President Obama and the House Republicans are still in negotiations when it comes to reaching a deal in regards to the dreaded ‘fiscal cliff.’ If existing laws are not changed by the end of 2012 the economic effects of the fiscal cliff could result in tax increases, spending cuts and a corresponding reduction in the US budget deficit beginning in 2013. President Obama announced that he is determined to let the Bush-era tax cuts for the upper class expire. This past Sunday, President Obama and House Speaker John Boehner met at the White House to attempt a negotiation. Representatives from both parties stated, “The lines of communication remain open” after the meeting.
Some Republicans seem to be on board with the President’s plan for higher taxes for the upper class. Tennessee Senator Bob Corker stated that he is “beginning to believe this is the best route for us to take.” However, there is still a large group of Republicans who believe the most efficient route would be to close special interest loopholes. Either way, the White House and the House of Representatives do not have long, the fiscal cliff will hit in less than three weeks.
To read more on this story visit: http://www.cbsnews.com/8301-250_162-57558124/as-fiscal-cliff-clock-ticks-obama-hits-the-road-again/
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
Bankruptcy Might be in Detroit’s Future
As the city and state have failed to make headway over specific reforms, Detroit’s projected deficit is growing. City officials say that bankruptcy is the last resort if the city and state do not come to an agreement. It is estimated that the city will sacrifice a $30 million in state bond funding. Without the bond, the city will be at a $46 million deficit by next May. That kind of deficit is enough for bankruptcy to become the only option. If Detroit files for Chapter 9 bankruptcy, it will be the largest city in history to ever file for bankruptcy protection.
A deep political divide between city leaders in Detroit would make the bankruptcy process even more difficult. Municipalities filing for bankruptcy must have the state’s approval to do so. There are major differences between a company filing for bankruptcy and a municipality filing for bankruptcy. When a city files for bankruptcy, it is simply looking for ways to reorganize debts. Many city and state officials believe bankruptcy is not yet an option because it would mean giving up.
To read more on this story visit: http://www.detroitnews.com/article/20121129/METRO01/211290392/Bankruptcy-unattractive-option-Detroit?odyssey=mod%7Cnewswell%7Ctext%7CFRONTPAGE%7Cs
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.
Miami Landlord Ordered to Stop Harassing Family Protected by Chapter 7 Bankruptcy Automatic Stay
MIAMI – A Florida judge recently ordered a landlord to stop harassing a Miami couple with two children who sought Chapter 7 bankruptcy protection. The family was struggling to keep up with their bills and was facing eminent eviction when they went to see Miami bankruptcy attorney, Timothy S. Kingcade to file for bankruptcy protection.
“The landlord disregarded the automatic stay put in place that protects from harassing debt collector calls, wage garnishment and repossession of property. This landlord was extremely aggressive and thought the laws of bankruptcy code did not apply to him,” Timothy S. Kingcade said.
Kingcade filed an emergency motion to hold the landlord in contempt of court for violating the automatic stay. The landlord did not appear at the hearing, but harassed Mr. Kingcade and the family with threatening phone calls and text messages. Ultimately, the bankruptcy judge found the landlord in contempt of court and ordered him to stop harassing the family and their attorney.
Mr. Kingcade proceeded to take the family’s case to the state court judge. After reviewing the bankruptcy court’s findings, the judge vacated all pleadings filed in violation of the automatic stay. The family now has time to restructure their finances without risk of eviction and will no longer be harassed by their landlord.
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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 Judge Approves Hostess’ Closing
One of America’s most well known baked goods producers, Hostess, announced its plans to close a couple of weeks ago. Hostess failed to come to an agreement with its workers’ unions prompting the company to ask permission from the courts to liquidate its assets. Judge Robert Drain gave preliminary approval for the company to start selling assets such as its bakeries, brands and recipes.
Approximately 15,000 of the 18,500 employed by Hostess will likely be terminated in the coming days. Main operations for the company have been closed since Friday, November 16th. Investment bankers have said that possible buyers are inquiring various brands and facilities owned by Hostess. Hostess’ CEO said plans to sell off assets would move as quickly as possible. Judge Drain scheduled another hearing regarding a request for approval of bonuses for 19 executives to oversee the liquidation process, equaling $1.75 million.
To read more on this story visit: http://money.cnn.com/2012/11/21/news/companies/hostess-closing/index.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.
South Florida’s Unemployment Rates Drop to 2008 Lows
South Florida recently experienced its lowest rate of unemployment since 2008. The combined unemployment claims dropped eight percent during October from the previous year. However, South Florida experienced declining rates of as much as 25 percent during the beginning months of 2012. In Broward County, October’s first-time unemployment was down 12 percent from a previous three-month average. In Miami-Dade, October’s rate was down five percent from the previous year. Another positive sign for the economy is that job growth rates increased during the month of October.
Although the numbers are rising for the job market and unemployment filings are down, economists are disappointed the recovery is not at the speed it was during the end of 2011 and the start of 2012. Many believe the presidential election slowed down the job growth because companies were hesitant to hire during the campaigning process.
To read more on this story visit: http://www.miamiherald.com/2012/11/14/3097754/unemployment-claims-lowest-since.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.
Hostess Forced to Close its Doors
After failing to reach a deal with the baker’s union, Hostess’ CEO Greg Rayburn said, ‘this is it’ for the baked goods company on Friday, November 16th, 2012. Rayburn reassured Today that this was not a ploy to initiate a negotiation. The company has already suspended operations at its plants and layed off most of the 18,500 workers the company employs. Hostess has asked the court for permission to liquidate its assets, which includes 33 bakeries and 565 distribution centers.
Hostess is most famous for baked goods such as Twinkies, Ding Dongs, Ho Ho’s, Sno Balls, Donettes and the country’s best-selling brand of white bread, Wonder Bread. The company plans to sell its famous brands as part of their liquidation and will continue to sell already-baked products for several more days. The company was forced to permanently close three plants last Monday as a result of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) strikes. Later in the week, Rayburn said that Hostess did not have the “financial resources to weather an extended nationwide strike.”
To read more on this story visit: http://www.nbcnews.com/business/hostess-maker-twinkies-ding-dongs-says-closing-business-1C7112898
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.
How the ‘Fiscal Cliff’ will Affect Taxes and Federal Spending
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.
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
Can Student Loan Debt Be Discharged through Bankruptcy?
Contrary to the 2005 ruling that prohibits student loan debt from being discharged through bankruptcy, there lies an exception to the rule. If ‘undue hardship’ can be proven, bankruptcy courts can discharge full or partial student loan debt. In 1987 the Brunner test was introduced to help establish the term ‘undue hardship.’ The test includes the following three conditions:
• The debtor cannot maintain a minimal standard of living if forced to repay the loans.
• The debtor must have additional circumstances that indicate this hardship is likely to continue throughout a significant portion of the repayment period.
• The debtor must have made good faith efforts to repay the loans.
The National Association of Consumer Bankruptcy Attorneys conducted a survey last year showing that 94 percent of attorneys reported that few to none of their clients would meet the undue hardship eligibility requirements. However, consumers that do meet the requirements have surprisingly high success rates of being discharged of their debt by the court system.
Many Americans carry student loan debt for the rest of their lives and sometimes it can later affect a consumer’s social security payments. In the last year student loan debt in the U.S. surpassed the $1 trillion mark and averaged around $17,000 in debt per person. In most cases where consumers have successfully proven undue hardship, there has been some type of health related condition hindering the person’s ability to obtain or keep a job.
To read more on this story visit: http://blogs.lawyers.com/2012/09/escape-student-loans-in-bankruptcy-in-extreme-circumstances/
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 is an Option to Help You, Not Hurt You
For many Americans, the thought of filing bankruptcy is a very scary thing. So scary in fact, that many of them miss out on the positive changes and financial freedom filing for bankruptcy protection can bring. The first thing that happens when a person files for bankruptcy is an automatic stay will go into effect for all of their bills, which forbids creditors from harassing debtors.
Perhaps the most common worry among Americans when it comes to filing bankruptcy is the long-term effects it will have on their credit score. Many believe it is impossible to ever have a decent credit score, again. This could not be further from the truth. Almost immediately after a person is discharged of their debt, there are many steps available to rebuild their credit score. The person filing for bankruptcy is most likely delinquent on bills and already their credit score has suffered. Filing for bankruptcy protection can actually be the easiest way to improve an already troubled credit score.
To read more on this story visit: http://www.miamibankruptcy.com/blog/2012/08/afraid-of-bankruptcys-impact-it-might-actually-improve-your-situation.shtml
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.