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Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Creditor Held in Contempt of Court for Violating Automatic Stay in Miami Bankruptcy Case

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Kingcade & Garcia’s Motion Granted, Creditor Required to Cease and Desist all Eviction Proceedings Until Further Order of Court 

MIAMI – (January 24, 2018) A Florida judge signed an order today holding creditor, IH5 Property Florida LP with GP IH5 Borrower GP LLC, more commonly known as Invitation Homes (www.invitationhomes.com) in contempt of court for intentional violation of the automatic stay. Miami bankruptcy attorney, Timothy S. Kingcade’s client filed a Chapter 7 petition on November 30, 2017. Despite having notice of the bankruptcy filing, on December 5, 2017, the creditor, Invitation Homes, proceeded to file an eviction action against the client. Attorney Kingcade filed a motion to hold the landlord in contempt of court for violating the automatic stay. The motion adequately showed that Isamar Alers of Invitation Homes had actual knowledge of the bankruptcy on November 30.

“The landlord in this case disregarded the automatic stay put in place that protects bankruptcy clients from harassing debt collector calls, wage garnishment and repossession of property.  We are extremely pleased with this victory for our client today.  This landlord was wrong and thought the laws of bankruptcy code did not apply to him,” Managing Partner, Timothy S. Kingcade said.

The Order directs creditor, Invitation Homes to immediately cease and desist all eviction proceedings until further order of court.  The creditor is also required to pay attorney’s fees (on or before February 12, 2018) in the amount of $1,200 for Kingcade and Garcia having to bring forth the motion to enforce the automatic stay and protect the client.

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Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State 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 for the financially disenfranchised. All partners and associates at Kingcade & Garcia, P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish. For more information visit, https://www.miamibankruptcy.com/.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Medical Credit Cards Leaving Patients with Aches and Pains

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Long after the procedure is over, patients are still suffering with pain.  Not from the operation, but from the card they used to pay for the operation.  Medical credit cards are offered at the doctor’s office to pay for procedures, patients otherwise cannot afford at the time.  This type of credit seems like a quick fix for pricey procedures not covered by insurance.

However, according to a recent survey by the Kaiser Family Foundation, nearly a third of Americans report trouble paying their medical bills and many have taken on credit card debt to pay the expenses.  Medical debt is the No. 1 reason Americans file for bankruptcy.

One of the biggest dangers of medical credit cards are the misconceptions associated with them.  A number of patients think they are setting up an installment plan with the doctor’s office.  Many do not understand they have opened up a new line of credit with sky-high interest rates and strict penalties for even a single missed payment.

Most of these cards feature a “zero interest” promotional period for up to 18 months. But then the interest rate can jump to 25 percent or higher.  Some consumers never received a copy of the credit card terms and had to rely on explanations from medical staffers who had little training on the card details, in cases cited by U.S. authorities.

Another potential drawback is something called deferred interest. That means if a patient does not pay off the entire balance during the “interest-free” period, they can be retroactively charged for interest dating back to when they first signed up.

Before you sign up for a medical credit card, we advise that you research other options, first.  Medically necessary procedures may be available at a discounted rate or even for free at certain hospitals that provide some level of charitable care.  If it is not medically necessary, consider waiting until you can afford the procedure.   If you must use a credit card to pay for a procedure, use one that has terms and conditions you understand.

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Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney who can advise you of all of your options. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

31 Million Americans Believe They Will Never Get out of Credit Card Debt

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Credit card debt is at an all time high and according to a recent study 31 million (or 35%) of Americans believe they will still owe credit card debt when they die. Americans’ with outstanding credit card debt jumped 13% to $1.02 trillion in November.  Another 33% of consumers with credit card debt do not know when they will be debt free.

Getting out of the debt cycle begins with creating a realistic budget and getting a grasp on your current financial situation.  There are specific ways you can deal with high interest credit card debt.   Once you examine your budget and identify areas you can cut back in spending you can successfully put a plan in place to tackle high interest credit card debt.

If you have any questions on this topic or are in financial crisis and considering filing for 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Related Resources:

https://www.usatoday.com/story/money/personalfinance/budget-and-spending/2018/01/13/paying-off-credit-card-debt/1023310001/

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

How long does bankruptcy stay on my credit report?

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A common question you might have after filing for bankruptcy is how long will it remain on my credit report?  When you file for bankruptcy, it is considered “public record” and is maintained by the court where the case was filed.

Under the federal Fair Credit Reporting Act, bankruptcies can be reported for 10 years from the filing date.  The three major credit reporting agencies will remove Chapter 13 bankruptcies seven years from the date the case was filed.  This type of bankruptcy involves paying some or all of the debt back over time.

Chapter 7 is a more straightforward bankruptcy and eliminates almost all unsecured debts, including credit card debt and medical bills allowing consumers to gain a fresh start financially. Chapter 7 bankruptcy can remain on a consumer’s credit report for up to 10 years.

However, there are ways to speed up the removal process.  Removing a bankruptcy requires filing a separate dispute with each of the three major credit bureaus. This dispute can either be over inaccurate information in your credit report or an inquiry to the credit bureau about how your bankruptcy was verified.  This process is lengthy, but it can be worth it.

While you are waiting for your bankruptcy to be removed from your credit report, make an effort to rebuild and improve your credit.  It is a bankruptcy myth that you cannot rebuild your credit after filing for bankruptcy.  Make sure you have accurate and positive credit information moving forward.

If you have any questions on this topic or are in a financial crisis and considering filing for 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 McMaken 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://blog.credit.com/2013/04/when-can-i-get-a-bankruptcy-off-my-credit-report-65750/

Bankruptcy Law, Credit, Timothy Kingcade Posts

Don’t Leave these Important Tax Deductions on the Table

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Tax time is almost here and with the new tax rules taking effect January 1, it is easy to get confused on what tax deductions you can and cannot include when filing your return. There are several tax breaks the tax reform eliminated for the 2018 tax year, but are still available to claim on your 2017 tax return.  Here are some of the most popular ones and the last year to take advantage of these tax benefits before they disappear.

Personal exemptions. One of the biggest tax breaks to disappear is the personal exemption. Starting in 2018, higher standard deductions, a larger child tax credit, and a new credit for non-child dependents will take the place of the personal exemption. However, for 2017 you can claim a $4,050 reduction in taxable income for every qualifying dependent. This generally includes yourself, your spouse, and children for whom you provide financial support.

State and local income tax deductions.  Some had initially hoped to prepay 2018 income taxes in 2017 to get further use of the deduction, but lawmakers specifically prohibited this.

Property tax deductions. This year will be the final tax year for which property taxes are deductible in full. Starting in 2018, property taxes will be subject to the same comprehensive $10,000 limit on all state and local taxes.

Mortgage interest deduction on home equity loans. The tax reform eliminated the deduction on home equity loan interest. Therefore, 2017 will be the last year that taxpayers can deduct interest on up to $100,000 in home equity debt as an itemized deduction.

Moving expenses. Tax reform took away the right to deduct your moving expenses. In 2018, to qualify, your new workplace must be at least 50 miles further away from your former home than your old workplace was, and you have to work full time at your new location for at least 39 weeks out of the 12 months following the move.

Miscellaneous deductions. These include unreimbursed employee expenses, tax-preparation fees, investment-related legal and accounting fees, and job-search costs.  These expenses are deductible only to the extent that they exceed 2% of your adjusted gross income.

Click here to read more on this story.

If you have any questions on this topic or are in financial crisis and considering filing for 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Mortgage Delinquencies Hit Lowest Point in a Decade

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The number of mortgage delinquencies dropped to their lowest level in more than a decade, according to CoreLogic.  In the month of September, 5% of mortgages remained in some stage of delinquency, 30 days or more past due including those in foreclosure. This is a decrease of 0.2 percentage points from last year’s overall delinquency rate of 5.2%.

“September’s early-stage delinquency rate increased by 0.3% from a year ago, the largest increase since June 2009,” CoreLogic Chief Economist Frank Nothaft said. “This does not reflect a deterioration in credit, but rather the impact of the hurricanes in Texas, Florida and Puerto Rico.”

The foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, decreased from 0.8% in September 2016 to 0.6% in September 2017. This represents the lowest foreclosure rate since June 2007 when foreclosure inventory was also at 0.6%.

The serious delinquency rate, mortgages that are 90 days or more past due, decreased 0.4 percentage points from last year to 1.9% in September. This rate marks the lowest level for any month since October 2007’s 1.9%.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Here’s How Much Debt the Average Consumer Racked Up Over the Holidays

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A recent survey conducted by MagnifyMoney found consumers who took on debt this holiday season will start the New Year with an average of $1,003 in credit card debt.  Last-minute gifts, entertaining costs, and fewer hours at work, can all add up to additional credit card debt.

What is troubling about this year’s findings is that the majority of consumers who went into debt did not plan on it. The vast majority (65.2%) of consumers who took on the debt did so unexpectedly and did not budget for the added expense.

Nearly half (46%) predict they will need four months or more to pay off their holiday debt, or will only make the minimum monthly payments.

Even a seemingly modest amount of debt can quickly balloon over time if not paid in full timely. A person carrying an average debt load of $1,003 who makes one $25 minimum payment per month would need 58 months (4.8 years) to pay off their debt. That calculation assumes an average annual percentage rate (APR) of 16%.

Here are some ways to beat the holiday debt cycle:

Understand where your money went.  Track exactly where your money went the last three months.  There are useful apps that can help you understand where your money has gone. LevelMoney splits your expenditure into fixed, recurring expenses and variable expenses.

Carefully review your credit report. You can download your report for free at AnnualCreditReport.com for all three bureaus.

Use the debt snowball method.  A recent study found that consumers are more likely to stick to paying off debt when paying off credit cards with the smallest balances, first.  This strategy provides consumers with small “wins” against debt and builds momentum to keep you motivated.

Make 2018 your year to be debt free! By taking the right approach and building good financial habits, you can successfully pay down debt in the New Year.  Here are some ways to keep to your New Year’s Debt Resolutions. If holiday expenditures have put you over the limit financially, it might be time to examine your finances in closer detail and meet with a financial advisor or bankruptcy attorney.   Here are some signs you should file for bankruptcy.

Click here to read more on this story.

If you have any questions on this topic or are in financial crisis and considering filing for 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Related Resources:

http://www.kgw.com/money/magnify-money/many-holiday-shoppers-will-start-the-new-year-with-1003-worth-of-debt/382430335

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

The Negative Effects Store Credit Cards Can Have on Your Credit Score

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Getting a deal on holiday purchases can end up costing you more in the New Year- a lot more, in fact.  The reality of a cheerful sales clerk asking, “Would you like to save 20 percent on your purchases today by opening a store credit card?” Sounds tempting, right?  But these cards can ultimately hurt your credit score.   Store credit cards can have a large impact on your credit usage, which is a big factor in credit scores.   Applying for these cards requires an inquiry on your credit report and reduces the average age of your credit accounts.

Store credit cards have significantly higher APR’s and it is easy to fall into debt. The credit limits on these cards are typically 10 percent compared to other cards.  How much of your credit limit you use has a substantial impact on your credit score.  The one factor that matters more is paying on time. Credit experts advise staying below 30 percent of the limit on any card. Consumers with the highest credit scores use less than 10 percent.

When you apply for a store credit card, the card issuer will pull one of your credit reports.  This helps qualify you, but it can cause a temporary dip in your score. On top of potentially hurting your credit scores, retail cards have usability issues. These cards are good only at one store or retail chain.  They are typically accompanied by high interest rates and severe penalties if a payment is missed.  These cards also have less security features.

If you shop at a particular store often, it might be worth opening a store card to access ongoing discounts, presales and insider benefits.  But avoid making this decision lightly and in the checkout line.

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If you have any questions on this topic or are in financial crisis and considering filing for 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

What Bankruptcy Can and Cannot Do

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Bankruptcy can be used as a powerful financial tool to eliminate debt and allow you to push the restart button on your finances  However, filing for bankruptcy does not eliminate all debts and before you file it’s important to know which debts will be discharged and which ones will remain.

Here are some things filing for bankruptcy can do:

Eliminate credit card debt and other types of unsecured debt. Your credit card debt is considered unsecured debt, which means the creditor does not have a lien on any of your property and cannot repossess any items if you fail to pay the debt. This is the exact type of debt bankruptcy is designed to eliminate. Other types of unsecured debt include: utility bills, medical bills, personal loans, payday loans, etc.  Most debts are unsecured.  Primary exceptions are home and auto loans, which are almost always secured.

Stop creditor harassment and collection attempts. The Fair Debt Collections Practices Act (FDCPA) limits the tactics that debt collectors can take to collect on a debt.  When you file for bankruptcy, the automatic stay immediately goes into effect and stops creditors from having any sort of contact with you.  They must now communicate only with your attorney.

Here are some things bankruptcy cannot do:

Eliminate child support and alimony payments. Child support and alimony payments cannot be discharged in bankruptcy. You will continue to owe these debts in full.

Eliminate other non-dischargeable debts.  These include debts for personal injury or death caused by intoxicated driving, fines and penalties imposed for violating the law, etc.

Eliminate student loan debt, except in very rare circumstances. Student loans can be discharged in bankruptcy only if you can show that repaying the loan would cause you “undue hardship,” an extremely difficult standard to meet. You must not only be able to show you cannot afford to pay your loans right now, but that you have very little likelihood of ever being able to repay your loans in the future.

Prevent a secured creditor from repossessing property. A bankruptcy discharge eliminates debts, but it does not eliminate liens.  So for secured debts, where the creditor has a lien on your property (and can repossess it if you do not pay the debt), bankruptcy can eliminate the debt, but it cannot prevent the creditor from repossessing the property.

Click here to read more on this story.

If you have any questions on this topic or are in financial crisis and considering filing for 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Life after Bankruptcy: 5 Things You Need to Do After Bankruptcy

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If you recently filed for bankruptcy, you are likely experiencing a sense of relief from having your debts discharged and getting a fresh start financially.  These tips for “life after bankruptcy” will help you avoid future debt problems and improve your credit score once your case is finalized.

Collect and preserve all paperwork from your case. Your bankruptcy attorney should provide you with a copy of your bankruptcy petition (i.e. – 40-50 pages of detailed financial information – including the facts about the debts and assets involved in your case.)  You should also have a notice of bankruptcy filing directly from the court, which shows the deadlines that affected your case.  Finally, you should have a copy of your discharge order entered by the bankruptcy judge. This is important as some lenders require to see a copy of the bankruptcy papers before lending you new credit.

Check your credit reports regularly. You can obtain your credit report for FREE from each of the three main credit bureaus once a year.  It is important to see what creditors are saying about you.  Especially after a bankruptcy, you want to make sure that all of the discharged debt is being reported to the credit bureaus with a zero balance so it does not count against you as outstanding debt.  You also want to make sure the account is not transferred to a new collection agency who falsely pursues you for the discharged debt.

Start a budget and review it regularly. Creating and sticking to a budget is the key to staying on track financially.  It is also a great way to manage your income and expenses and see where every dollar is going.  Just like in the Means Test that compared your income and expenses over a six-month period to standards set by the Census Bureau and the IRS. The concept was to identify those who actually had the means to pay their debts, but who were living an extravagant lifestyle financed on credit cards and other debt.  It’s an urban myth that people who file for bankruptcy live lavishly and are financially irresponsible. Statistics monitored since 2005 show that a very small percentage fit into this category.  Most bankruptcies are caused by an unforeseen illness or medical expense,  job loss, or even a divorce.

Start an emergency fund.  When establishing a budget for yourself, make sure you put aside a portion of your income for savings.  Having an emergency fund will help you avoid incurring unplanned debt or taking out cash advances to cover unexpected costs like a car repair or appliance repair.

Think about new credit.  A great way to rebuild your credit after filing for bankruptcy is to obtain a secured credit card.  You can open this card by depositing money into an account as security.  Your credit limit is the amount you deposited into the account.

If you have any questions on this topic or are in financial crisis and considering filing for 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Related Resources:

http://blog.credit.com/2014/12/5-things-to-do-after-bankruptcy-103308/

https://www.legalzoom.com/articles/life-after-bankruptcy-get-back-on-your-feet-after-filing-chapter-7