Bankruptcy Law Archives - Page 112 of 128 - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Bankruptcy Law, Credit, Timothy Kingcade Posts

How to Obliterate your Student Loan Debt

Posted on June 13, 2013by Admin

homes underwater Paying off student loan debt can often be just as difficult as earning your degree. According to the Pew Research Center, nearly 1 in 5 households carry student loan debt. That’s nearly double the number of households from 1998. U.S. students on average borrow $27,000 for education, according to the Project on Student Debt, which is more than twice what students borrowed, on average, about 20 years ago.

No matter what debt eliminating strategy you use, giving up a portion of your paycheck to pay off student loan debt takes discipline and oftentimes radical lifestyle changes. Here’s how three couples worked to pay down their student loan debt in record time.

• Understand the Problem: It wasn’t until Deacon Hayes and his wife wrote down their student loan debt on paper that they got serious about paying it off. They credit their strict budgeting and using the debt snowball method (paying down debt starting with the smallest amount and working up) as the reasons why they were able to pay off all of their debt in just 18 months. In addition, they combined cell phone plans, saving $50 per month and sold Hayes’ brand-new car.

• Close the Leaks: Once you understand where your money is going, plug budget leaks and open new income streams. Both tactics are helping Bryan Lovgren and his wife in their plan to tackle nearly $28,000 in loans in just 10 months. They bargain shop for necessity items and have switched to a more vegetable-based diet to lower food costs. More importantly, they have committed to living off one salary, while Lovgren’s wife devotes her entire paychecks to the loan. They have also generated $7,000 to $8,000 by selling things they own through a local classified service.

• Stay Motivated: Statistically, consumers spend less when they use cash over credit cards, plan purchases in advance, automate their savings and keep projected savings goals in mind. Keeping your eye on the prize also helps. To pay off more than $100,000 in student loan debt in five years, Tricia Meyer and her husband made loan payments equivalent to their mortgage payments each month and built that into their necessary household expenses. To make the extra payment, they both took freelance consulting or teaching jobs and Meyer launched a couponing website where she now works full time. Together the couple generated between $10,000 and $15,000 annually in side income.

Click here to read more on how three couples paid off their student loan debt in record time.

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.

Bankruptcy Law, Timothy Kingcade Posts

Lauderdale Lakes Rental Inspection Program Challenged in Federal Court

Posted on June 12, 2013by Admin

A group of Lauderdale Lake apartment complexes is suing the city in Federal court, claiming its new rental inspection program amounts to unnecessary and unwarranted searches of their property. The suit seeks to have the law declared unconstitutional and is asking for an injunction to keep the city from conducting inspections while the suit is heard.

City officials created the inspection program in February as a way of dealing with the foreclosure crisis that saw many single-family homes turned into poorly maintained rental properties. Under the program, inspectors go inside every rental to make sure the plumbing works, the electric circuits are wired properly, illegal rooms have not been added and walls and ceilings are not falling down.

The suit says even if there were a legitimate city purpose for the inspections, they would at least have to be required of all residences. In addition, plaintiffs believe that the inspection fee (of $150) is excessive and arbitrary because no such fee is charged to residential property owners whose apartment or residences are not for rent.

Click here to read more on the Rental Inspection Program being challenged in Federal court.

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 website, www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Casey Anthony Civil Suits Focus on Tampa Bankruptcy

Posted on June 5, 2013by Admin

Casey Anthony’s bankruptcy case resumed in Tampa with the focus primarily on the two defamation suits filed against her by Zenaida Gonzalez and Roy Kronk. Last month, U.S. Bankruptcy Judge K. Rodney May heard from attorneys representing the two. Gonzalez and Kronk want the judge to delay the deadline to object to the bankruptcy until after their civil suits are decided. The judge must also decide whether the suits should be resolved in state or federal court.

Anthony filed for Chapter 7 bankruptcy protection in January in Tampa, claiming $1,000 in assets and $792,000 in liabilities. Gonzalez and Kronk were listed as creditors and their cases were put on hold. Gonzalez’s suit claims her reputation was ruined when Anthony told investigators looking for Caylee in 2008 that a babysitter named Zenaida Gonzalez had kidnapped her daughter.

Kronk, a meter reader who found Caylee’s remains in the woods near the Anthony home, claims his reputation was harmed when Anthony’s attorneys wrongly implicated him in the child’s death. Anthony’s civil attorneys have said both lawsuits are frivolous and should not deny her the “fresh start” she is seeking through bankruptcy protection.

Click here to read more on the latest in the Casey Anthony bankruptcy filing.

Bankruptcy Law, Timothy Kingcade Posts

Joe Francis Claims Bankruptcy Trustee Aims to Destroy Girls Gone Wild Brand

Posted on June 4, 2013by Admin

Girls Gone Wild founder, Joe Francis says the bankruptcy trustee who recently took over his adult-entertainment business wants to destroy the company as part of his “moral personal crusade” against the brand. Since a bankruptcy judge appointed Neilson to take over Girls Gone Wild’s operations in April, Francis said that Neilson and his attorneys have been “raping the company of every dollar they can get” in legal fees.

“Todd Neilson is a devout Mormon who is hard pressed to destroy me and destroy Girls Gone Wild just because of personal animosity,” Francis, 40, said. “It’s religiously rooted.”

In an emailed statement, Neilson, an accountant, said that he and his attorneys “are fulfilling our well-established duties with respect to the bankruptcy estates—nothing more and nothing less.”

Francis is not the only businessman to complain about how much bankruptcy costs. Court papers show that Neilson got court permission to pay attorneys up to $980 an hour for their work. So far, Neilson has filed a lawsuit to try to pull the Girls Gone Wild trademarks, copyright and website names back from a quiet West Indies company that he said paid nothing for them, according to court papers. In court papers, Neilson said, “the West Indies company is part of a web of offshore entities used by an asset-protection specialist involved with Francis and the Girls Gone Wild entities.”

Click here to read more about the Girls Gone Wild bankruptcy lawsuit and founder, Joe Francis.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Rebuilding Credit after Bankruptcy

Posted on June 3, 2013by Admin

More than a million people file for bankruptcy each year in this country. It is important to remember that immediately after filing bankruptcy you can begin rebuilding your credit. Below are five steps you can take to rebuild your credit after bankruptcy.
1.) Go to annualcreditreport.com and pull your three credit reports (Experian, Equifax and TransUnion). Make sure all of the debts affected by the bankruptcy are listed. Also confirm all information is accurate on each of the reports.
2.) Start getting new credit. The best way is through a secured credit card. Almost everyone is approved and a deposit will guarantee that you are able to cover the charges.
3.) Pay off the card timely, along with all of your other bills each month.
4.) Start a savings account. Having emergency savings means you will not be as likely to tap into your credit.
5.) If you made mistakes, learn from them. You should not feel ashamed after filing for bankruptcy.

Click here to read more on ways to rebuild your credit after bankruptcy.

Bankruptcy Law, Timothy Kingcade Posts

Myth vs. Fact: 5 Bankruptcy Myths Revealed

Posted on May 30, 2013by Admin

While many people assume that people who file for bankruptcy cannot resist the temptation of using credit cards or are self-proclaimed shopaholics, most people who file for bankruptcy do so for other reasons. Below are some of the myths surrounding consumer bankruptcy filings:

1.) People who file for bankruptcy are financially irresponsible. Those who typically file for bankruptcy fall into three categories: they have either lost their job, are going through a divorce or suffering from a serious illness and have insurmountable medical debt.
2.) Bankruptcy discharges all past debts. Not all debts are discharged from bankruptcy. If you have domestic support obligations (i.e. – alimony or child support), those cannot be removed under any circumstances. If you have to pay restitution because of a crime, this debt cannot be discharged. Finally, as a result of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, student loan debts cannot be discharged unless you can prove undue hardship, such as a permanent disability.
3.) If you spend recklessly before bankruptcy, you will not be liable. Some people assume that just because they are getting ready to file bankruptcy they can go out and run up new debt. Courts have ruled this as fraud and it’s unlikely you will get away with this type of spending prior to filing bankruptcy.
4.) Bankruptcy permanently ruins your credit. People who file for bankruptcy are often surprised at how quickly they start accumulating credit card offers in the mail. In fact, usually in about six to twelve months you will be eligible for a regular credit card.
5.) Bankruptcy is a cure-all. Before filing, applicants are required to go to credit counseling, during which the counselor may explain other options like negotiating a payment plan with creditors. It’s important to take what you learn from this session so you do not make the same mistakes twice.

Click here to read more on some popular bankruptcy myths.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Capital One Credit Card Delinquencies Decline Last Month

Posted on May 24, 2013by Admin

Capital One Financial Corp. reports its U.S. credit-card delinquencies fell in April from March. Its international credit card business also showed a decline. Capital One’s 30-day delinquency rate for U.S. credit cards fell to 3.14% in April from 3.37% the prior month, according to a filing with the Securities Exchange Commission. Auto-loan delinquencies remained flat at 5.58%.

Bankruptcy Law, Credit, Timothy Kingcade Posts

The 4 BEST Credit Cards for BAD Credit

Posted on May 23, 2013by Admin

It’s almost impossible to get around these days without a credit card. However, if you have poor credit, you are probably concerned you will not qualify for a card or the interest rates, penalties and fees will make it too difficult. Fear not, those individuals with poor credit (a credit score below about 640-660) should consider the below cards- which are not only easy to qualify for, but if used properly can help boost your credit score.
• Capital One Secured MasterCard. This card reports automatically to all 3 credit bureaus. This is a real credit card, not a prepaid card. You can increase your line of credit without increasing your refundable security deposit, and you can get up to a $3,000 line of credit. There are no processing or application fees. You can also utilize tools to track your credit score. No balance transfer fee. $29 annual fee.

• American Express Prepaid Card. This prepaid card doesn’t affect your credit score since it doesn’t report to any of the credit bureaus. With this card, you can load up to $2,500 to your card. You can order up to 3 American Express Prepaid cards. All your prepaid cards will benefit from roadside assistance and purchase protection, as well as excellent customer service. No annual fee.

• PASS Card from American Express. This prepaid card is mainly for parents to get for their teenage children so that they can learn to use a card to pay for their purchases and always have some money handy. You can reload this card whenever you want or schedule reloads, such as monthly or weekly for your child’s allowance. This card will give your teen special access to entertainment events, as well as purchase protection and roadside assistance. No fraud liability. No annual fee.

• BuyRight Prepaid MasterCard. This card requires no credit check. You can enjoy the online billpay feature that will allow you to pay your bills, checks and rent online. You must pay a $9.95 activation fee to use your card for the first time. This card allows you to earn rewards when spending at Starbucks, purchasing iTunes, RedBox, prepaid cell phone minutes and more. There is a $7.95 monthly fee.

Click here to read more on the four BEST credit cards for bad credit.

If you are looking to rebuild your credit history, it is recommended that you apply for Capital One Secured MasterCard as it reports monthly to the three major credit bureaus in the U.S. The key with this card is to pay your bill on time and maintain your account balance well below the credit limit.

Bankruptcy Law, Timothy Kingcade Posts

Study Finds People Diagnosed with Cancer More Likely to Declare Bankruptcy

Posted on May 22, 2013by Admin

According to a recent study from Fred Hutchinson Cancer Research Center, people diagnosed with cancer are more than two-and-a-half times more likely to declare bankruptcy than those without cancer. Researchers also found that younger cancer patients had two- to five-fold higher bankruptcy rates compared to older patients, and that overall bankruptcy filings increased as time passed following diagnosis.

“This study found strong evidence of a link between cancer diagnosis and increased risk of bankruptcy,” the authors of the study wrote. “Although the risk of bankruptcy for cancer patients is relatively low in absolute terms, bankruptcy represents an extreme manifestation of what is probably a larger picture of economic hardship for cancer patients.” Medical debt is one of the main causes of filing for bankruptcy. In fact, it’s a contributing factor in more than half of all bankruptcy filings. This study raises important questions about the factors underlying the relationship between cancer and financial hardship.

Click here to read more about the study that links cancer diagnosis to an increased risk of filing for bankruptcy.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Obama’s Latest Student Loan Policy Faces Scrutiny as Student Borrowing Costs Increase

Posted on May 21, 2013by Admin

A nonpartisan government report has shown that the Department of Education is forecasted to earn a record $51 billion profit off student borrowers this year. The Huffington Post highlighted the estimate by the Congressional Budget Office, which showed that the Education Department was forecast to report higher earnings this year than Exxon Mobil and nearly as high as those of the four biggest U.S. banks combined!

Congressional Democrats are scrutinizing President Obama’s latest student loan policy and urging for structural reforms. One member of the House of Representatives stated, “We don’t see students or their parents as profit centers, and we don’t think it’s an appropriate concept to be acting like a market-driven bank here.”
The increasing gap between what students and families pay to finance a college education and what the U.S. government pays to borrow has led to record profits for the Treasury. President Barack Obama’s plan, features lower rates than the House Republicans’ plan, though unlike the Republicans’ plan it does not cap interest rates in case the U.S. government’s borrowing costs rapidly increase. The president’s plan would expand a program signed into law by George W. Bush that would tie monthly repayments of federal student debt to borrowers’ income. However, that part of Obama’s proposal was not seriously pursued during the education committee meeting.