Posts Tagged: ‘P.A.’

House Passes Foreclosure Extension Protection for Military Homeowners

March 23, 2016 Posted by kingcade

The Foreclosure Relief and Extension for Servicemembers Act of 2015, which extends foreclosure protection for military homeowners, has been extended from the current 90-day period to a one-year period beginning in January 2018.

The foreclosure protection element of the Servicemembers Civil Relief Act (SCRA) expired at the end of last year, but the extended protection will be retroactive when the bill is signed by President Obama.  The legislation was backed by a coalition of veterans’ organizations and housing and financial services trade associations.

The SCRA’s extension provides important foreclosure protections to the brave men and women of our military who are transitioning back into civilian life.  This is a vital homeownership tool that helps members of the military stay in their homes.

The Consumer Financial Protection Bureau announced that it received approximately 2,800 complaints from military personnel related to mortgages during 2015.  The majority of these complaints were related to servicing issues, including loan modifications, collections and foreclosures.

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.

5 Steps to Take after Bankruptcy

December 8, 2014 Posted by kingcade

Once your case is finalized and you receive your bankruptcy discharge, there are some important steps you should take to help ensure a secure financial future.

1.) Collect and preserve all paperwork from your case. You should have received a full copy of your petition from your attorney, approximately 40-50 pages of detailed financial information, including the facts about debts and assets involved in your case. You should have received a notice of bankruptcy filing directly from the court along with a copy of your discharge order entered by the bankruptcy judge. This is important to have because lenders typically like to see a copy of the bankruptcy papers when considering you for new credit- particularly mortgage lenders. It is also important to have in case anyone attempts to collect on an old debt in the future.

2.) Check / Monitor your credit report for errors. You can access your credit reports from the three major credit reporting agencies for free. Wait three to six months after you receive your bankruptcy discharge to do this. You want to make sure that all of your discharged debt is being reported to the credit bureaus, so you are not shown to have outstanding debt. This is especially important if you are applying for new credit.

3.) Start a budget. Create a basic budget to better understand your income and expenses. You may remember the Means Test from the bankruptcy paperwork that compared your income and expenses over a six-month period. The concept was to identify those who really had the means to pay their debts, but who were living an extravagant lifestyle financed on credit cards and other debt. Oftentimes, bankruptcy is caused by unexpected expenses, including medical bills caused by illness, loss of income from job loss and divorce. Once you have created a realistic budget, start planning out financial goals for the future.

4.) Start an emergency fund. Once you have established your budget, you should make sure and have a portion of your income set aside for savings.  As the fund grows, you can begin putting some of it aside for retirement or a college savings account.

5.) Consider new credit. When applying for credit, start with a small credit limit and monitor your charges carefully. Charge no more than you can pay in full each month. Unplanned debt is where people get into trouble.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. 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://finance.yahoo.com/news/5-things-bankruptcy-110053558.html

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

Avoid Making these EXPENSIVE Student Loan Mistakes

September 5, 2014 Posted by kingcade

Student loans have become a necessary evil for many students wanting to attend college or graduate school these days. A number of students fall into the gap of being “Too Poor to Afford College, Too Rich for Financial Aid.” There are two detrimental mistakes that many graduates are making when it comes to their student loan debt.

1.) Delaying the Inevitable. There are very few ways to get out of paying your student loans, even with the student loan forgiveness programs available. Waiting to pay back your loans, just allows them to grow. Interest will accrue and the debt will grow over time. Even waiting 1-2 years after graduating could cause your loan balance to increase by 10%. So instead of waiting until you earn more money or find a better job, negotiate with your lender to work out a repayment program that works for you.

Ask your lender if you qualify for any income based repayment plans or pay as you earn programs. In many cases, you could have $0 repayment until you start earning more money. This will help you map out a plan to have your student loan debt forgiven after a set number of years, and also keep your payments manageable until then. It is estimated that roughly 5 million borrowers qualify for these income based repayment plans or pay as you earn programs. However, only about 700,000 borrowers are enrolled in these programs.

2.) Paying for Student Loan Help you do not need. More and more businesses are entering the “Student Loan Forgiveness” and “Student Loan Consolidation” market. It’s a booming business!  Unfortunately, many of these can be classified as student loan scams. These companies advertise on TV and radio that they can help struggling borrowers qualify for student loan forgiveness programs or lowering their monthly payments through consolidation.

What many of these companies are doing is charging borrowers anywhere from $200 to $1,500 (or more) a month to fill out paperwork that you can fill out yourself. Instead of paying these companies, call your student loan provider yourself. For Federal student loans, the servicing companies have very specific rules they must follow for offering repayment plans, forgiveness programs, and consolidation. Bottom line, you should NEVER pay for student loan consolidation out of your own pocket. If you have Federal student loans, you can get a consolidation loan for free through StudentLoans.gov.

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 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 http://www.miamibankruptcy.com

Related Resources: http://www.forbes.com/sites/robertfarrington/2014/08/29/two-expensive-student-loan-mistakes-to-avoid/

Debt Collectors Come under Fire in Recent Lawsuit

September 2, 2014 Posted by kingcade

The U.S. Consumer Financial Protection Bureau (CFPB) filed its first lawsuit against Frederick J. Hanna & Associates, a debt-collection firm, based in Marietta, GA. The firm is accused of violating federal consumer protection laws, processing more than 350,000 credit card collection complaints against consumers, some of whom may owe nothing or owed less than was claimed.

These collection practices are widespread. Roughly 77 million Americans have debt in collections, according to a recent study published by Urban Institute. CFPB officials say the regulator may sue law firms if they operate as debt-collection businesses rather than legal advisers.

The vast majority of borrowers sued in these cases do not appear in court and as a result, many of the cases end in a default judgment allowing the collector to garnish wages, freeze bank accounts or put a lien on property. These judgments can be difficult to correct.

CFPB officials are weighing regulations that would impose tougher requirements on debt collectors to establish they have the right to collect on a debt and ensure the amount is accurate. These rules would also impact banks and debt buyers as well.

Legal experts say the suit could signal the regulator’s intent to target similar high-volume law firms, and potentially banks and debt buyers, over allegations that debt collection claims can be out of date, incorrect in their amounts, lacking in documentary support or overlapping with claims filed against the same debtors.

If you 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.

Related Resources:
http://online.wsj.com/articles/regulator-targets-legal-debt-collectors-1407105604