Debt Relief Archives - Page 30 of 86 - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Steps to Take if You Want to Buy a Home after Bankruptcy

Posted on March 21, 2018by Admin

After filing for bankruptcy, you are going to want to begin rebuilding your credit as soon as possible. You can start by checking your FREE annual credit report on AnnualCreditReport.com to get reports from the three major credit bureaus: Equifax, TransUnion and Experian.

Your report may show late and missed payments on credit cards, mortgages and credit accounts you may have opened or closed. Bankruptcy provides you with a clean slate, which means you have a second chance to pay your bills on-time and in full.

If your credit score is in the low 600s, your credit is still too low for most decent loans with good terms, but you can work quickly to get it back up in the mid-700s.

After bankruptcy, when accessing and utilizing credit again, keep your credit card balances relatively low compared to the card’s limit. For example, less than 30% is typically advised while using just 10% of the available credit is even better.

Once your credit score improves, you can then find the right mortgage lender, real estate agent, and the right attorney to move forward with the purchase of your new home.

Still not convinced? A testimonial from one of our clients in regards to their credit score after filing for bankruptcy.

My credit score said on all three reports 775, I couldn’t believe that I had such a great score before 10 years. Tim for me was the best move I have made for my situation. I have no regrets, I am glad the past is the past. – Bill T.

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

What happens if a creditor tries to collect on a debt during my bankruptcy?

Posted on March 16, 2018by Admin

After you file for bankruptcy, creditors are not allowed to contact you regarding any debt you owe; they must deal only with your attorney. The protections allotted by the bankruptcy automatic stay prohibit all collection activity, including legal action, wage garnishment, even contact by phone or mail in an attempt to collect on a debt.

There are a few exceptions. For example, the automatic stay does not stop criminal cases, some child support actions, and certain eviction cases. The automatic stay also does not apply to debts incurred after the bankruptcy case was filed. Here’s how to determine if a creditor violated the automatic stay and what you can do if a creditor continues trying to collect a debt.

The penalties for violating the automatic stay depend on the nature of the violation and whether it was done with deliberate disregard for the bankruptcy filing. You have several options if a creditor continues to pursue a debt in violation of the automatic stay.

Tell the creditor about your bankruptcy. Most debt collectors will stop contacting you if you tell them this. Many times the debt collector is unaware of your case. For example, if a collector garnishes your wages after the bankruptcy case is filed, it must immediately return the money.

Notify the bankruptcy court. If the collection attempts continue, the next step is to notify the bankruptcy court. The court can sanction the collector for violating its automatic stay order.

File a lawsuit. If a debt collector continues to try and collect on the debt, it may not only be violating the automatic stay but also other state and federal laws including, the Fair Debt Collection Practices Act (FDCPA).

Our firm works to hold creditors accountable for violating the protections allotted by the U.S. bankruptcy laws. Recently, our firm’s motion was granted by a Florida judge in a case that held the creditor in contempt of court for violating the automatic stay in a Miami bankruptcy case. The Order directed the creditor to cease and desist all eviction proceedings until further order of the court. The creditor in this case was also required to pay attorneys’ fees for our firm having to bring forth the motion to enforce the automatic stay to protect our client.

If you are dealing with a creditor you think may have violated the automatic stay, contact your attorney immediately. An experienced Miami bankruptcy attorney will know whether the contact was innocent in nature or a willful violation worth pursuing.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

U.S. Credit Card Debt Exceeds $1 Trillion for the First Time

Posted on March 14, 2018by Admin

Consumer credit card debt in the United States has exceeded $1 trillion for the first time, according to a recent study by WalletHub. The average U.S. household owes $8,600 on credit cards. Florida is in the top 5 states with the highest credit card debt burden, according to CreditCards.com.

Financial experts attribute this increase to consumer confidence. In the fourth quarter of 2017 alone, consumers added $67.6 billion while the charge-off rate remained at historic lows. Charge-off rate refers to the percentage of credit card users whose unpaid balances credit card companies are unable to collect.

Household indebtedness in the fourth-quarter rose to $13.15 trillion from $12.96 trillion in the third quarter, an increase of 1.5 percent. Mortgages accounted for the largest component of household debt, according to a quarterly report published by the Federal Reserve Bank of New York.

In addition, the average credit score for U.S. consumers has declined. It is now 675, just four points lower than the average in 2007, according to consumer credit reporting agency Experian.

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, 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Nearly 1 in 5 Americans Have Substantial Medical Debt

Posted on March 13, 2018by Admin

Medical debt is a leading cause of personal bankruptcy in the United States. Even if you recover from the illness, the medical debt can remain. This can be made even worse by constant calls from debt collectors. If you are struggling with medical debt, you are not alone. Nearly one in five Americans has delinquent medical debt on their credit reports.

Many times this medical debt can be bought and sold for pennies on the dollar. For example, a collection agency can spend ten dollars to purchase $1,000 worth of debt. Yet, the collectors will still attempt to get the full amount from people who owe the debt.

You may be tempted to ignore a medical debt lawsuit and hope it goes away, but this is one of the worst things you can do because the debt collector will automatically win by default. There are steps you can take if you are facing a medical debt lawsuit.

Click here to read more on this story.

Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. 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, 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Student Loans

Trump Proposal Could Protect Student Loan Debt Collectors

Posted on March 9, 2018by Admin

Bloomberg reported the U.S. Department of Education could issue a directive that says federal law prohibits state governments from regulating student loan debt companies that collect student loan debt on behalf of the Education Department.

A document from the Department of Education that was obtained by NPR states:

“Congress created and expanded the Direct Loan Program with the goal of simplifying the delivery of student loans to borrowers, eliminating borrower confusion, avoiding unnecessary costs to taxpayers, and creating a more streamlined student loan program. Recently, several States have enacted regulatory regimes or applied existing State consumer protection statutes that undermine these goals.”

If the directive is enacted, the student loan debt collectors will benefit because they would face less regulations. Student loan borrowers are currently protected by state regulators who do not allow collectors to use aggressive tactics and unfair business practices to collect on debts.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all 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

New Data shows 43 Percent of Credit Card Holders Have More Than $15,000 in Debt

Posted on March 8, 2018by Admin

According to the Federal Reserve, credit card debt is the highest it has ever been in the U.S. In December, American’s had a total of $1.029 trillion in credit card debt. This means the average household had $8,732 in credit card debt. A survey conducted by Student Loan Hero reported that 43 percent of credit card holders surveyed had more than $15,000 in credit card debt and 58 percent had at least $6,000 of credit card debt for more than a year.

The Federal Reserve also reported that the average interest rates on credit cards are approximately 14.99 percent, which makes it much more difficult for Americans to pay off their debt.

Carrying a consistent credit card balance is detrimental to your financial well-being. One option that is often overlooked by cardholders is getting a credit card consolidation loan. According to Student Loan Hero, only 52 percent of cardholders that have more than $6,000 in credit card debt have consolidated.

Below are three ways credit card consolidation loans may help you.

They typically come with lower interest rates than credit cards do, meaning you are paying less in the long run.
Installment loans set firm repayment plans, unlike credit card companies. This means you are more likely to pay off your debt when making your minimum payment each month.
They combine your payments. This comes in handy if you have debts across multiple credit cards.

Click here to read more on this story.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

The Dangers of Filing Bankruptcy Pro Se

Posted on March 6, 2018by Admin

Filing for bankruptcy “pro se” means that an individual represents himself or herself in the bankruptcy process. It 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.

Here are some of the most common problems with filing for bankruptcy pro se (without an attorney):

Filing the wrong type of bankruptcy– Each type of bankruptcy is designed to solve specific problems. Property is treated very differently when it comes to Chapter 7 and Chapter 13. If you file the wrong Chapter bankruptcy, you run the risk of losing valuable property or end up not being able to discharge certain debts.

Losing property you should have been able to keep– Filing for personal bankruptcy allows you to claim “exemptions,” which can save your home, even your business. If you are filing for Chapter 7 bankruptcy in Florida, you can use Florida bankruptcy exemptions to protect your property. Florida has one of the most generous homestead exemptions in the country. To use Florida’s exemptions, you must have resided in Florida for at least 730 days before filing your bankruptcy petition. Here are the most common Florida bankruptcy exemptions.

Not properly filling out the bankruptcy forms– When filing for bankruptcy, you will have to fill out much more than a standard bankruptcy petition. You will be expected to submit dozens of supporting documentation, listing every single debt, all of your creditors and all of your assets. If you make a mistake or miss something, costly delays can result. Not to mention, you run the risk of your case being completely dismissed and rejected all together.

Continued creditor harassment– When you hire an attorney to file your bankruptcy, creditors are required by law to only speak with your attorney and may no longer harass you about your debt. If you choose to represent yourself in bankruptcy, the lender may try and lift the automatic stay, which is what protects your from continued creditor calls while your bankruptcy is ongoing. A consumer has specific rights when a creditor violates the automatic stay.

Failing to take required education courses– In Chapter 7 and Chapter 13 bankruptcy filers must take approved credit counseling courses before filing for bankruptcy, and complete a financial management course before receiving their bankruptcy discharge. Many pro se filers get confused about these requirements and if they fail to file the proper certificate, their entire case can be dismissed.

Failure to understand the above concepts will be problematic if a creditor challenges the dischargeability of a debt or if the bankruptcy trustee alleges you have committed fraud—or anything else that could crop up during the case. When you find yourself on the receiving end of a complaint or motion, an attorney is essential to your success.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

The Key Differences between Secured Debt and Unsecured Debt

Posted on March 1, 2018by Admin

There are two main types of debt, these include: Secured debt and unsecured debt. Knowing the difference between the two can help you prioritize paying off your debts and keep your assets. Secured debts are tied to an asset that is considered collateral for that debt. Lenders place a lien on the asset, giving them the right to repossess it if you stop making payments on the loan. Examples of secured debt include a car loan and a home mortgage. A title loan is also a type of secured debt.

When it comes to unsecured debts, lenders do not have rights to any collateral for the debt. If you fall behind on payments or stop paying all together, the lender can generally not take any of your assets for the debt. The lender can take other actions against you to collect on the debt. For example, file a lawsuit against you and ask the court to garnish your wages. Unsecured debt can include credit card debt, student loans and medical bills.

So how do you know which debts to prioritize? Secured debts, those tied to a specific piece of property, are typically the best choice to pay first. These payments are often harder to catch up on if you fall behind and you risk losing essential assets, like your home or vehicle. Here are some ways bankruptcy can affect your debts– both secured and unsecured.

Related Resources:

https://www.thebalance.com/the-difference-between-secured-and-unsecured-debts-960181

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

What Happens to Your Home When Filing for Bankruptcy?

Posted on February 28, 2018by Admin

When a person files for bankruptcy, a common concern is whether he or she will be able to keep their home. If you are filing for Chapter 7 bankruptcy in Florida, you can use Florida bankruptcy exemptions to protect your property. Residents are provided unlimited exemptions for homestead, annuities, and the cash surrender value of a life insurance policy.

Whether or not a person who is filing bankruptcy under Chapter 7 can keep their home depends on how much equity they have in the home, as well as what state he or she is filing in. Every state has a different homestead exemption level, which sets the amount of home equity an individual may exempt from the assets being sold to satisfy creditors under Chapter 7. As long as the equity in the home is less than the amount allowed by state law in his or her state, the person filing for bankruptcy may keep their home.

Florida has one of the most generous homestead exemptions in the country. To use Florida’s exemptions, you must have resided in Florida for at least 730 days before filing your bankruptcy petition. To claim the full value of the homestead exemption in Florida, you must have owned the property for at least 1,215 days before the bankruptcy filing. Here are some of the most common Florida bankruptcy exemptions.

If you have any questions on the topic of bankruptcy exemptions 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 McMaken website at www.miamibankruptcy.com.

Related Resources: http://info.legalzoom.com/happens-home-one-files-bankruptcy-24028.html

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

When you should stop paying your credit cards and file for bankruptcy

Posted on February 27, 2018by Admin

If you are struggling to make the minimum payments on your credit cards, the thought of filing for bankruptcy has probably crossed your mind. Whether it is in your best interest to file for bankruptcy depends on:

Whether you can afford to ever pay back your debt;
Whether you are being sued by creditors;
Whether you are facing wage garnishment, and;
The amount of nonexempt property you own.

There are additional signs you should file for bankruptcy. In certain cases, you may be able to negotiate with the credit card company and settle your debt for less than the total amount. You can also request a lower interest rate on your credit cards.

If you have stopped making payments on your credit cards, you will likely begin receiving numerous calls from collection companies. The more delinquent you are, the more frequent and harassing the calls will become. For many people, the constant calling is enough to consider bankruptcy protection and relief.

If you are struggling to pay your credit card debt, know your rights and what debt collectors can and cannot do. The Fair Debt Collections Practices Act (FDCPA) limits the tactics that debt collectors can take to collect on a debt.

Not making payments on your credit cards can result in a lawsuit being filed against you. If the credit card company obtains a judgment against you in court, your wages could be garnished. If you are facing a lawsuit due to your outstanding debt, it is time to consider the consumer protections under bankruptcy law.