A compromise is yet to be made between President Obama and Congress regarding the dreaded ‘fiscal cliff.’ The term fiscal cliff is used to describe the state of the government at the end of the year when the tax cuts enacted by the Bush administration expire. Without action by Congress, America will soon face the following:
• A rollback of the “income triggers” for alternative minimum tax (AMT) to their 2000 levels. Without the patch, between 30 and 31 million taxpayers would be paying AMT.
• An increase in maximum capital gains taxes to 20% from their current 15%. Dividends, now taxed at a maximum of 15%, would be taxed at ordinary income rates.
• Federal spending on discretionary and defense uses would be cut by $110 billion per year.
• The 2 percent payroll tax cuts would expire.
Co-Director of the national tax department and Ernst & Young, Eric Solomon said 2012 tax refunds would likely be delayed if America enters into the fiscal cliff. President Obama has proposed higher taxes on upper-income taxpayers, which a predominantly Republican House does not agree with. Many suspect a compromise might not be made until the eleventh hour.
To read more on this story visit: http://www.usatoday.com/story/money/personalfinance/2012/11/07/how-taxes-will-change/1688699/
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
Month: November 2012
Fannie Mae & Freddie Mac Suspend Foreclosures in Sandy Affected Areas
Fannie Mae and Freddie Mac recently announced that both will temporarily suspend foreclosure proceedings in federally declared disaster areas due to Superstorm Sandy. Borrowers in these areas will receive a 90-day mandatory suspension on foreclosure sales and evictions. Freddie Mac announced that by issuing the suspension, the communities and neighborhoods could focus on a faster recovery from the storm.
Freddie and Fannie are also offering storm victims the option to postpone mortgage payments by phone for up to 12 months. The lenders did so in order to introduce a quicker and easier forbearance method to borrowers. Additionally, they have ordered their insurers to expedite payments on insurance claims to help borrowers with destroyed properties and daily living expenses such as hotel rooms. Fannie and Freddie will also alleviate restrictions on payments to contractors so that repairs can be done faster.
To read more on this story visit: http://money.cnn.com/2012/11/09/real_estate/foreclosure-storm-relief/index.html?iid=HP_River
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.
America’s Job Gap is 9 Million
According to data from the Economic Policy Institute, America has added 5 million jobs since February 2010. However, the country is still 9 million jobs shy of pre-recession unemployment rates. Even though the gap is shrinking every year, economists say the job market’s conditions are still weak.
There are now 3.8 million fewer jobs now than in the pre-recession years and the working-age population has increased by 5.2 million workers in the past five years. In order to eliminate the gap, America would have to add 330,000 jobs per month for the next three years, which is twice the rate being added today. The current job growth rate would not close the gap until 2020.
To read more on this story visit: http://money.cnn.com/2012/11/09/news/economy/jobs-america/index.html?iid=HP_LN
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
The Underemployed Seek Loan Modifications for Relief
Post recession, many Americans have either lost their jobs, are at lower paying jobs or have taken a pay cut at their current job. According to the Bureau of Labor Statistics, one in five Americans are earning at least 20 percent less since before the recession. As a result, homeowners are seeking relief through loan modifications on their mortgages. However, bank requirements are stiff and a low percentage of Americans are actually approved for a loan modification.
A common requirement is that the homeowners’ bills, including a mortgage payment, cannot exceed 45 percent of their total income. Many times homeowners will obtain a second job to meet this requirement. However, most banks require a homeowner to be at the job for a minimum of 12 months before applying for a loan modification. One thing homeowners can do to increase their chances of getting approved for a loan modification is to try and pay down any credit card debt before applying.
During 2012 many mortgage lenders initiated programs to help homeowners who are underwater on their mortgages. States across the country have also adopted their own programs to help struggling homeowners. The federal government has initiated the HARP program and the Federal Housing Authority Streamlined Refinancing program.
To read more on this story visit: http://www.nytimes.com/2012/09/23/realestate/mortgages-help-for-the-underemployed.html?ref=loanmodifications&_r=0
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.
What President Obama’s Re-Election will Mean for Students
President Obama continues to prove his commitment to lower student loan rates, which earned him immense popularity with students, aged 18-29 in this year’s election. During his last term he stopped the federal student loan interest rates from doubling and he increased funding for Pell grants, which provide support to underprivileged students. One of his biggest steps forward for students was providing them with the option of repaying their loans according to income rather than the amount borrowed.
Now elected for another term, President Obama’s ambitions are high when it comes to education. Within 10 years he wants to halve the amount by which tuition fees rise year-on-year. He also wants America to have the highest proportion of university graduates in the world by 2020. But the biggest challenge Obama will face when implementing education and economic reform is the same as in his first term – a Republican-led Congress.
Without action from Congress by July 1, 2013, interest rates on subsidized loans that are now 3.4 percent might double and Pell grants will face a funding shortfall of $7 billion in 2014. President Obama has other plans to help students, such as job training initiatives through partnerships with community colleges and the private sector in his second term, which he promises will result in 2 million job placements.
To read more on this story visit: http://www.guardian.co.uk/education/2012/nov/07/obama-reelection-students-loan-reform
Or visit: http://www.dailytarheel.com/article/2012/11/5099fe9ea545b
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.timothykingcade.com.
Big Banks Offer a Helping Hand to Victims of Superstorm Sandy
Big banks are offering some much needed financial relief to many East coast residents who were impacted by Superstorm Sandy. Banks such as Citi, Wells Fargo, Bank of America, Chase and American Express have been sending out e-mails and posting alerts on their websites, notifying credit card customers that they may qualify for special credit offers if they were impacted by the storm. And in certain cases, banks are being a little more lenient with their lending standards. In some cases the banks are offering increased credit limits even after the customer has recovered from the storm, such as Bank of America. These are likely to last only through the recovery process. Wells Fargo is offering personal loans to customers in FEMA-designated areas. The loans range from $3,000 – $25,000.
However, accepting the increased credit limit from your bank may not be your best option. If you have a high interest rate, it may be a better option to apply for a new credit card with a promotion for 0% interest for a certain period of time. If you’re leaning toward taking out a personal loan from Wells Fargo due to your home or car being destroyed, check with your insurance company first to see what is covered. Another organization that can help is FEMA. Oftentimes, FEMA temporarily covers rental payments for storm victims. Many nonprofits- like the American Red Cross- are also offering free assistance to storm victims, including meals, shelter and transportation.
To read more on this story visit: http://money.cnn.com/2012/11/02/pf/sandy-banking/index.html?iid=SF_PF_River
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
The Housing Market’s Impact on Economic Recovery
Many Americans were worried by the lack of attention both presidential candidates devoted to the housing market in their campaigns this year. The collapse of the housing market was one of the main reasons for the recession in the first place. The housing market impacts the job market and many other sectors of the economy. When home sales are up, retail sales are up; this in turn has a positive impact on the stock market. When stocks go up, inventory becomes sparse, therefore developers begin to build and in turn, construction jobs are added to the economy.
Many parts of the country are now seeing economic growth in the housing sector. There are more buyers and inventory is low. In past recessions, such as during the 1970s and 1980s, housing played a major role in economic recovery. In the 1970s housing and cars accounted for 50 percent of the recovery and in the 1980s these accounted for one-third of the recovery. Today, housing and cars account for only 10 percent of the recovery. However, states such as Florida, Nevada, California, Arizona and Michigan- that were hit the hardest by the housing market crash- are seeing an increase in sales and home prices.
To read more on this story visit: http://www.npr.org/2012/10/27/163776531/bust-to-boom-why-housing-matters-economically
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.
What Hurricane Sandy Means for the Economy
Economists are looking at previous storms such as Hurricane Katrina to predict how Hurricane Sandy will affect the economy in the coming weeks and months. According to the Washington Post, it is expected that industrial production will temporarily be suspended at factories along the east coast. Also expected, is a decline in retail sales due to consumers buying construction supplies to rebuild. Economic activity as a whole will likely slow down because many businesses have temporarily shut down in the northeast.
The hurricane has already caused a slight rise in oil costs because imports into New York Harbor were disrupted; however it will probably be short-term. Economists are having a hard time predicting the overall financial damage from this storm because it is without precedent. While the emotional devastation to the country is similar to Katrina, the physical damage is very different. Unlike Katrina, Sandy did not disrupt any actual oil drilling therefore the entire nation did not see a major spike in oil prices.
To read more on this story visit: http://www.washingtonpost.com/business/economy/what-hurricane-sandy-means-for-the-economy/2012/10/30/e6ef95ea-2293-11e2-8448-81b1ce7d6978_story.html
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
Sarasota Home Builder Files for Bankruptcy Protection
Jim Butler, president of Paradise Homes, filed for Chapter 7 bankruptcy protection last Thursday. Paradise Homes is one of the builders for Lakewood Ranch community in Sarasota, FL. The company is in various stages of building approximately a dozen new homes. Butler filed for protection for two of his companies, Extreme Remodelers of Sarasota LLC and Paradise Lifestyle Center LLC. Butler is expected to have assets and liabilities between $1 million and $10 million.
Some of the homeowners are likely to bring in qualified builders as completion contractors, according to Attorney Alan Tannenbaum who represents two homebuyers. According to a representative from another builder for Lakewood, many homeowners are angry at Paradise Homes. Aside from the dozen homes currently under construction, 18 others are yet to be started.
To read more on this story visit: http://www.heraldtribune.com/article/20121026/ARTICLE/121029699/-1/news?p=2&tc=pg
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com