-person interviews with homeless people in South Florida this past July.  Interviewees overwhelmingly attributed hospital bills they could not pay or an addiction they could not overcome to the fact they were living on the streets.

Broward County’s homeless population has grown 6 percent since last year.  Of those surveyed, 42 percent said they had suffered a head injury and 33 percent said they had been beaten at one point while homeless.

In a number of states, the homeless have been helped by the expansion of Medicaid, and were able to receive healthcare for the first time in years.  Not the case in Florida, where state leaders denied the expansion of the program to cover 650,000 low-income residents.

Click here to read more on this story

Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney 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 McMaken, 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.

Record High Credit Card Debt Exceeds Previous Numbers Set Prior to the 2008 Recession

August 16, 2017 Posted by kingcade

U.S. credit card debt is just over $1 trillion, exceeding the previous high set in April 2008 right before the Great Recession. The average amount of credit card debt per household is $9,600. That equals about 17% of the average U.S. household income. Since the average interest rate on a credit card is 16%, and about 24% for those with “less than perfect” credit, that debt grows between $1,600 and $2,300 each year.

A recent survey found millennials’ knowledge on credit card use troubling. A few millennials (6%) actually believe that missing a credit card payment would “improve” their credit rating. 17% said missing a card payment would have no effect on their score. Some 36% have maxed out credit cards and 48% carry card balances over to the next month, paying high interest rates and other monthly fees.

Click here to read more on 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.

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.