Month: June 2015

Bankruptcy Law, Timothy Kingcade Posts

Second Mortgages in Bankruptcy Will Not be Canceled for Struggling Homeowners

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The U.S. Supreme court ruled on Monday that struggling homeowners will not be able to get rid of second mortgages by filing for bankruptcy. The decision was unanimous with all 9 justices agreeing that filing for a Chapter 7 Bankruptcy does not enable homeowners to cancel a second mortgage while their homes are hardly worth the value of their first mortgage.

In a case between Bank of America and two Florida homeowners who attempted to cancel their second mortgages, the bank quickly fought back to keep the second mortgage liens. The homeowners said that their second mortgages were pointless because they had to first pay off their initial mortgages. Lenders argued that the debt could be paid in the future, once property values rose again.

Regarding the court’s decision, Justice Clarence Thomas said that they considered the constantly shifting value of real estate. “Sometimes a dollar’s difference will have a significant impact on bankruptcy proceedings,” he stated. According to CoreLogic’s report, by the end of 2014’s second quarter, approximately 2.1 million underwater homeowners held second liens.

A long running dispute between homeowners and mortgage lenders circled around the 11th U.S. Circuit Court of Appeals’ decision to support bankruptcy court in stripping Bank of America’s liens. For bankruptcy judges who have disagreed on this dispute, Monday’s ruling offers clarification.

Some consumer experts remain positive that bankruptcy will help struggling homeowners repair their property-related financial troubles. The most popular type of consumer bankruptcy is Chapter 7, which allows a court-appointed trustee to repay their debts and cancel the remaining, through selling their property. Over 700,000 cases were filed for Chapter 7 Bankruptcy last year.

If you are in a financial crisis and are considering filing 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.

Source: http://www.wsj.com/article_email/supreme-court-underwater-homeowners-cant-void-second-mortgages-in-bankruptcy-1433173699-lMyQjAxMTA1MDA0MTIwMjEyWj 

Bankruptcy Law, Credit, Timothy Kingcade Posts

Kingcade & Garcia, P.A. Receives Prestigious 2015 Florida Excellence Award

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HONHW30The Miami-based law firm of Kingcade & Garcia, P.A. has recently been selected for the 2015 Florida Excellence Award by the US Commerce & Trade Research Institute (USCTRI).  This prestigious honor is awarded to companies that have achieved demonstrable success in their local business environment and industry category.

“We are extremely honored as a firm to have received this award,” says founding partner, Timothy S. Kingcade.  “We take great pride in upholding business ethics and company values at our firm.  It is the driving force behind our firm’s corporate culture and success.”

Kingcade & Garcia has been recognized as having enhanced the commitment and contribution of small businesses through service to their customers and the community.  Small businesses of this caliber enhance the consumer driven environment that Florida is renowned for.  This recognition by USCTRI marks a significant achievement as an emerging leader and sets benchmarks that the industry should follow.

Selection is determined through industry research, business surveys and various sources of information gathered by the USCTRI.  The research is part of an exhaustive process that encapsulates a year-long immersion in the business climate of Florida.   USCTRI is a leading authority on researching, evaluating and recognizing companies across a wide spectrum of industries that meet its stringent standards of excellence.

Timothy S. Kingcade founded the law firm of Kingcade & Garcia, P.A., in 1996. Today, he and his firm handle more than one thousand bankruptcy filings each year. As Managing Shareholder of Kingcade & Garcia, P.A., Timothy and his firm represent clients throughout the State of Florida in Chapter 7 bankruptcy, foreclosure defense, personal injury and PIP claims. To compliment Attorney Kingcade’s extensive legal experience, he is also a certified public accountant (CPA), which provides him with a unique understanding of how to handle tax-motivated bankruptcy cases against the IRS.

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Miami-based Kingcade & Garcia, P.A. was established by managing partner and attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy, foreclosure defense, personal injury and PIP claims. The firm is committed to providing personalized service to each and every client. The office environment and the service provided are centered on a culture of superior client care. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.