U.S. Bankruptcy Judge Nancy Dreher ordered the arrest of Attorney Naomi Isaacson in Minnesota after an on-going bankruptcy case lead to an unveiling of religious and racial slurs in court documents against Judge Dreher and other court officials.
Isaacson represented a subsidiary group in the bankruptcy case called the Samanta Roy Institute of Science and Technology. After failing to turn over mandatory court documents and making accusations of bigotry and conspiracy in a memo concerning the court officials, Judge Dreher placed Isaacson under arrest. She also ordered that she and another attorney involved each pay $5,000 in penalties and attend legal ethics classes.
Judge Dreher, who claims no particular religious faith was repeatedly named “Nancy Dreher, the Catholic Judge,” in the memo. “It is referring to a mentality and an adherence to a universal creed of White Supremacy,” Judge Dreher stated, after reviewing the memo.
Judge Dreher has turned the matter over to Chief U.S. District Judge Michael Davis for further review.
To read more on this story visit: http://www.chicagotribune.com/news/chi-ap-mn-anti-catholicfili,0,209481.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. 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 at www.miamibankruptcy.com.
Bankruptcy Law
Beware of taking Cash Advances before Filing Bankruptcy
It’s important to remember that not all debt is dischargeable in bankruptcy. Almost all credit card debts are dischargeable, but when it comes to cash advances ‘The Bankruptcy Code’ provides that any cash advance, or combination of cash advances totaling more than $875 obtained within 70 days of the bankruptcy filing date are presumed to be non-dischargeable.
This rule, contained in Bankruptcy Code section 523(a)(2)(C)(i)(II), was imposed by Congress because it felt that consumers who obtained significant cash advances relatively close to their filing date knew, or should have known that they would be seeking bankruptcy relief. It was also designed to prevent consumers from running out and taking cash advances shortly before filing bankruptcy with no intention of paying on the debt.
If you are considering filing for bankruptcy and have recently taken out a large cash advance, it’s important you discuss this with an experienced bankruptcy attorney which can advise you of all your of options. 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 at www.miamibankruptcy.com.
Study Reveals a Growing Number of College Grads filing for Bankruptcy Protection
A new study done by the Institute for Financial Literacy reveals an increasing number of college graduates are filing for bankruptcy, challenging the notions that an advanced education is almost a guarantee for economic success. In 2006, degree holders accounted for 11.2 percent of bankruptcy protection filers, the study found. By 2010, their proportion rose to 13.6 percent.
Similar trends were observed for holders of two-year associate degrees and graduate degrees. In contrast, high school diploma holders or college dropouts logged a decline in bankruptcy protection applications. Data from the Department of Education showed that before students even leave their university some of them are already defaulting on their student loans. For the fiscal year that ended on Sept 30, 2010, student loan defaults went up to 8.8 percent from 7 percent the previous year. It comes as no surprise that there is a strong link between student default rates and joblessness rates.
To read more on the story visit: http://www.allheadlinenews.com/articles/90059838?Study%3A%20Growing%20number%20of%20college%20grads%20filing%20for%20bankruptcy%20protection
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. 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 at www.miamibankruptcy.com.
Dealing with Creditors and Debt Collectors While Filing for Bankruptcy in Florida
One of the reasons that many people file for bankruptcy is that they are being harassed by debt collectors, or are facing wage garnishment and foreclosure, and they know they cannot turn around their financial situations without help. Filing bankruptcy stops all collection actions, including home foreclosure, but while people are in the process of filing a bankruptcy petition, they are often still dealing with creditors. Following some simple steps can reduce the stress of debt collectors bothering a person filing for bankruptcy.
Bankruptcy Protections
One of the most attractive benefits of bankruptcy is the stay of all foreclosure, garnishment, repossession and utility shut-off actions by creditors. Once a person files a bankruptcy petition, all of the person’s assets become part of the bankruptcy estate for the trustee to distribute to the creditors according to their priority under the law. Creditors cannot try to take money or other assets from the bankruptcy estate because it would potentially be “cutting in line” in front other creditors who have a higher priority.
Tips for Dealing with Creditors While Filing Bankruptcy
If a creditor is harassing a debtor with phone calls and letters during the time the debtor is filing the bankruptcy petition, the best course of action for the debtor is to inform the creditor that he or she is in the process of filing bankruptcy and that any actions to collect will be in vain.
It is advisable to keep all communications with the debt collector brief and only inform them of the upcoming bankruptcy petition. Many debt collectors will say things that are upsetting to the debtor or try to get the debtor to say things contrary to his or her interest. Writing a letter to the creditor is one possible way of ensuring that the communication is limited.
However, if a creditor has already obtained a judgment against a debtor against the debtor, the creditor may be motivated to act even more aggressively upon hearing the news that the debtor is filing bankruptcy by garnishing wages or bank accounts. The creditor cannot take more than $600 or the bankruptcy court will likely call that a “preference” and make the creditor return it. However, creditors may rush to garnish wages or accounts and take just under $600, knowing that they will likely be able to keep it and that is possibly the only payment they will ever see on the debt. In such a situation, the only remedy is to file the bankruptcy petition as quickly as possible.
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. 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 at www.miamibankruptcy.com.
Economic Conditions Push U.S. Poverty Rate to New Heights
It is estimated that 46.2 million people are now considered to be living in poverty, which is 2.6 million more than last year. New census data released for 2010 show that the poverty rate has risen 15.1%. That’s up from 14.3% in 2009. With the current economic conditions and many Americans out of work, these statistics are not surprising.
The U.S. government defines the poverty line as an income of $22,314 a year for a family of 4 or $11,139 for an individual. The poverty rate for adults 18-64 rose to 13.7% and the rate for children under 18 increased to 22% in 2010. This translates to 1 in 5 children in America living in poverty. The rate for women living below the poverty line is 16.2% and for men the rate is 14%. Race was also a factor in the study. The poverty rate was lowest for non-Hispanic whites at 9.9%. Blacks had the highest rate at 27.4%, followed by people of Hispanic origin at 26.6%. Asians had a poverty rate of 12.1%.
The income used to calculate poverty status includes earnings, workman’s compensation, unemployment insurance, Social Security, veteran’s payments, pensions, interest and dividends.
To read more on this topic visit:
http://www.local10.com/money/29167705/detail.html?treets=mia&tid=2653406101813&tml=mia_12pm&tmi=mia_12pm_1_11000509132011&ts=H
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Thirty-Two Plaintiffs File RICO Action against JPMorgan Chase Bank and Chase Home Finance, LLC
A Complaint has recently been filed in the Circuit Court of Palm Beach County, Florida against JPMorgan Chase Bank and Chase Home Finance, LLC. The 29-page Complaint alleges several causes of action including violations of the Florida RICO Act, and requests temporary and permanent injunctive relief on a national level to halt all Chase-related foreclosure activity in the eight separate states in which the Plaintiffs reside.
The Complaint alleges a pattern of criminal activity on the part of JPMorgan Chase Bank and Chase Home Finance in connection with the institution of both judicial and non-judicial foreclosures. These include but are not limited to the filing and recording of forged and fraudulent documents, fraudulent collection activities, intentional misuse of the MERS system, and the intentional misrepresentation in foreclosures across the United States. The four counts from the complaint include:
COUNT I: COMMON LAW FRAUD
COUNT II: CONSPIRACY TO DEFRAUD
COUNT III: VIOLATIONS OF FLORIDA CIVIL REMEDIES FOR CRIMINAL
PRACTICES ACT (FLORIDA RICO ACT)
COUNT IV: TEMPORARY AND PERMANENT INJUNCTIVE RELIEF
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. Since 1996 the attorneys at Kingcade & Garcia, P.A. have been helping people from all walks of life build a better tomorrow. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
U.S. is set to Sue Big Banks over Mortgages
The Federal agency that oversees mortgage giants Fannie Mae and Freddie Mac is scheduled to file suit against more than a dozen big banks. The suit is accusing Bank of America, JPMorgan Chase, Goldman Sachs, Deutsche Bank and other banks of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and are seeking billions of dollars in compensation.
The Federal Housing Finance Agency suits are expected to be filed in the coming days and stem from subpoenas the finance agency issued to banks a year ago. The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value. Fannie Mae and Freddie Mac lost more than $30 billion, in part as a result of the deals. These losses were borne mostly to tax payers.
The suits are being filed now because regulators are concerned that it will be much harder to make claims after a three-year statute of limitations expires this Wednesday, the third anniversary of the federal takeover of Fannie Mae and Freddie Mac.
To read more on the story visit:
http://www.nytimes.com/2011/09/02/business/us-is-set-to-sue-dozen-big-banks-over-mortgages.html?_r=3&ref=nelsondschwartz
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Bankruptcy Attorney Timothy Kingcade Discusses Bankruptcy Trends with South Florida’s Sun-Sentinel
Bankruptcy attorney Timothy Kingcade was recently quoted in the Sun-Sentinel and talked bankruptcy trends with workplace reporter, Marcia Pounds. The story was published on September 2, 2011 and discussed how the number of South Florida consumers filing for bankruptcy fell nearly 21 percent, to 2,690 in August, from 3,387 that same month in 2010.
Timothy Kingcade attributes this trend to a stalled home foreclosure process and people being unable to afford to file bankruptcy. “I see so many people who have been unemployed for 18 months. They say, ‘I need to file, but I need a job first,’ he said.
To read more on the story, visit:
http://www.sun-sentinel.com/news/palm-beach/fl-bankruptcies-august-2011-20110902,0,7289393.story
Since 1996 Timothy Kingcade has been helping people from all walks of life build a better tomorrow by taking advantage of their rights under bankruptcy protection laws. To compliment Attorney Kingcade’s extensive experience in bankruptcy law, he is also a certified public accountant (CPA), which provides him with a unique understanding of how to handle tax-motivated bankruptcy cases against the IRS.
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Student Loans go Unpaid as Younger Workers Face Difficult Conditions in the Labor Market
According to data from the Federal Reserve Bank of New York, 11.2% of student loans were more than 90 days past due and the rate was 
steadily rising. Only credit cards had a higher rate of delinquency at 12.2%. Younger workers have continued to face the most difficult conditions in the labor market. Workers between 20 and 24 years old have a 14.6% unemployment rate, compared to the national average of 9.1% recorded in July.
Student loan debt outpaced credit card debt for the first time last year and is likely to top a trillion dollars this year as more students go to college and a growing number borrow money to do so. According to reports, two-thirds of bachelor’s degree recipients graduated with debt in 2008, compared with less than half in 1993.
Education policy experts expect that the mounting debt may have extensive implications for the current student borrower. Individuals finishing or leaving school with a lot of debt, may find their choices to be different than the generation before them. Things like buying a home, starting a family, a business, and saving for their own children’s college education may have to be put on hold for those with insurmountable student loan debt.
Students who borrow to attend for-profit colleges are especially likely to default. They make up about 12% of those enrolled in higher education, but almost half of those defaulting on student loans. According to the Department of Education, about a quarter of students at for-profit institutions defaulted on their student loans within three years of starting to repay them.
To read more on this topic visit:
http://blogs.wsj.com/economics/2011/08/16/more-student-loans-are-past-due/?KEYWORDS=student+loans
http://www.nytimes.com/2011/04/12/education/12college.html?_r=1
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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 at www.miamibankruptcy.com.
Trend Alert: Decrease in Bankruptcy Filings May Signal Financial Struggles
An eight percent decline in bankruptcy filings nationwide may appear to be a positive economic sign. However, some industry experts attribute the decline to individuals not being able to afford to file for bankruptcy. The result may be a mass of pending bankruptcy filings, not unlike the shadow foreclosures feared in the real estate business. If the economy does not take a sharp turn for the better, those individuals who have been on the brink of bankruptcy will eventually be forced to file.
It is predicted that the number of bankruptcy filings will rise when the employment situation improves. When these individuals on the verge of bankruptcy return to work, they will be able to afford the filing fee and the necessary legal representation.
To read more on this topic visit:
http://articles.boston.com/2011-08-18/business/29901785_1_bankruptcy-filings-troubled-firms-berry-associates
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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 at www.miamibankruptcy.com.