Posts Tagged: ‘Miami bankruptcy attorney’

Federal Trade Commission Bans Three Scammers from Posing as Debt Collectors

December 14, 2017 Posted by kingcade

A settlement has been reached with three defendants who allegedly posed as lawyers and falsely threatened to sue consumers, even have them arrested for failing to pay on debts they did not owe. The settlement resolves an FTC complaint filed in July 2017, alleging that the defendants told consumers they were attorneys or calling from a law firm and that a lawsuit had been filed or would soon be filed against them for an unpaid debt.  We originally wrote a blog on the topic, entitled: FTC Shuts Down Debt Collector for Allegedly Threatening Lawsuits.

The FTC alleged the defendants Hardco Holding Group LLC, S&H Financial Group Inc. and Daryl M. Hall (DBA- Alliance Law Group) threatened consumers with prison time and claimed police would show up at their home and arrest them if the debt was not paid.  The threats and harassment on the so called, “phantom debt” are all a violation of the Fair Debt Collection Practices Act (FDCPA).

According to the settlement order, the defendants are banned from ever participating in debt collection activities, buying or selling consumer or commercial debt, and trading in consumer information related to a debt. They are also prohibited from making misrepresentations about any product or service, profiting from consumers’ personal information obtained from any debt collection activities, and failing to dispose of consumers’ information properly.  The order imposes a $702,059 judgment that will be partially suspended upon the surrender of certain assets.

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.

Reasons to File Bankruptcy before Divorce

December 13, 2017 Posted by kingcade

Financial stress caused by the way couples view and spend money can ultimately lead to divorce.  If you are facing both of these issues, does it make sense to file for bankruptcy or divorce, first?  The bottom line: Divorce will most likely not make the financial pressure go away, oftentimes it compounds it.

Here are some reasons why you should file bankruptcy before divorce.

You will save money filing jointly. If you are still married, you can file your bankruptcy case together.  This will allow you to pay one court filing fee, one set of documents and scheduling, one meeting of the creditors and one attorney fee.

Filing for bankruptcy together will free you of any liability on joint debt.  If you file for bankruptcy before divorce you will be off the hook for paying joint debt acquired during the marriage.  However, if you file for divorce first and receive a divorce settlement, you may still be responsible for some (or all) of the joint debt.  Essentially, you may have to cover your spouse’s liability.

Filing jointly doubles the exemption amounts.  When you file for bankruptcy, you are allowed to keep some property in order to regain a fresh start.  These exemption amounts are usually limited or capped.  However, if you file a bankruptcy case with your spouse, in most states you and your spouse will each be able to claim a full set of exemptions.

It saves you time. If one spouse files for bankruptcy in the middle of the divorce case, the bankruptcy judge may take jurisdiction of any property settlements, which can cause delays.  Filing a joint bankruptcy will eliminate most (if not all) unsecured debt, such as credit cards, medical bills and personal loans for both spouses, allowing the divorce to go much smoother when negotiating debt and property division.

It reduces stress.  Eliminating debt and reducing financial pressures can in turn reduce stress in the marriage.  If the marriage ultimately cannot be saved, it can help the divorce proceed more amicably.

Keep in mind, if your spouse files for bankruptcy before or during the divorce case and you do not, you may ultimately be responsible for all of the marital debt. This is because your spouse used the bankruptcy case to eliminate his or her liability on your joint debts.

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.thebalance.com/six-reasons-to-file-bankruptcy-before-the-divorce-316343

Reasons to Delay Your Bankruptcy Filing

December 12, 2017 Posted by kingcade

Bankruptcy can be used as an effective tool to take back control of your financial future and get out from under insurmountable debt.  However, sometimes it is best to delay filing your bankruptcy case. Here are some reasons you should do so.

You recently took on additional debt.  If you took on additional debt right before filing, there is a chance that debt will not be discharged in your bankruptcy case.   If you took on the debt knowing you could not repay it or intended to file for bankruptcy, the debt could be considered fraudulent.  Certain debts can be exempt from a bankruptcy discharge.  These include:

  • Cash advances of at least $925 taken out within 70 days before filing bankruptcy;
  • Charges of $650 or more to any one creditor for luxury items made within 90 days before filing bankruptcy.

You recently sold, gave away or transferred property.  If you sold or gave away property two years before filing for bankruptcy, the trustee will scrutinize the transaction.  They do this to prevent the person who is filing for bankruptcy from putting the property in the hands of someone else.  These might be gifts or they may be transferred intentionally to get them out of the bankruptcy case (i.e. – fraudulent transfers).

You expect your income to decrease or your expenses to increase soon.  To qualify for Chapter 7 bankruptcy, your financial circumstances are applied to the Means Test.  This test compares your income and expenses against national and local norms to determine if you have the means to pay at least a portion of the debt.  The higher your income the more likely you are to have difficulty qualifying for the Means Test.   Sometimes depending on your financial circumstances and the timing, it might make sense to wait until the figures used to calculate the Means Test are most favorable.  It is important to work with a professional who has the skill and experience to evaluate all aspects of your financial situation and to build a strategy for your bankruptcy case that meets your specific needs.

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.thebalance.com/four-reasons-to-delay-filing-your-bankruptcy-case-316336

New House Bill Calls for Federal Student Loan Caps, End of Public Service Loan Forgiveness

December 7, 2017 Posted by kingcade

A new bill from House Republicans could end Public Service Loan Forgiveness for student loans.  The U.S. House of Representatives will consider proposed changes to the Higher Education Act, including limits on the amount of money students and parents can borrow in government student loan programs, and ending loan forgiveness programs for public interest employees.  Approximately a quarter of jobs in the U.S. economy are considered public interest positions.

The earliest someone could receive loan forgiveness under the Public Service Loan Forgiveness (PSLF) program was October 2017, and not a single person has reported receiving loan forgiveness through the program.

The proposal also suggests changes to student loans’ income-driven repayment plans. Currently, if borrowers make payments of between 10 and 15 percent of their discretionary incomes the remainder of their school loans will be forgiven after 20 or 25 years.

Rep. Virginia Foxx (R-N.C.) and Rep. Brett Guthrie (R-KY) of the House Committee on Education and the Workforce introduced the 542-page legislation known as the Promoting Real Opportunity, Success and Prosperity through Education Reform (PROSPER) Act. The PROSPER Act, if implemented, would have borrowers in income-driven repayment plans “pay 15 percent of discretionary incomes for as long as it took to cover the amount they would have paid under a 10-year standard repayment plan,” according to the Wall Street Journal.

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 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 McMaken website at www.miamibankruptcy.com.

Related Resources:

https://www.forbes.com/sites/zackfriedman/2017/12/06/house-bill-student-loan-forgiveness/#1f25540b7990

 

5 Signs it’s Time to File for Bankruptcy

December 6, 2017 Posted by kingcade

Filing for bankruptcy is a complicated process and a decision that should not be taken lightly.  But for some, it is the only solution that will get them out of debt and serious financial problems.  So how do you know if bankruptcy is right for you?  Here are five signs it’s time to consider filing for bankruptcy:

You are being sued by debt collectors.  When you fail to make payments on a debt, that debt gets turned over to a collection agency.  If the collection agency’s calls and letters go unanswered they may file a lawsuit against you.  Fighting these lawsuits can be difficult and if you lose, you will likely end up paying more in attorneys’ fees and court costs.  It is best to not let it get to this point.  Filing for bankruptcy provides you legal protection against creditors and debt collectors.  Once the automatic stay is issued, it bars any additional collection attempts, including lawsuits being filed against you.

Your credit cards are maxed out.  This not only is affecting your credit score negatively, but you are likely trapped in a cycle of making only the minimum payment on these cards while the interest accrues to amounts you will never be able to pay off.  Credit card debt is one of the easiest kinds of debt to discharge in bankruptcy.

Your wages are being garnished. If a creditor obtains a court order for a wage garnishment, your employer is required by law to abide by the order and withhold money from your check each pay period until the debt is paid off.   If your wages are being garnished you can still be protected by the automatic stay, which will halt further wage garnishment.

You cannot afford your bills.  If you were recently laid off from your job or had an unexpected medical expense, for many Americans it is just a matter of time before even a small amount of debt can spiral into something much greater.   Chapter 7 bankruptcy is specifically designed for individuals and families whose income level is not sufficient to pay their debts.

You are in danger of losing your home.  If your financial situation has reached the point where you are behind on mortgage payments and facing possible foreclosure, filing for bankruptcy can help you get caught up on those payments while staying in your home.

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://smartasset.com/credit-score/4-signs-its-time-to-file-bankruptcy