Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Credit Card Debt Tops $1.28 Trillion in U.S.

Posted on February 24, 2026by Admin

Americans owe $1.28 trillion on their credit cards, according to a new report by the Federal Reserve Bank of New York on household debt. That’s a 5.5% jump from the previous year. Near the end of the year, credit card debt typically increases during peak holiday shopping season.

Credit cards are one of the most expensive ways to borrow money today. Approximately, 175 million people in the U.S. have credit cards, and while some pay their bills in full each month, roughly 60% of credit card users carry a balance from one month to the next, according to the New York Fed.

A separate report by the debt management company, Achieve, revealed that more than half, 55% of consumers carry credit card balances to cover essential expenses.

There’s also a growing number of homeowners falling behind on their mortgage payments. Increased mortgage delinquency rates have been more pronounced in low-income areas.

Housing affordability challenges are not only weighing on ‘would-be’ home buyers, but also a growing share of existing homeowners, new data suggests. Late-stage mortgage delinquencies — those with payments at least 90 days past due — rose 18.6% in December from a year earlier, according to new research from credit scoring company, VantageScore.

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If you have questions on this topic or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can assist you and address 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.

Timothy S. Kingcade Receives AV Rating and Client Champion Platinum Award

Posted on February 18, 2026by Admin

Bankruptcy Attorney Timothy S. Kingcade Receives the Preeminent AV Rating & Client Champion Platinum Award from Martindale-Hubbell for 2026

MIAMI (February 18, 2026)– Managing Shareholder, Timothy S. Kingcade of Kingcade Garcia McMaken has received the preeminent AV rating for 2026 from Martindale-Hubbell, joining a select group of lawyers recognized for their legal ability and professional ethical standards. In addition, he has earned the 2026 Client Champion Platinum Award.

The Client Champion Platinum Award from Martindale-Hubbell is the highest client-focused recognition, given to attorneys who have earned at least 10 verified client reviews with an average score of 4.5 or higher (out of 5.0), demonstrating exceptional client service and satisfaction, and is presented alongside the peer-rated AV Preeminent rating for overall excellence.

“I am honored to have received the preeminent AV rating and Client Champion Platinum Award from Martindale-Hubbell,” said Timothy S. Kingcade. “This is a testament to the commitment that I make to each one of our clients and the ethical standards we uphold as a law firm. It is gratifying to know that my colleagues respect and acknowledge my legal abilities and the continued dedication to our clients and the profession.”

The Martindale-Hubbell AV rating designates the highest level of professional excellence and ethical standards an attorney can receive. This rating establishes that an attorney’s colleagues and judiciary perceive him to be at the pinnacle of professional success.

Martindale-Hubbell Peer Review Ratings are an objective indicator of a lawyer’s ethical standards and professional ability, derived from evaluations of lawyers by members of the bar and the United States judiciary. The Legal Ability ratings are based on performance in five key areas, which include: Legal knowledge, analytical capabilities, judgment, communication ability, and legal experience.

Attorney Timothy S. Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 filings, and foreclosure defense cases for the Southern District of Florida. As an experienced CPA as well as a proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws, which protect them and achieve desired results.

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Miami-based Kingcade Garcia McMaken, P.A. was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade Garcia McMaken P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish. For more information, visit https://www.miamibankruptcy.com/ or call (305) 285-9100.

Consumer Bankruptcy

New Year, Fresh Start. Bankruptcy Can Help You Take Back Control of Your Finances

Posted on January 29, 2026by Admin

The New Year is a popular time for financial check-ins, motivating people to set goals like paying off debt. For those struggling with overwhelming debt, bankruptcy can be a legal pathway to a fresh start, eliminating eligible debts.

Before filing for bankruptcy, certain steps should be taken to ensure the case goes smoothly and is successful.

Stop using credit cards.

One of the reasons people file for bankruptcy is due to overwhelming credit card debt. As soon as someone decides to file for bankruptcy, it is always recommended that he or she immediately ceases using their credit cards. Bankruptcy courts will view creating more debt when the person knows that it will never be repaid as a form of bankruptcy fraud.

Pay for the essentials.

Many filers find themselves behind on bills prior to filing, including rent and utilities. Prior to filing for bankruptcy, make sure you are caught up on essential living expenses, including paying rent and utilities.

End automated payments.

Many consumers set up automatic payments with their bank and creditors, allowing creditors to auto debit their bank account. While this may be a convenient method, once a bankruptcy case is filed, it can quickly become a giant inconvenience. With the automatic stay, creditors are prohibited from directly soliciting payments on debts owed by the filer, but this does not necessarily mean these payments cannot be made via automatic monthly withdrawals that were in place prior to filing. To avoid this problem, prior to filing, consumers should sign on to all online accounts with creditors and end automatic payments.

Gather financial records.

Organize recent pay stubs (60 days), bank statements, tax returns (2 years), asset details (home, cars), and creditor statements.

File your tax return.

If someone is considering bankruptcy, taxes are often the last thing on that person’s mind. However, it is important that a consumer considering bankruptcy file his or her tax returns prior to filing. After all, the bankruptcy court will be looking at the consumer’s income and assets when deciding bon what type of bankruptcy can be pursued, and tax returns are vital documents needed to make that determination.

5. Review Your Credit Report.

Get a copy of your credit report for free by visiting Annual Credit Report.com – Home Page. Free weekly online credit reports are available from Equifax, Experian and TransUnion. Credit reports play an important role in your financial life, and we encourage you to regularly check your credit history to ensure accuracy.

You can regain control of your financial future in 2026. The consultation is free; the relief is real. 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.

Free In-Office Consultation

305-285-9100

1370 Coral Way, Miami FL 33145

Bankruptcy Trends, Consumer Bankruptcy

Consumer Bankruptcy Filings Increase in December 2025

Posted on January 28, 2026by Admin

Unlike previous years, consumer bankruptcy filings in December 2025 increased both month-over-month and year-over-year, according to the latest data from G2 Risk Solutions. Consumer bankruptcy filings increased 5.8% from November 2025 and nearly 21% over December 2024. A departure from historical norms, bankruptcy filings tend to see a decline in the months of November and December, as many choose to defer the stress and filing fees until after the holidays. The total number of consumer filings reached 44,890 in December.

Even though consumer bankruptcy filings have increased over the past five years, filings remain about 25% below pre-pandemic levels.

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Bankruptcy Law, Legal Awards

Timothy S. Kingcade Named a Top 3 Bankruptcy Lawyer in Miami for 2026

Posted on January 21, 2026by Admin

MIAMI (January 17, 2026)– Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy law firm of Kingcade Garcia McMaken has been named one of the Top 3 bankruptcy lawyers in Miami, FL by Three Best Rated®. Kingcade obtained the highest score out of all the nominees, and it marks the 11^th consecutive year he has received this honor.

“I am honored and humbled to be recognized as a Top 3 Bankruptcy Lawyer by Three Best Rated 11 years in a row,” said Timothy S. Kingcade. “Beyond managing the legal aspects, we provide our clients with protection and peace of mind during the bankruptcy process. We know what our clients are going through when they come into our offices, and we treat them with the upmost care and respect during their most challenging times.”

Three Best Rated® was created with a goal of finding the top three local businesses, professionals, restaurants, and health care providers in each city. The selection process involves a rigorous 50-Point inspection and includes everything from evaluating the attorney’s reputation, history, client reviews, ratings, complaints, satisfaction, trust, pricing, and overall excellence, forming the basis of the TBR Inspection Score.

Attorney Timothy S. Kingcade founded Kingcade Garcia McMaken in 1996, a prominent law firm that handles a substantial number of bankruptcy filings each year. Timothy, along with his dedicated team, provide comprehensive legal representation to clients throughout South Florida.

Kingcade Garcia McMaken is committed to helping clients navigate the complexities of bankruptcy law. Their experienced attorneys guide individuals in understanding recent changes in bankruptcy regulations and the critical distinctions between filing under Chapter 7 or Chapter 13 bankruptcy. The firm also handles foreclosure cases alongside bankruptcy matters.

Throughout South Florida, Kingcade Garcia McMaken has earned a solid reputation as a dependable and effective advocate for clients from diverse backgrounds. The firm’s commitment to providing personalized service is evident, with their attorneys taking the time to clearly explain the available options based on each client’s unique circumstances. The personalized approach ensures that clients receive the individual attention and care they deserve during the legal process.

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Consumer Bankruptcy, Debt Relief

Debt Relief vs. Bankruptcy in 2025

Posted on November 20, 2025by Admin

Debt relief and bankruptcy can offer real financial help in a challenging economic environment- but there are a few things you should know about each option.

American households are struggling with debt like never before, as total credit card balances have soared past $1.21 trillion nationally. With credit card interest rates approaching record highs and the cost of living rising, many people have found themselves trapped in a cycle of making minimum payments.

Amid the financial pressure, people are exploring different options to regain control over their debt.

Debt relief programs, such as credit card settlement plans, are increasingly accessible, while bankruptcy remains an option for those facing overwhelming debt.

Each option has unique benefits, costs, and long-term implications.

Debt relief programs only address unsecured debt, like credit cards, personal loans, and medical bills. These type programs cannot help with secured debts, like a mortgage or car loan.

Bankruptcy, on the other hand, can wipe out certain unsecured debts entirely, and in some cases, provide options for addressing secured debt. Understanding exactly what you owe, and to whom is the first step in deciding which approach to choose.

Debt relief programs work best if you have a steady income that allows you to make monthly payments. If your earnings are inconsistent or barely cover your living expenses, these programs can prove challenging to sustain.

For those whose income will not support repayment, bankruptcy provides a better option. However, post-bankruptcy budgeting is essential to avoid falling back into debt.

Choosing between bankruptcy and debt relief is a personal decision influenced by your total debt, income, credit outlook, and long-term goals.

Debt relief can offer structured repayment and lower interest costs without the long-lasting credit hit of bankruptcy, but it requires discipline and consistent payments. Bankruptcy, however, can immediately wipe out your debt and provide you with a fresh financial start when debt becomes unmanageable.

As you weigh your options, it is important to review each one carefully, ideally with a financial counselor, certified debt specialist, or experienced bankruptcy attorney before deciding.

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Bankruptcy Law, Chapter 13 Bankruptcy

Does Chapter 13 Bankruptcy Take All Your Income?

Posted on November 17, 2025by Admin

Bankruptcy filings have been rising, and personal bankruptcy inquiries have been increasing for those struggling with persistent inflation. Among the options available, Chapter 13 bankruptcy, often referred to as a “wage earner’s plan” or “reorganization bankruptcy,” has become an increasingly common choice for people who need time to catch up on their debts.

Chapter 13 bankruptcy allows the debtor to keep their property and pay their debts over time, through a court-appointed repayment plan that typically lasts three to five years.

But does filing for Chapter 13 mean you have to give up all your income? Here’s How It Works:

When you file for Chapter 13 bankruptcy, you will submit a detailed budget showing your monthly income and expenses. The bankruptcy court uses this information to determine how much you can realistically afford to pay your creditors each month. Allowed expenses include housing, utilities, food, transportation, insurance, medical care, and other necessary costs. The court follows standardized guidelines for many of these expenses, but there’s flexibility based on a filer’s specific circumstances.

The remaining amount becomes your monthly Chapter 13 payment. This means you keep enough of your income to maintain a basic standard of living while repaying what you can afford with your creditors.

It is also worth noting that not everyone pays back the same percentage of their debt. Some people repay their unsecured creditors in full, while others might pay back only a fraction, sometimes as little as 10% or even less, depending on their disposable income and the value of their assets. The point here is that your payment is based on what you can afford, not on taking everything you earn.

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If you have questions on this topic or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can assist you and address 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:

Chapter 13 – Bankruptcy Basics

Bankruptcy Filings, Bankruptcy Trends, Chapter 7 Bankruptcy, Consumer Bankruptcy

Personal Bankruptcy Filings are Soaring – But How Do You Know When You Need a ‘Financial Reset’?

Posted on November 11, 2025by Admin

Chapter 7 consumer bankruptcy filings have increased 15% in the first nine months of 2025, according to American Bankruptcy Institute. That amounts to 249,152 filings so far this year as compared to the 216,773 filed last year for the same period, according to data from Epiq AACER. Individual Chapter 13 filings also increased by 4.3%.

The rise in bankruptcy filings can be attributed to the growing financial pressure families are facing across the country. Inflation has outpaced wage growth for 43 percent of Americans.

Chapter 7 bankruptcy is a powerful legal tool that allows those in financial crisis to cancel debts such as credit card debt, medical debts, and personal loans.

As soon as a Chapter 7 bankruptcy case is filed, the consumer receives immediate protection from his or her creditors. This protection comes from the automatic stay that is issued by the court upon filing. The automatic stay puts a pause on all collection actions, including collection phone calls, legal proceedings to collect on a debt, wage garnishments, evictions, and foreclosures. The automatic stay also gives consumers a chance to breathe and work with the court and bankruptcy trustee.

It can be difficult to determine whether it is the right time to file for Chapter 7 bankruptcy. Typically, those that file should meet the following criteria:

Have a low credit score.
Have no foreseeable way to pay off debt within the next few years.
Do not possess expensive property.
Have more than $10,000 in debt
Struggle to make payments.
Are in fear of legal action being taken against them due to debt.

An alternative to Chapter 7 bankruptcy is Chapter 13 bankruptcy. Most commonly, those that opt to file for Chapter 13 fail to qualify for Chapter 7 due to their income. They may also own a property that is not protected by Chapter 7 bankruptcy exemptions. An experienced bankruptcy attorney can provide crucial assistance in evaluating your finances to determine which plan is best suited for your situation.

If you have questions or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can assist you and address 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.

SOURCE: Personal Bankruptcy Filings Are Soaring This Year Due to ‘Mounting Financial Pressure’ — but Do You Know What It Means To File and the Alternatives?

Auto Loan Debt

Upside-Down Car Loans Reach All-Time High

Posted on November 9, 2025by Admin

Nearly 1 in 4 vehicle trade-ins toward new car purchases with negative equity carry more than $10,000 in debt, according to Edmunds. The 2025 Q3 data from the online resource for automotive inventory and information, show a growing number of owners are trading in vehicles worth less than what they owe, and the debt they are rolling over is growing.

The latest data reveals:

More than one in four new vehicle trade-ins are underwater, a four-year high.
Americans with upside-down car loans owe more than ever.
Nearly one in three underwater car owners owe between $5,000 and $10,000 in debt — a new record high.
A record share of underwater car loans are carrying five-figure debt.

Rolling over debt drives higher monthly payments. To highlight the financial effect of rolling negative equity into a new vehicle purchase, Edmunds analysts compared the costs for consumers who financed a new vehicle involving a trade-in with negative equity in Q3 against the industry average for all financed new vehicles. The average monthly payment for buyers who rolled negative equity into a new loan was $907 in Q3, down slightly from Q2’s high of $915 and $140 more than the overall industry average monthly payment of $767.

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If you have 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.

Auto Loan Debt

Subprime Borrowers Face Record Number of Car Loan Defaults

Posted on October 23, 2025by Admin

A significant group of Americans are falling behind on their car loan payments.

The percentage of subprime borrowers – those with credit scores below 670 – who are at least 60 days late on their car loans has doubled since 2021 to 6.43%, according to Fitch Ratings.

Cars are being repossessed at the highest rate since the Great Recession of 2008 and 2009.

Experts believe this is an economic warning sign of things to come.

Car loans are often the last payment Americans are willing to miss. Cars are simply too important to their livelihood. Cars are essential for most people to get to work, drive their families, and access food.

Many subprime borrowers have no choice but to default. They are unable to sell their car because they owe more than it’s worth. They oftentimes have already missed payments on other financial obligations, such as mortgage or rent, as well as payments due on credit cards and student loans.

The repo business has been busy. Subprime lenders have built GPS features into cars to make it easier for teams repossessing the vehicles to find them. Lenders can even disable the ignition of the cars to prevent owners from driving them once they’ve defaulted on the loan.

Filing for bankruptcy can stop repossession of your car and offer options to keep it or surrender it. An automatic stay goes into effect the moment you file, which legally prevents creditors from repossessing your car, property, and other assets. The best course of action depends on your financial circumstance and whether you can realistically afford to keep the vehicle.

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