Bankruptcy Law Archives - Page 118 of 128 - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Bankruptcy Law, Credit, Timothy Kingcade Posts

6 Steps to Prep for your Tax Return

Posted on January 28, 2013by Admin

Below are six steps to help you get ahead on your taxes this year:

1. The first thing you should do is put together a list of social security numbers. You will need to include everyone’s number who will be on your tax return. If your child is 12 years old or older and does not have a social security number, you must apply for one.

2. Next, you will need to gather the documents that show the income you earned in 2012. This can include: a W-2 from your employer, a 1099-MISC if you made more than $600 from anyone for freelance work, a 1099-G if you collected unemployment, the interest on any savings accounts you have, etc.

3. You also need to locate your 2011 tax return. This can be very helpful when filing your 2012 tax return, unless your life has drastically changed. If you cannot find your tax return from last year, you can order a copy at http://www.irs.gov/Individuals/Order-a-Transcript.

4. Another step you can take to get ahead on your taxes is to figure out the deductions you can claim. There are many possibilities with tax deductions, therefore you should educate yourself and get your paperwork together, early. You will need documentation to prove any deductions you claim. Visit http://www.irs.gov/taxtopics/tc500.html to learn about deductions.

5. If you contributed to a charitable organization in 2012, you can deduct your donation from your taxes. The donation can be in the form of cash, property or stock and must have been to an organization, not a person or political campaign. Visit http://www.irs.gov/uac/Eight-Tips-for-Deducting-Charitable-Contributions to learn about charitable deductions.

6. Finally, you should plan your actual refund. The fastest way to get your refund is to file electronically and use direct deposit.

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

Hostess Selling Off Assets, Starting with Wonder Bread

Posted on January 18, 2013by Admin

Hostess has started the process of liquidating its assets, only two months after the popular baked goods company announced filing for bankruptcy. Last Friday, Flowers Foods announced it was purchasing Wonder Bread and three other bread brands from Hostess for $360 million. Flowers will also be purchasing the rye bread brand, Beefsteak, for $30 million. Flowers Foods owns Nature’s Own and Tastykake. Flowers Foods is waiting for approval from the bankruptcy court, after which, an auction will take place in several weeks. If Flowers is the winning bidder, the company can close the deal.

Hostess was forced into bankruptcy last November after its workers went on strike. The company and the union were unable to come to an agreement, forcing the company to close its doors. More than 18,000 employees lost their jobs and Hostess fans cleared out its stores’ shelves. Most believe that Hostess will have no problem selling off the majority of their brands. There is some indication that Flowers may have plans to make bids on other various snack brands owned by Hostess.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Rise in Unemployment in 2013

Posted on January 16, 2013by Admin

There has been a slight rise in claims for unemployment benefits just two weeks into the New Year. Economists say this is an indicator of the current state of the job market. During the first week of the year, approximately 371,000 people filed first-time unemployment claims, 4,000 more than the last week in December. Although the job market recovery has a long way to go, it has improved since the height of the recession when weekly unemployment claims surged above 600,000. There were roughly 12.2 million Americans jobless during December, meaning the unemployment rate for the month was 7.8%.

Unemployment claims seemed to have leveled off during 2012, ranging from 350,000 to 400,000 throughout most of the year. The U.S. economy has added an average of 150,000 jobs to the market each month throughout 2012; a rate that barely keeps up with the population growth each month. Economists say that if the market could reduce filings to 320,000 and 350,000 claims per week in 2013, this would greatly improve the economy. If claims were in this range, approximately 250,000 jobs would be added to the economy each month.

To read more on this story visit: http://money.cnn.com/2013/01/10/news/economy/unemployment-benefits/index.html

Bankruptcy Law, Timothy Kingcade Posts

Bankruptcy Filings Are Down

Posted on January 14, 2013by Admin

According to the National Bankruptcy Research Center (NBKRC), the November 2012 bankruptcy filing rates were down 10% from October 2012. Filings dropped from approximately 96,000 in October to 86,000 in November. However, this is a familiar trend, mostly due to the holiday season. A positive sign from the November report is that the annual filing rates have dropped. When compared with November 2011 reports, filings were down 15% in 2012.

During 2013, bankruptcy filing rates are at approximately one in every 220 adults or 4,600 per every million adults. Four states stand out with more than 70% of the national average including: Tennessee, Georgia, Nevada and Utah. There are six states with less than half of the national average including: Alaska, Washington D.C., South Carolina, Vermont, North Dakota and Hawaii.

The NBKRC report showed that filing rates in the far West have experienced a more extreme decline than anywhere else in the country. Nevada, Hawaii, Alaska, Arizona and California rates are all down by more than 22% from this time last year.

To read more on this story visit: https://www.nbkrc.com/November2012_News.aspx

Bankruptcy Law, Timothy Kingcade Posts

How Your Taxes Will Be Affected by the Fiscal Cliff Deal

Posted on January 11, 2013by Admin

The Fiscal Cliff deal will likely affect every taxpayer. Below are the effects it could have on your taxes:

1. Payroll Taxes: Wage earners will pay 6.2% in payroll tax on their first $113,700 in wages as opposed to the 4.2% rate that has been the payroll tax rate for the past two years.

2. Tax Rates: Individual taxes are going up for filers with incomes above $400,000 and couples above $450,000. Upper class taxpayers will pay 39.6% above the threshold. In the past, they paid 35% since 2001.

3. Investment Taxes: Capital gains and dividend tax rates for filers earning more than $400,000 or $450,000 for couples will increase from 15% to 20%. Taxpayers in the lowest bracket will pay 0% and all others will pay 15%.

4. Family Tax Breaks: President Obama’s Recovery Act has been extended for five years including:
a. American Opportunity Tax Credit: a partially refundable credit of up to $2,500 per year for four years for low-income families.
b. Child Tax Credit: Low-income parents can claim as much as $1,000 per child under 17.
c. Earned Income Tax Credit: provides a credit for working American with low- and moderate-incomes.
d. Expanded Dependent Care Credit: allows certain taxpayers to deduct up to 35% of expenses to a max of $6,000 for two children (permanently extended).

5. Itemized Deductions/Personal Exemption: Taxpayers who make $250,000 and above and couples who make $300,000 and above will soon be limited with the personal exemptions and itemized deductions they can take.

6. Alternative Minimum Tax: The income exemption level will be permanently adjusted for inflation.

7. Estate Taxes: The estate tax exemption will remain at $5.12 million and will be indexed to inflation going forward.

8. Marriage Penalty: Married couples will continue to receive a deduction that is twice that of individuals and income ranges for the 10% and 15% tax brackets are also doubled.

9. Debt Forgiveness: Homeowners who receive principal forgiveness or go through a short sale or foreclosure will not have to pay tax on the amount of debt forgiven. This will extend for one year.

10. Tax Breaks: Filers can continue to deduct state and local sales taxes. This deal extends to a bevy of tax breaks.

To read more on this story visit: http://economy.money.cnn.com/2013/01/02/taxes-fiscal-cliff/?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.

Bankruptcy Law, Timothy Kingcade Posts

Florida Brain Injury Hospital Files for Bankruptcy

Posted on January 10, 2013by Admin

The Florida Institute for Neurologic Rehabilitation Inc. filed for bankruptcy last week in Tampa. The hospital itself is located in Wauchula, a small city in Southwest Florida, and treats brain injuries. A few months ago, the state began investigating the hospital on reports of patient abuse and neglect. Along with three other affiliated institutions, the hospital filed Chapter 11 bankruptcy petitions on Friday. Court filings showed the institution owes between $3 million and $30 million to hundreds of creditors and their assets total less than $150,000.

In August, Florida officials ordered the hospital to send 50 patients to other facilities. This occurred shortly after a story by the Bloomberg News revealed the institution had a history of violence with its patients. The hospital’s creditors include: insurance companies, law firms, medical supply companies, water and electric utilities, the county tax collector and a public relations firm.

Or visit: http://www.miamiherald.com/2013/01/07/3170982/fla-brain-injury-hospital-files.html

Bankruptcy Law, Florida Bar, Timothy Kingcade Posts

Kingcade & Garcia, P.A. Files 1,070 Bankruptcy Cases for the Year in the Southern District of Florida

Posted on January 8, 2013by Admin

MIAMI – Kingcade & Garcia, P.A. (www.miamibankruptcy.com) a Miami-based bankruptcy law firm, focused solely on helping individuals and families throughout the Southern District of Florida in Chapter 7 bankruptcy and foreclosure defense cases, is pleased to announce it filed 1,070 total bankruptcy cases in 2012.

“We are honored to be able to help more than 1,000 families in South Florida eliminate their debt and get a fresh start with their finances,” said Founding Partner and Managing Shareholder, Timothy S. Kingcade. “We attribute this success to our unwavering dedication to our clients and never losing sight of their best interest throughout the bankruptcy process.”

Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 bankruptcy filings and foreclosure defense cases for the Southern District of Florida. All partners and associates at Kingcade & Garcia, 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.

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Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout the Southern District 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. More information can be found at www.miamibankruptcy.com or by calling 305-285-9100.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Don’t Let a Car Accident Wreck Your Credit

Posted on January 4, 2013by Admin

Many car accident victims are often burdened with major medical bills after their accident. In fact, according to a Harvard study 62 percent of bankruptcies are caused by outstanding medical bills. Insurance claims can be extremely confusing and differ according to state and policy. While waiting for your insurance claim to settle, these medical bills are often sent off to collection agencies. This in turn can have an immediate impact on your credit score. Insurance companies have a reputation for taking their time settling claims, leaving accident victims sitting on a mountain of debt.

Below are some ways to avoid the accident having a negative impact on your credit score:

1. Provide all health and auto insurance information to any health care providers you have seen after the accident. The worst mistake you can make is to assume that one or the other will be solely covering your medical costs. Also make sure you provide your claim number with your medical providers.

2. Even though it is a stressful time, you must be proactive. Promptly report the accident to your insurance company. If you delay your claim, insurance companies may try to use this against you as grounds for denying a claim.

3. Keep all of your mail, records, reports, etc., organized. Save every piece of mail you receive regarding the accident. This can include any type of correspondence between you, the medical providers or the insurance companies.

4. Educate yourself about balance billing. Most health care providers are required to follow certain billing procedures. If you are not aware of the procedures, you might become the victim of balance billing where you are not billed within a timely manner.

5. Do not hesitate to ask your insurance agent for help.

6. The best results come to those who are persistent. You may feel as though you are annoying your company’s adjusters; however, they are more likely to settle your claim in a timely manner if you are persistent.

7. It is not in your best interest to try and settle your claim alone. There are often important deadlines and procedures that you do not know, therefore consider hiring an attorney to help you through this process.

8. If you are denied a claim, challenge the denial. Your attorney can help you file a suit to rightfully claim your settlement.

9. The scary truth is that you may be liable for some of your medical bills. However, you can try to negotiate the amount you owe. Your attorney can also help you negotiate this with your health care provider.

To read more on this story visit: http://money.msn.com/credit-rating/will-a-car-crash-wreck-your-credit?page=2

Bankruptcy Law, Credit, Timothy Kingcade Posts

January the Most Popular Month for Divorce

Posted on January 2, 2013by Admin

The first month of the New Year is reportedly the most popular time of the year to file for divorce. Below are five financial reasons why:

1. Year-End Bonuses are a contributing factor of why many couples wait until January to divorce. In most states, once a divorce has been filed, any income that comes in after, is separate. Year-end bonuses are commonly fought over in divorces.

2. Cooling Off can be another factor in why spouses wait until January to file for divorce. Spouses are aware of the fact that their significant other might be less likely to settle if their holiday was ruined.

3. Holiday Shopping can be disastrous if spouses are angry at one other. The spouse that has been served the papers may go on a spree with the idea that he/she deserves it while the opportunity is present.

4. Tax Returns are commonly thought to be a contributing factor to whether a divorce is filed in December or January. While it really makes no difference when the divorce is filed, many couples are under the assumption its best to start the New Year with a clean slate.

5. More Time to Plan is available if a spouse waits to file for divorce in January. Both spouses have most likely had some time off for the holidays and are able to get end-of-year statements together. There is more time for spouses to sift through finances and gain a better prospective on what the future holds.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Top 7 Financial Resolutions for 2013

Posted on January 1, 2013by Admin

Today marks the first day of 2013 and for many this is a time for making New Year’s resolutions. For some people, the resolution might be to improve their health or stop smoking, but for many this marks a time to make financial resolutions. To get your economic house in order, begin with these seven mantras:

1.) Start an emergency fund: Only one in four American households have an adequate emergency savings cushion. It’s recommended that the money be taken directly out of your paycheck or checking account so you will never miss it. The first priority should be building up three to six months’ worth of expenses in an emergency fund.
2.) Stop paying bank fees: As most people are aware, banks are trying to make up for lost revenue, so they charge on everything from monthly maintenance to overdraft protection. A May, 2012 Pew study reported that the average overdraft fee is $35, and said big banks charge an average of $117 per year. Opt for an online bank, a community bank, or a credit union—the only place you will find hassle-free, no-fee checking.
3.) Save for retirement: Whether you are 25 or 45, most people are not saving enough for retirement. Since the retirement contribution limits for IRA’s and workplace retirement programs both increase in 2013, there is room for everybody to save more for retirement this year than they did last year.
4.) Pay off your debt: According to a recent study by CardHub, credit card debt hovers around $6,700 per household. This does not include debt that people have defaulted on but are still responsible for. Pay down high-interest credit cards first, as less of the dollar will be going toward interest and more to the principal.
5.) Make a budget: People often shy away from this because they find it trivial or tedious, but it’s a necessity and will help you decipher between luxuries and necessities in your spending habits.
6.) Build your credit score: This is important, because the better your credit the more you can take advantage of rewards and zero percent introductory interest rates.
7.) Talk about money with your partner/family: Most people shy away from this because it can be uncomfortable. But it doesn’t have to be. Check in with your family members to see what plans they have in place to protect their heirs and assets. Make sure that your family is provided for in the unlikely event that you are injured.

To read more on this topic visit: http://abcnews.go.com/Business/top-financial-resolutions-2013/story?id=18026466