Consumer Bankruptcy

Bankruptcy Law, Consumer Bankruptcy

Why DIY Bankruptcy Might Not Be a Good Idea

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Filing for bankruptcy yourself, or without an attorney, is known as filing bankruptcy “pro se”.  Representing yourself throughout the bankruptcy process is a risky decision and there are a number of pitfalls associated with the same.  Filing for bankruptcy has a complex set of rules, forms, statutes, and judicial decisions.

Some people choose to represent themselves because they think they cannot afford to hire a bankruptcy attorney, or they may think they have a simple case.  Whatever the reasoning, it is not a wise decision. Even the simplest bankruptcy case could soon become complicated, resulting in the filer’s case being dismissed or thrown out. Often it is worth the extra cost to hire a professional to assist the consumer in filing for a Chapter 7 or Chapter 13 consumer bankruptcy as it saves a lot of hassle in the long run.

Consumer Bankruptcy, Legal Awards

Miami Bankruptcy Attorney Timothy S. Kingcade Named a Florida Super Lawyer 10 Consecutive Years

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Super Lawyers 2023

MIAMI (June 27, 2023)– Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken has been selected to the 2023 Florida Super Lawyers list. This is the tenth consecutive year Kingcade has been selected to the Florida Super Lawyers list (2014-2023) in the practice area of consumer bankruptcy. The recognition is awarded to only the top 5% of attorneys in the state.

Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 and Chapter 13 filings for the Southern District of Florida.  As an experienced CPA and proven bankruptcy attorney, Kingcade knows how to help his clients take full advantage of their rights under the bankruptcy laws to restart, rebuild and recover.

Consumer Bankruptcy

What Property Can You Keep in a Chapter 7 Bankruptcy?

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The fear of losing everything is a very real fear for many bankruptcy filers. However, this is one of the most common bankruptcy myths, and can keep individuals who are drowning financially from filing for bankruptcy. One concern many filers have is, what will happen to my property during bankruptcy?

The good news is Florida bankruptcy laws offer generous exemptions which allow individuals to keep various types of property. If an item of property falls under one of these exemptions, this means that the person can keep the property after filing for bankruptcy. Property that does not fall under one of these exemptions is considered nonexempt and can be sold by the bankruptcy trustee and used to pay down qualifying debts.

Bankruptcy Trends, Consumer Bankruptcy, Consumer Debt

Five Reasons People Go Bankrupt

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The number of bankruptcy filings across the U.S. are on the rise. Common reasons that people file for bankruptcy include loss of income, medical bills, a mortgage payment that is too high, spending beyond their means, or lending money to loved ones.

Many times, it is not just one simple cause, but rather a combination of factors that contribute to why someone has filed for bankruptcy. Here are some common reasons people file bankruptcy.

Bankruptcy Law, Bankruptcy Trends, Consumer Bankruptcy

Bankruptcy Filings on the Rise

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With federal pandemic aid programs ending, many Americans are finding themselves in difficult financial situations. Rising interest rates and high inflation make these situations all that much worse. As a result, bankruptcy courts are now seeing a spike in bankruptcy filings.

According to data from Epiq, the total number of bankruptcy filings increased in January 2023 by 19 percent, to 31,087 filings from one year ago. Additionally, the number of American consumers who filed for bankruptcy in Chapters 7, 11, and 13 increased by 20 percent from one year ago.

Bankruptcy Law, Car Repossession, Consumer Bankruptcy

What Happens to My Car During Bankruptcy?

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Will filing for bankruptcy cause me to lose my car? The fear of losing everything is a very real fear for many bankruptcy filers. However, this is one of the most common bankruptcy myths, and can keep individuals who are drowning financially from filing for bankruptcy. One concern many filers have is, what will happen to my car during bankruptcy?

The good news is most filers will be able to keep their vehicles after filing for bankruptcy. Florida bankruptcy laws offer generous exemptions which allow individuals to keep various types of property, including their vehicle. Under the Florida Motor Vehicle Exemption, bankruptcy filers can exempt up to $1,000 in motor vehicle equity. This amount can be even more if a married couple is filing for bankruptcy jointly.

Bankruptcy Trends, Consumer Bankruptcy

Bankruptcy Courts See an Increase in Consumer Bankruptcy Filings

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U.S. consumer bankruptcy filings are on the rise again, across all chapters, according to data recently published by Epiq Bankruptcy. This increase in filings represents a change in the trend previously seen with new bankruptcy cases, as numbers have been on the decline since the start of the COVID-19 pandemic.

According to Epiq, the total number of commercial bankruptcy filings increased by twelve percent (12%) in January. In January 2023, 1,694 new commercial bankruptcy cases were filed, as compared to 1,508 filed in January 2022.

Bankruptcy Law, Consumer Bankruptcy

Does Bankruptcy Affect My Future or Current Employment?

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Bankruptcy will affect many areas of the filer’s life, but many times, the fear of whether a bankruptcy case will adversely affect a person’s current or future employment will prevent him or her from pursuing a bankruptcy case. Filing for bankruptcy is not an easy decision and many people fear a social stigma after they file.  The truth is the stigma against people who file for bankruptcy has greatly decreased over the last 20 years, and there is no indication that debtors will be treated less favorably after filing for bankruptcy.  In fact, it is oftentimes easier to reestablish your credit after filing for bankruptcy, because you are essentially given a “clean slate.”

Can an Employer Fire Someone Due to Bankruptcy?

An employer cannot fire someone solely because he or she filed for bankruptcy. An employer can also not use a bankruptcy filing as a reason to change someone’s terms or conditions of employment. This means that the employer cannot reduce an employee’s salary, demote him or her, or take away job responsibilities because the employee filed for bankruptcy.

Consumer Bankruptcy, Tax Debt

Best Types of Bankruptcy for Tax Debt

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Tax debt is one of the few forms of debt that is not always easily erased in a consumer bankruptcy case. While it is true that discharging tax debt can be difficult in a bankruptcy case, it is not impossible. Ultimately, it depends on the type of bankruptcy being pursued and the type of debt involved as to how it is handled.

While a bankruptcy filing normally puts an immediate halt to all collection actions on debt through the automatic stay, tax debt is treated differently.

Bankruptcy Law, Consumer Bankruptcy

What Documents do you need to File Bankruptcy in Florida?

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At the start of a bankruptcy case, the filer is asked to fill out certain documents, including disclosures regarding the person’s financial affairs. This disclosure includes the person’s income, expenses, assets, debts, and any property transfers.

The filer will also need to provide supporting documentation, and the documents required are essentially the same for both Chapter 7 and Chapter 13 cases, with slightly different variations. It is often helpful to check with the bankruptcy trustee to ensure that all required documentation is submitted. Some trustees require more proof than others, and many times, this evidence will also be determined by the facts of the individual’s case.