Posts Tagged: ‘Kingcade & Garica’

Consequences of Concealing Assets in Bankruptcy

September 17, 2014 Posted by kingcade

A Palm Beach couple is facing criminal charges for attempting to hide pricey assets, such as jewelry and silverware from bankruptcy court. The couple filed Chapter 7 in 2008 hoping to discharge $2.9 million in debt. Dr. Richard Krugman heads a medical practice in New Jersey that lost a $4.3 million judgment to an insurance company. The couple claimed available assets of less than $13,000, but a court review found significantly more than that.

According to the federal criminal complaint, the couple fraudulently failed to disclose that they owned the following pricey items:

• A woman’s gold wedding band with two carats of diamonds.
• A woman’s platinum hoop earrings with pave diamonds.
• A woman’s gold cocktail ring with blue stone.
• A woman’s silver bangle bracelet.
• A man’s Swiss army diving watch.
• A Royal Doulton China set.
• A high-end silverware set.
• A Waterford Crystal glass set.
• A Lalique leaf bowl.
• A Lalique caviar bowl.
• Two George Rodrigue “Blue Dog” lithographs, signed and numbered.

As a result, the bankruptcy court refused to grant them a discharge. Now the couple could face up to five years in prison and a fine of up to $250,000 for excluding these assets. The defendants intend to plead guilty.

This should come as a warning to anyone who plans to hide assets from the bankruptcy court and their attorney. Bankruptcy trustees are experts at finding undisclosed property, vehicles, boats, jewelry, antiques, and collectibles. If you are caught trying to hide assets, the consequences are big. Your discharge will be denied, and you will be unable to discharge the debts you listed in a subsequent bankruptcy filing. In addition, the potential penalty for bankruptcy crimes include fines and imprisonment of up to five years.

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, 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.

Related Resources:
http://www.nolo.com/legal-encyclopedia/bankruptcy-trustee-find-property-not-in-bankruptcy-paperwork.html

http://www.bizjournals.com/southflorida/news/2014/09/15/couple-faces-criminal-charges-for-hiding-pricey.html?ana=e_sflo_bn_breakingnews&u=um2Eyo72dYSImvglWn/0xO6wsIE&t=1410970294

Westin Fort Lauderdale Hotel in Foreclosure

October 3, 2013 Posted by kingcade

The Westin Hotel in Fort Lauderdale has been hit with a foreclosure lawsuit, as it struggles to keep up with new hotels closer to the beach. U.S. Bank filed a foreclosure lawsuit on September 23 against PFL VII LLC, the owner of the 293-room hotel at 400 Corporate Drive. The hotel was built in 1986 with 141,391 square feet, including 22,000 square feet of event space. PFL bought it for $40.5 million in 2007 with a $42 million mortgage.

According to Trepp LLC, the mortgage has $41.3 million outstanding. The payments were current as of early September, but the loan was placed into special servicing for imminent default several months ago. The borrower requested payment relief because of negative cash flows. For the 12 months ended March 31, the Weston Fort Lauderdale generated net operating income of $2.8 million on revenue of $13.4 million, but that was not enough to meet its loan payments without extra capital from the owner, according to Trepp. The hotel had an occupancy rate of 74 percent. Increased online competition has hurt the hotel, which has been unable to raise room rates. The situation is expected to worsen as it enters its slower season starting in August.

Click here to read more on the Westin Fort Lauderdale Hotel in foreclosure.

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.