Bankruptcy Law Archives - Page 115 of 128

Bankruptcy Law, Credit, Timothy Kingcade Posts

Florida Bankruptcy Court’s Non-Dischargeable Debts

Posted on March 26, 2013by Admin

Millions of Americans have struggled to gain control of their finances following the Great Recession. Many have filed for bankruptcy protection in order to have their debts discharged and gain a fresh start. If you are considering filing for Chapter 7 bankruptcy protection, one important thing to understand is that not all debts are dischargeable in Florida’s bankruptcy court. Non-dischargeable debts are those that you will still be responsible for repaying, even if your other debts are relieved through bankruptcy protection.

The following debts are non-dischargeable in Florida’s bankruptcy court:

1. Back child support, alimony obligations and other debts dedicated to family support.

2. Debts for personal injury or death caused by driving while intoxicated.

3. Student loans, unless undue hardship can be proven.

4. Fines and penalties for violating the law, including traffic tickets and criminal restitution.

5. Recent income tax debts (within 3 years) and all other tax debts.

6. Debts you forget to list in your bankruptcy papers, unless the credit learns of your bankruptcy case.

There are also some debts that may be declared non-dischargeable in a Chapter 7 bankruptcy case if the creditor challenges your request to discharge them.

1. Debts you incurred on the basis of fraud.

2. Credit purchases of $1,150 or more for luxury goods or services made within 60 days of filing.

3. Loans or cash advances of $1,150 or more taken within 60 days of filing.

4. Debts from willful or malicious injury to another person or another person’s property.

5. Debts from embezzlement, larceny or breach of trust.

6. Debts you owe under a divorce decree or settlement unless after bankruptcy you would still not be able to afford to pay them or the benefit you would receive by the discharge outweighs any detriment to your ex-spouse (who would have to pay them if you discharge them in bankruptcy).

Click here to read more on Florida bankruptcy court’s non-dischargeable debts.

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, Credit, Timothy Kingcade Posts

Mortgage Giant Fails to Settle Homeowner Complaints

Posted on March 25, 2013by Admin

A recent report showed that mortgage giant, Freddie Mac, failed to resolve a large portion of borrower’s complaints between October 2011 and November 2012. The report showed that Freddie Mac’s eight largest mortgage servicers resolved more than 25,500 complaints during that time but failed to handle 21 percent of the complaints filed within the allotted 30-day period. Furthermore, the report found that the majority of the complaints that came in and were considered “escalated complaints” were never reported to Freddie Mac. “Escalated complaints” are those that the field agent manning the phone cannot resolve and must be reported to Freddie Mac. Four out of eight of Freddie Mac’s mortgage servicers did not report a single complaint from October 2011 to November 2012. These four lenders included: Bank of America, CitiMortgage, Wells Fargo and Provident.

In addition to complaints not being passed on to Freddie Mac, the watchdog agency also reported that the Federal Housing Finance Agency (FHFA) did not have a proper plan in place for resolving the complaints from borrowers that were reported. The FHFA is responsible for monitoring Freddie Mac and its servicers. As a result, allegations of servicing fraud and improper foreclosures were inadequately handled. Freddie Mac and its servicers are required to observe strict protocol when a borrower files a complaint, according to 2011 guidelines that were issued to protect borrowers from fraudulent lender practices.

Click here to read more about mortgage giant Freddie Mac failing to resolve borrower complaints.

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, Kingcade & Garcia, P.A.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

As the Economy Improves, Many South Floridians are Repairing their Credit Scores

Posted on March 22, 2013by Admin

Florida was one of the hardest hit states when the housing market crashed in 2008. As a result, many residents lost their jobs, lost their homes and were forced to file for bankruptcy protection. However, many South Floridians have made progress in repairing their credit scores since the recession. Approximately 40,000 people in Broward, Palm Beach and Miami-Dade counties raised their credit scores to 620 or above in just one year. A credit score above 620 removes the individual from the Subprime or Risky category, meaning that they are more likely to be approved for credit cards, auto loans, mortgages, etc. Not only is it easier to be approved for a loan once you are out of the Subprime category, but it also enables you to get lower interest rates.

According to Equifax, South Florida is second only to the Los Angeles metro area in the number of people who have improved their once sub-prime credit scores in the year that ended September 30, 2012. In January, the average credit score for the three counties was 645, which is only three points below the national average. Much of South Florida’s successful recovery can be attributed to the large number of mortgage lenders that are trying to help out the community. Companies such as The Mortgage Firm, provide free counseling to help people improve their credit scores. As a result, many South Floridians have been approved for mortgage loans in as little as two years after filing for bankruptcy and as little as three years after a foreclosure.

Click here to read more about how South Floridians have successfully repaired their credit scores after the recession.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Top 10 Leading Causes of Bankruptcy

Posted on March 21, 2013by Admin

In the southern district of Florida, 31,989 people filed for personal bankruptcy in 2012 and 36,847 in 2011. However, the factors that cause people to file for bankruptcy can be very different. See below for the top ten leading causes of filing for personal bankruptcy.

1. Medical Bills: Medical debt is the leading cause of bankruptcy in the United States. Studies show that 42% of all personal bankruptcies are the result of medical bills.

2. Job Loss: Approximately 22% of those who file for personal bankruptcy attribute their financial troubles to their unemployment.

3. Uncontrolled Spending: Credit card bills, mortgages and car payments contribute to approximately 15% of bankruptcies in the United States. Many Americans are forced to file for bankruptcy protection every year due to uncontrolled spending habits.

4. Divorce: Divorce can be very expensive when there are legal fees, child support payments, alimony payments and the burden of providing for a household on only one income. Divorce attributes to 8% of bankruptcy filings in the United States.

5. Unexpected Disasters: Around 7% of personal bankruptcies are the result of an unexpected disaster such as an earthquake, flood or hurricane. Many Americans cannot recover from debt surrounding a natural disaster due to a lack of homeowners or renters insurance.

6. Avoiding Foreclosure: Many people have filed for bankruptcy protection in order to avoid their home from being foreclosed on. Approximately 1.5% of Americans reportedly file for bankruptcy to stay in their homes.

7. Poor Financial Planning: Nearly 1.5% of Americans who file for bankruptcy protection are forced to do so because of poor financial planning.

8. Preventing Loss of Utilities: One percent of families file for bankruptcy protection in order to keep their utilities on, such as electricity.

9. Student Loans: Student loans are not typically dischargeable debt when filing for bankruptcy; however, the minimum payments can be so high that the individual is forced to file for bankruptcy to eliminate other debt. One percent of Americans attribute their bankruptcy to student loans.

10. Preventing Repossession: One percent of Americans file for bankruptcy in order to have repossessed items returned to them or to avoid repossession altogether.

Click here to read more about the 10 leading causes of personal bankruptcy.

Click here to find bankruptcy statistics in the United States from 2011 and 2012.

Bankruptcy Law, Credit, Timothy Kingcade Posts

The Devastating Effect Medical Bills can have on your Credit Score And what you can do about it

Posted on March 19, 2013by Admin

One thing that can be the most devastating to your credit score is an unpaid medical bill. Many Americans find themselves with a low credit score due to unpaid medical debt. Commonwealth fund estimated that nearly 30 million Americans were contacted by collection agencies for unpaid medical bills during 2010. In many cases, they did not know about the debt until it already damaged their credit score. A combination of sky-high bills, insurance processing delays and billing mistakes are often to blame for credit-harming medical bills. Unfortunately, many patients believe that medical bills cannot harm their credit score, when in reality even unpaid $15 co-pays can cause your credit score to plummet.

See below four medical bill myths that can wind up hurting your finances and your credit score:

1. As long as I am making payments on a medical bill, it cannot be sent to collections.

2. I have to be notified before a medical bill is turned over to a collection agency.

3. Medical collection accounts are treated differently than other types of collection accounts when credit scores are calculated.

Another unfortunate fact about medical debt is that most of those who are contacted by collection agencies do not fully understand their rights regarding the debt. If you are contacted by a collection agency you have (1) the right to receive written confirmation of the debt and (2) the right to dispute the debt. Under the Fair Credit Reporting Act, you also have the right to dispute inaccurate information on your credit report. Congress is currently considering the Medical Debt Responsibility Act, which will help out those who are struggling with medical debt. The proposed legislation would require medical bills to be removed from credit reports 45 days after they are paid as long as the original amount does not exceed $2,500.

Click here to read more on the negative effects medical bills can have on your credit score.

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. website.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Floridians Take Advantage of Low Interest Rates This Year

Posted on March 18, 2013by Admin

Florida has experienced a mortgage boom this year, due to eager home buyers taking advantage of lower interest rates. According to statistics released by JPMorgan Chase last Friday, Floridians have been getting new mortgages nearly double the national average. A Chase spokeswoman said that the mortgage giant has helped more than 56,000 Florida residents get new mortgages in the last year. The numbers of Floridians getting mortgages are up 52 percent this year, compared to last year. This is a 21 percent hike compared to the national average, meaning Florida doubled the national trend in originations. Many Floridians are rushing to apply for a mortgage so they do not miss the record low interest rates. Interest rates on a 30-year home recently jumped to 3.63 due to the strengthening economy. The 30-year fixed interest rate reached an all-time low in November 2012 of 3.31 percent.

Much of the dramatic increase in residents applying for mortgages is coming from South Florida. Analysts believe the hike can be attributed to many who lost their homes to foreclosures during the recession a few years ago. They are getting back on their feet and able to qualify for new mortgages after spending a few years restoring their credit scores. These buyers are known as “boomerang buyers.” In some cases, they may have lost their jobs but now have new ones and are able to buy again. Analysts also believe some of those helping the state’s mortgage market are snowbirds looking to move to South Florida now that the economy is improving.

Click here to read more about Florida’s mortgage boom.

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 website, Kingcade & Garcia, P.A.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Best Credit Cards to use after Bankruptcy

Posted on March 15, 2013by Admin

Believe it or not, getting a new credit card after filing for bankruptcy is one of the best ways to begin rebuilding your credit score. But how do you know which one is right for you? A secured credit card is a great way to start over. These are one of the few types of credit cards that tend to be easy to get if you’ve been through bankruptcy or other credit problems. In most cases, they are available as soon as your bankruptcy is discharged. You’ll place a security deposit with the issuer and get a major credit card you will use just like any other credit card.

To ensure you get the maximum benefit from your secured card, it is important you do three important things:

1.) Choose a card that reports your payment history each month to all three credit-reporting agencies.

2.) Make your payments on time, all of the time, NO EXCEPTIONS. A single late payment can cause your credit score to drop significantly.

3.) Keep your balance low. Only use 10%-15% of your available credit line.

If you are trying to rebuild credit after bankruptcy, you need to review your credit reports and scores frequently. Get your credit reports from AnnualCreditReport.com about three months after your case is discharged. Dispute any mistakes you find. Then use Credit.com’s Free Credit Report Card to check your credit score each month. If you have positive credit references reporting to the credit bureaus, you should see steady progress over time. One more tip, do not apply for additional credit until your bankruptcy is discharged. Taking on additional credit while you are still completing a bankruptcy can jeopardize your case.

Bankruptcy Law, Credit, Timothy Kingcade Posts

9 Ways to Teach Your Teenager About Money

Posted on March 11, 2013by Admin

One of the most valuable lessons you can teach your teenager is financial responsibility. Some schools across the country have installed financial literacy programs in their curricula, but many have not. Below are nine ways to teach your teenager about money management at home.

1. Start with a game. Websites such as PracticalMoneySkills.com and Learn4Good.com have games that can teach your teenager how to manage money. On Learn4Good.com, games such as “Record Shop Tycoon” or “Burger Restaurant” will teach your teen how to run a business. On PracticalMoneySkills.com, the “Financial Football” game consists of Q&A’s where a correct answer will allow the player to move on the football field.

2. Start a monthly budget. If you allow your teen a monthly allowance, it will teach them how to budget and save when they want something expensive. However, you should be prepared to say no if they spend all of their money in the first week.

3. Pay your teen to save. You should start a savings account for your teen and teach them to put 10 percent of their allowance, paycheck and gift money they receive in the account. You should offer to match their savings amount as an incentive for them to choose to save. It will be good practice if you have your teens do the research themselves to find an account with the lowest fees and highest interest rates.

4. Give them a clothing allowance. Each season or school term, provide your teen with a clothing allowance. Place the budgeted amount on a prepaid debit card to give your teen the power to figure out how to spend their clothing allowance effectively.

5. Take them to thrift shops. Teach your teens to appreciate vintage clothing for both style and savings. Thrift stores can also be great for gifts, books and DVDs.

6. Give them budgeting projects. If you are planning a vacation, ask your teen to research a hotel, travel expenses and activities to do while you are there. You can give them a budget and let them map out the vacation.

7. Encourage them to get a job. Once your teen turns 16 (or the legal working age in your state) encourage them to get a part-time job. Before their first paycheck arrives, help them plan to save a part of their paycheck. You should also help them determine where the rest of the check will go, such as towards car insurance or a cell phone bill.

8. Talk about college financing. As your teen nears high school graduation, talk to them about the average cost of college and your plans and expectations for financing their education.

9. Teach them about identity theft. Warn your teen about the dangers of identity theft when it comes to things such as online shopping. Teach them the importance of safeguarding their Social Security number, name and bank account information.

To read more on this story visit: http://www.dailyfinance.com/2013/03/05/financial-literacy-teen-money-education/

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Community College Grads Out-Earn Bachelor’s Degree Holders

Posted on March 8, 2013by Admin

A recent study conducted by Georgetown University’s Center on Education and the Workforce showed that nearly 30% of college grads with associate’s degrees make more money than those with bachelor’s degrees. In several states, community college graduates make more, right out of school, than graduates of four-year universities. For example, community college graduates in Tennessee make an average annual income of $38,948. This is approximately $1,300 more than the average salaries for graduates of four-year institutions. The Georgetown Center estimated that approximately 29 million current jobs paying middle class wages require only an associate’s degree.

Most college grads with bachelor’s degrees eventually catch up to community college grads in earnings by mid-career; however, another factor to consider is that four-year degrees are more expensive than two-year degrees. The increase in wages for community college grads is attributed to a recent high demand for people with “middle-skills,” such as: radiologists, lab technicians, paralegals and machinists. According to CareerBuilder.com, air traffic controllers can make $113,547, radiation therapists can make $76,627 and registered nurses can make $65,853, all of which are two-year community college degrees.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Best Shopping Deals in March

Posted on March 5, 2013by Admin

March has always been a big shopping month, particularly for those looking for spring deals. Below is a list from Dealnews.com of the best products to buy this month.

PlayStation 3
Sony debuted the long-awaited PlayStation 4 in late February. In the past, prices on previous generation PlayStations have dropped between 60% and 64% just after the latest models were released. The prices of PlayStation 3 consoles are expected to do the same this month.

Chocolate
High-end chocolate shops, such as Godiva, are expected to have great deals on chocolates leftover from Valentine’s Day this month. Typically after a holiday, themed candy is discounted up to 50%.

Luggage
March is a great time of the year to buy travel gear. Last year, a number of stores had great luggage deals during March such as: Wal-Mart, eBags, Macy’s and Sears. These deals will likely last through spring.

Frozen Foods
March is National Frozen Foods Month. Although it was adopted as a marketing ploy, you will see special promotions from different food brands throughout the month on frozen foods.

Smartphones
In February, at Mobile World Congress, several phone manufacturers debuted new smartphones, turning 2012 models into previous-generation goods. This month will be a good time to buy last year’s smartphones at discounted prices.

Big-Screen TVs
TV deals were at all-time lows during February. These discounted prices are expected to continue into March.