One of the many Florida cities facing financial hardship is Titusville, FL. Recently re-elected mayor, Jim Tulley, warned his city that without a reform of city employees’ pensions and other retirement programs, the city would ultimately go bankrupt. Workers unions, particularly representing police officers and firefighters, have been reluctant to agree to any form of restructuring of their pension plans after an earlier agreement promised them a better retirement, but lower pay.
As of October 2010, Titusville’s annual financial reports showed that unfunded liability in the Police Officers and Firefighter’s Retirement Trust had reached $25 million. The unfunded liability in the General Employee’s Retirement Trust had reached $19 million; not to mention, pension costs are going up. Other forms of retirement programs are costly as well, such as health insurance. The annual financial report showed the cost of other unfunded liability for retirees to be $44 million.
Titusville’s financial director, Bridgette Clements, said the city is not at immediate risk for defaulting, but must take precautionary actions for the future. Other cities throughout the country, such as Stockton, CA, have already gone bankrupt largely due to pricy pensions and other benefits for city employees.
After six months and no progress made in the negotiations, the city declared an impasse last week with police, firefighter and general employee unions. Mediators will now come in to help determine the best plan of pension reform for the city. The mayor said that without reform, the city’s residents will endure problems on a larger scale and the quality of life will go downhill.
To read more on this story visit: http://www.floridatoday.com/article/20120819/NEWS01/308190051/Mayor-Pensions-might-bankrupt-Titusville
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
Miami Bankruptcy Attorney Timothy S. Kingcade Discusses Bankruptcy Filing Trends in the Sun-Sentinel
MIAMI – Bankruptcy attorney Timothy S. Kingcade, Managing Partner of the Miami-based law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) recently discussed the reasons for the decline in bankruptcy filings in South Florida with Sun-Sentinel reporter, Paul Owers.
“Many people find the average attorney fee of $1,500 cost prohibitive,” said Timothy S. Kingcade. Also contributing to the decline, “Consumers do not feel as desperate, with so many facing financial troubles in recent years because of the nation’s economic troubles,” he said.
The number of bankruptcy filings for June fell from 3,222 in 2011 to 2,251 in 2012 in Palm Beach, Broward and Miami-Dade counties. Bankruptcy filings also declined from May to June of this year. Bankruptcy and foreclosure trends tend to mimic each other. Consumers often wait to file for bankruptcy until they are at risk of being foreclosed on by their lender. Therefore, foreclosure filings in South Florida have also declined in recent months.
To read more on this story visit: http://articles.sun-sentinel.com/2012-07-03/business/fl-bankruptcies-june-20120702_1_bankruptcy-filings-loan-modifications-foreclosure-action.
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 Attorney Timothy S. Kingcade Quoted in the Miami New Times Discussing Sun-Sentinel Editor’s Financial Troubles
MIAMI – Bankruptcy Attorney Timothy S. Kingcade, Managing Partner of the Miami-based law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) was recently interviewed by reporter, Rich Abdill for an article that was published in the Miami New Times. In the article he discussed the controversy surrounding Sun-Sentinel editor, Howard Saltz’s financial troubles. Saltz was recently relieved of millions of dollars in debt after filing for bankruptcy protection earlier this year. In an email to the Miami New Times, Saltz claimed it was a “business bankruptcy, not a personal bankruptcy.”
“It was a personal bankruptcy,” Timothy S. Kingcade said after reviewing the documents. “The character of the debt does not change the fact that it’s a personal bankruptcy.”
Later Kingcade went on to say that by filing for bankruptcy separately from his wife, Saltz was likely trying to stall a foreclosure or other settlement. “We call those types of cases ‘Ping-Pong’ cases. The creditors are being ping-ponged between the spouses,” Kingcade said. This is a method many have chosen during the recession as a last ditch effort to stay in their homes.
Saltz began purchasing real estate in the late 1990’s. Much of his debt came from unpaid mortgages, totaling more than $2.5 million. Saltz was also deep in credit card debt. He had a $17,000 credit-card bill due to Discover, a $52,000 credit-card bill due to Bank of America, a $60,000 credit-card bill due to Chase, an unpaid medical bill and other unpaid bills such as utilities.
To read more on this story visit: http://www.miaminewtimes.com/2012-07-26/news/sun-sentinel-editor-howard-saltz-bailed-on-millions-in-debts/
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.
Baseball Legend Lenny Dykstra Faces 20 Years in Jail for Bankruptcy Fraud Charges
Former New York Mets and Philadelphia Phillies outfielder Lenny Dykstra pleaded guilty to bankruptcy fraud, concealment of assets and money laundering on July 13, 2012. The former All-Star could be facing up to 20 years in jail and fines of up to $750,000 if convicted.
Dykstra filed for bankruptcy in 2009 after claiming his assets were worth only $50,000, while he owed more than $31 million on his home. Prosecutors claim that after Dykstra filed for bankruptcy he proceeded to sell or destroy items such as baseball memorabilia worth more than $400,000.
U.S. District Judge Dean Pregerson asked Dykstra if he was guilty of the crimes and Dykstra answered, “Yes, your honor.” U.S. Attorney Andre Birotte Jr. said he hoped Dykstra’s story will be a warning to other sports figures who try to ‘manipulate and exploit’ the law.
To read more on this story: http://timesleader.com/stories/Baseball-great-pleads-guilty-to-bankruptcy-fraud,175733
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.
Recent Law School Graduates are facing an Increase in Student Loan Debt and a Decrease in Jobs
A study conducted by William Henderson of Indiana University Maurer School of Law showed that in 2011 only 55 percent of law school graduates were working in law-related jobs, nine months after graduation. Last year 43,735 students graduated with a law degree, of which 28 percent were either unemployed or underemployed after graduation.
Many law school graduates have experienced trouble finding work in the legal field since 2004, before the housing market crashed and the recession hit. The demand for new lawyers added up to only half of the number of those who passed bar exams in 2009.
The issue involving the over-abundance of law school graduates having difficulty finding jobs in their field is not expected to change, even if the economic state of the United States is healed. Many companies are outsourcing legal needs to countries such as India that have ‘smarter’ software. A number of American clients believe countries with such software have a more efficient process. Deans from colleges and universities are openly acknowledging that legal education is experiencing an ‘existential crisis.’
The economic problems extend much further than students finding law-related jobs. Many former law students are now facing problems paying back their student loans due to ‘high-priced degrees.’ Law students are settling for lower paying jobs for which they are over-qualified for, and as a result, many are defaulting on their student loan payments.
To read more on this story visit: http://www.nytimes.com/2012/07/15/opinion/sunday/an-existential-crisis-for-law-schools.html?_r=3&ref=opinion
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.
Errors on Consumers Credit Reports- More Common than You Think
Consumers are struggling to keep their credit scores up in this economy, and it appears the credit reporting agencies are not making it any easier. The three major credit agencies, Equifax, Experian, and TransUnion produce billions of credit reports per year and of this mass amount of reports, an estimated 25 percent contain errors. The errors can be as minor as an incorrect name or birth date.
Consumers are filing complaints with the Federal Trade Commission, but changes to the system are slow to come. The complaints are citing a breach of the Fair Credit Reporting Act. The large amount of errors on consumers’ credit reports is especially troubling, as these are not only accessed by companies issuing credit cards, but also by banks, employers, insurers and many others.
The credit agencies reportedly hired a number of foreign workers to produce credit reports and pay them as little as $0.57 per hour. The Consumer Financial Protection Bureau has been made aware of this issue and is expected to take major steps in addressing the problem sometime this month. It is likely that lawsuits will be filed against some of the credit agencies due to this problem. Consumers are urged to keep a close eye on their credit reports and to report any errors to the Federal Trade Commission.
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.
Student Loan Defaults Increase Nationwide
The Sun-Sentinel reported that across the nation, former students are defaulting on their federally backed student loans at rapid rates. In return, the government is filing lawsuits against former students who default on these loans. The report also stated that more than 4,300 lawsuits were filed across the country against former students who defaulted on their loans in 2011. South Florida reported that 183 lawsuits were filed against residents in 2011 that were unable to make their student loan payments.
Across the state, federal statistics reflect that more than 19,000 residents have defaulted on their student loan payments in the past two years; approximately 1.7 percent more than the national average of those who began repayment in 2009. The number of lawsuits and defaulted loans are expected to continue climbing due to unemployment rates.
Many former students struggling financially are choosing to file for Chapter 7 or Chapter 13 bankruptcy to relieve some of their debt. Although student loan debts are non-dischargeable through bankruptcy, this is a primary way for former students to avoid a lawsuit.
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.
Thousands at Risk to Lose Retirement Benefits from American Airlines
American Airlines and its parent company recently filed a lawsuit against the Committee of Retired Employees to stop providing health care and life insurance benefits to current retirees. The airline is currently paying 40,000 retirees life insurance and health care benefits and wants the bankruptcy judge to rule that it can end the benefits as a way to cut costs in “sound business judgment.” American Airlines reported that during 2010 paying retirement benefits cost them a reportedly $1.26 billion.
American Airlines and its’ parent company AMR Corp. filed for bankruptcy protection on November 29, 2011, after its reported $10 billion losses since 2001. The company is taking steps to restructure, such as layoffs and pay cuts, and ultimately hopes to save $1 billion through these efforts.
To read more on this story visit: http://www.startribune.com/business/161620245.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.
Bankruptcy Filings Dramatically Decline in 2012
The International News Agency, Reuters, has reported that U.S. bankruptcy filings for both consumers and businesses have dropped 14% during the first half of 2012 and are on track to reach the lowest rate since before the start of the recession in 2008.
According to statistics from Eqic Systems Inc., consumers filing for bankruptcy have fallen 13% from the first half of 2011 and businesses filing for bankruptcy have taken a 22% decline. Samuel Gerdano of the American Bankruptcy Institute attributes the decline of bankruptcy filings to new, lower interest rates. Others have attributed the decline in bankruptcy filings to the high fees charged by the courts and attorneys.
While bankruptcy filings are at a low point, several large companies have made headlines this year by filing for bankruptcy such as, Eastman Kodak Co., textbook publisher, Houghton Mifflin Harcourt Publishers Inc., and Hostess Brands Inc., the maker of Wonder Bread and Twinkies.
To read more on this story visit: http://www.chicagotribune.com/business/sns-rt-us-bankruptcy-stats-declinebre8640ub-20120705,0,6184420.story
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 Bankruptcy Filings Fall for the Third Month in a Row
After a major surge in bankruptcy filings earlier this year, May was the third month in a row where South Florida experienced yet another decrease in bankruptcy filings. The U.S. District Court of Miami released a statement saying that during the month of May bankruptcy filings dropped 2.75 percent from April filings in Broward, Palm Beach, and Miami-Dade counties combined. In Broward County, 732 consumers filed for bankruptcy, in Palm Beach County 412 filed and in Miami-Dade 1,293 filed.
Bankruptcy and foreclosure trends tend to go hand in hand. Therefore, foreclosure cases in South Florida have also decreased over the past three months. From March to April this year, foreclosure cases were down approximately 15 percent in Palm Beach County, down 36 percent from a year ago. Foreclosure cases were down 31 percent from March to April in Broward County. In April, there was some speculation from attorneys that bankruptcy filings were down due to consumers waiting for new qualification factors beginning May 1st. The new qualifications include a change on income limits that would make filing for bankruptcy easier for financially distressed consumers.
To read more on this story visit: http://www.sun-sentinel.com/news/palm-beach/fl-bankruptcies-may-20120602,0,1862683.story
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.