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Bankruptcy Law, Credit, Timothy Kingcade Posts

Tips for Smart Holiday Spending: Part II

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With the holiday shopping rush officially here, we thought it was important to do a follow-up posting on our smart holiday spending series. We hope these tips will help you make smart financial decisions this holiday season and help plan financially for the New Year.

1.) Create a realistic and affordable budget. Decide on an amount you are willing to spend per person and do not exceed it.

2.) Shop with cash and use a ledger. This will keep you in touch with your spending; you could even spend up to 20 percent less.

3.) Avoid impulse buying and last-minute shopping.

4.) Pay off any holiday debt as soon as possible, so you do not accrue additional interest. This is especially important with store credit cards.

5.) Think outside the box. Consider gift alternatives like a breakfast, lunch or just a day together. Handmade gifts are also cost effective.

6.) In the New Year, start saving the amount you spent this year on holiday gifts and open a separate account for next year’s holiday expenditures.

7.) Comparative shop and take advantage of Christmas discounts immediately after the season. This is the best time to purchase gifts for the following year.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Related Resources: http://www.mpnnow.com/article/20131207/NEWS/131209958/?tag=2

Bankruptcy Law, Credit, Timothy Kingcade Posts

South Florida Trails in Consumer Debt

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A recent report from Equifax concludes that a lack of mortgages is what has lead to a decline in consumer debt in South Florida. Debt is down by 4.2%, the greatest drop among the country’s 25 largest metropolitan areas. Out the 25, six posted gains in consumer debt as more people took out mortgage loans and home equity lines of credit following the housing market crash.

Experts say that when it comes to credit card balances and other household debt, the South Florida region has a noticeably smaller share of debt tied to residential real estate. Florida’s large number of foreclosures has significantly effected the rankings since bank seizures essentially wipe out a consumer’s debt on a property. Experts also attribute this to the large number of recent cash purchases in South Florida’s real estate market. These type transactions, that do not create mortgage debt, could also be skewing the numbers.

Click here to read more on this story.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Judge Gives Green Light for Detroit to proceed with Bankruptcy

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A federal judge has granted the city of Detroit the ability to proceed with its bankruptcy filing. This is the largest municipal bankruptcy in history. The recent ruling, opens the door for the city to cut billions of dollars in payments that are owed to city employees, retirees, investors and other creditors.

Unions and pension funds argued that Detroit did not negotiate with its creditors in good faith in an effort to reach a deal on its liabilities. In his ruling, however, Judge Steven Rhodes found that such negotiations were impractical for Detroit because of the huge number of creditors, which total more than 100,000. Therefore, he concluded that the city filed its petition properly.

The American Federation of State, County & Municipal Employees, a major union, has plans to appeal the decision.

Click here to read more on the story.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Black Friday is FINALLY here! But how does this relate to Bankruptcy?

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Three words, credit card use. Many people choose to put their Black Friday purchases on credit cards. What consumers should know is how these purchases can affect you if you end up needing to file for bankruptcy in the near future.

1.) Luxury goods exceeding $600. If you purchase luxury goods or services exceeding $600 in the 90 days prior to your bankruptcy filing, there is a possibility that these debts will not be dischargeable in your bankruptcy. In fact, credit card companies can object to those specific charges. Luxury items include expensive electronics, such as flat screen TV’s, laptops, tablets, etc. Expensive jewelry, furniture and designer clothes would also fall into this category. Groceries along with other necessities like paying bills and gasoline would be considered dischargeable debts if purchased on credit cards.

2.) Cash Advances exceeding $925. Any cash advances you take within 70 days prior to your bankruptcy filing and totaling more than $925 are presumed to be non-dischargeable. If you take out a large cash advance to pay for your Black Friday expenditures, you better plan on paying it back, or adjusting your bankruptcy filing date.

Click here to read more on credit card use and cash advances prior to filing bankruptcy.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Tips to keep your Holiday Spending in Check this year

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With the holidays upon us, below are some simple tips to avoid overspending this year.

1.) Set a budget you cannot exceed. Instead of using debit or credit cards to make your purchases this year, rely on cash only to buy gifts. Once the green is gone, you’re done! If you are not comfortable carrying cash, put the allotted money on a pre-paid card, such as the American Express Prepaid card, which charges no purchase, activation or maintenance fees.

2.) Surf the web smart. A recent study done by the California Institute of Technology revealed that customers are willing to pay about 50% more for products in stores than online. Dealnews.com is a great website that shows the day’s best prices on specific types of items.

3.) Give more gift cards. With gift cards you spend exactly the amount you intend. Sites such as GiftCardGranny.com and PlasticJungle.com sell gift cards from popular retailers at a discount.

4.) Reorganize your list. If you feel overwhelmed because you have to buy presents for every niece, cousin and uncle. Consider setting up a gift exchange, so that each person buys one gift with a set dollar amount. At the website Elfster.com you can invite others to a “Secret Santa” exchange. This site will then make gift assignments at random.

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The holidays can be a stressful time, particularly financially. The financial obligations that accompany the holiday season can result in people spending more money than they could afford. If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Credit Card Delinquencies on the Rise

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According to TransUnion, more Americans fell behind on their credit card payments in the third quarter. The rate of credit card payments at least 90 days overdue rose in the July-September quarter to 1.36% from the previous three-month period, when it was 1.27% — the lowest level on records going back to 2007.

That is expected to happen again in the current quarter, as many consumers are hitting the stores for the holiday season and then delay payments on their credit cards until early 2014. TransUnion projects the credit card delinquency rate will increase to around 1.48% in the fourth quarter.

Since 2007, the late-payment rate on credit cards has averaged about 2.2%. In the third quarter, credit card debt per borrower fell 1.3% versus the same quarter last year to $5,235. It was essentially flat compared to the previous quarter, TransUnion said. This can be attributed to slow and steady job growth and small wage gains, which have made Americans more reluctant to charge goods and services.

According to the Federal Reserve, Americans cut back on using their credit cards in September for the fourth straight month. Consumers increased their borrowing by $13.7 billion to $3.05 trillion, but the increase was driven entirely by higher borrowing for auto and student loans, which increased $15.8 billion. Credit card debt fell $2.1 billion.

The string of declines in credit card debt will likely hold back consumer spending, which accounts for 70% of economic activity.

Click here to read more on this story.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Big Decision on Detroit Bankruptcy Coming December 3, 2013

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A judge will announce December 3, 2013 whether Detroit is eligible to fix its finances through bankruptcy. This is considered the most important decision since the largest public filing in U.S. history last summer. Judge Steven Rhodes issued a brief order on Monday saying that he will rule from the bench on December 3rd and issue a written opinion later. Rhodes presided over a nine-day trial that ended November 8.

Unions and pensions funds claim Detroit is not eligible to file for bankruptcy because it failed to hold good-faith negotiations prior to the filing in July. The city claims that it did enough. A bankruptcy decision will mean the case would turn to how Detroit can fix $18 billion in debt.

The city’s emergency manager, Kevyn Orr, has warned of chaos if Detroit is not permitted to file bankruptcy. Creditors who were owed money at the time of filing could sue for payment and the long-term debt will continue to accumulate.

Click here to read more on this story.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Foreclosures

U.S. Consumer Debt on the Rise- Highest Since Early 2008

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According to data from the Federal Reserve Bank of New York, U.S. household debt increased in the latest quarter by the most it had in more than five years and student loans in delinquency hit a record high. Total consumer debt rose to $11.28 trillion, which marked the biggest quarterly jump since 2008. The increase in the third quarter suggests that the cycle may be nearing its end.
There is has been an increase of household debt essentially across all spectrums. Americans have recently put more on credit cards, borrowed more money to buy houses and cars and took out more student loan debt.

The continued rise in student debt continues to be a cause for concern. Outstanding balances increased $33 billion to $1.03 trillion in the third quarter. A record 11.8 percent of loans were behind by 90 days or more, the New York Fed said, up from 10.9 percent in the second quarter. Student loan debt can unfortunately not be discharged under current bankruptcy law. Economists worry that in the coming years delinquencies could lock people out of economic participation.

Foreclosures which continue to decline, hit their lowest levels since the end of 2005.

Click here to read more on this story.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Company’s Fourth Bankruptcy Filling Sets Unprecedented Record

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The charter air transport company, Global Aviation Holdings, Inc. filed a record fourth Chapter 11 bankruptcy. The company is the largest provider of commercial charter airline services to the U.S. military and has attributed the bankruptcy filing to the recent government cutbacks.

Global Aviation had previously filed for bankruptcy in 2004 and 2006 in the Southern District of Indiana and last year in the Eastern District of New York.

Repeat filings by companies like Global Aviation are not uncommon. In fact, about one-third of larger companies that file for Chapter 11 find themselves back in bankruptcy court within four years. But it’s pretty rare to end up there a third time, a fourth time is unprecedented.

Global Aviation’s previous bankruptcies were particularly hard on general unsecured creditors, such as suppliers. The best they did was in the company’s 2006 bankruptcy, when court records indicate they were expected to get as much as 2.4 percent of what they were owed.

Click here to read more on this story.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Private Student Loans Just as Dangerous as Using a Credit Card to Pay for College

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A recent analysis done by the Consumer Financial Protection Bureau’s Student Loan Ombudsman report concluded that private student loans are a “risky and high-cost” method to pay for a college education, “no better than paying for college on a credit card.” These private student loans total approximately $165 billion and account for 15 percent of the nation’s total outstanding student loan debt.

Private student loan repayment was the subject of nearly 65 percent of more than 4,300 complaints received by the Consumer Financial Protection Bureau from October 1, 2012 through September 30, 2013. Repayment concerns included fees, billing, deferment, forbearance, fraud and credit reporting.

What’s most concerning is how borrowers incurred these private student loan debts. “In 2008, a majority of private student loan borrowers took out less in federal student loans than they could have. Of these borrowers, a full quarter took out no federal student aid whatsoever … In large part, private student borrowers fell prey to a range of unsavory marketing tactics… Some lenders deliberately misled borrowers into believing that their private student loans were superior to federal loans.”

The CFPB’s Student Loan Ombudsman is a statutory office created within the Bureau to assist consumers in resolving their issues with private student loan lenders. Through this effort, the CFPB has assisted hundreds of borrowers obtain relief from their lenders. The median monetary recovery is $700; the maximum amount of relief granted thus far is $75,000.

Click here to read more on this story.

If you are having trouble making your student loan payments or you have recently defaulted on your federal or private student loans, contact an experienced Miami bankruptcy attorney. Although student loans are often not dischargeable in bankruptcy court, an attorney can help you eliminate other debts and obligations so you can take control of your finances and better handle your student loan debt. 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 website at www.miamibankruptcy.com.