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Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

8 Mistakes to Avoid on Black Friday

Posted on November 23, 2016by Admin

Millions of Americans wait all year for Black Friday to come around. According to the International Council of Shopping Centers, seven out of ten people stock up on holiday gifts during Thanksgiving weekend. With the right planning and research, you can save a ton of money this holiday season.

Here are some mistakes to avoid during the busiest shopping day of the year.

Failing to make a list. Start by making a list of the items you wish to buy. Then research the places with the best prices for these items. If you are unsure of the items you need, determine who you are shopping for and then do some research online.
Paying full price for add-ons. One of the most common mistakes Black Friday shoppers make is paying full price for add-ons when shopping for electronics. These include batteries, cables and chargers. It is important to keep in mind that you do not need to get add-ons the same day or at the same place. Strategize where you can buy each commodity for electronics at the best price. Saving these items for Cyber Monday is a good choice!
Buying toys. The sales on toys typically extend into the first two weeks of December. According to DealNews.com toys are generally cheaper in the first two weeks of December.
Choosing the wrong time to go. Many of the stores who participate in Black Friday deals have started their sales on Thanksgiving in recent years. According to retale.com, 54 percent of shoppers said they would prefer to stay home on Thanksgiving. This gives shoppers a chance to beat the Black Friday crowds.
Opening store credit cards. It is tempting to open a store credit card to save an additional 10 to 15 percent off your purchase. However, going into debt over the holidays is not worth the savings.
Not using a price-comparison app. If you are planning on shopping on Black Friday, using apps like RedLaser, ShopSavvy and BuyVia will help you find the best prices.
Falling for “fear of missing out.” Oftentimes shoppers fall for the belief that sales are short-lived or that items are in limited supply. This is not necessarily true. Retailers have been preparing for this day weeks in advance and have ample supplies of what they expect to be top sellers. Keep in mind that many of the door-buster deals that are in limited supply are cheap quality, as well as cheaply priced.
Forgetting about Cyber Monday. If you do not find what you need on Black Friday, don’t forget about the Cyber Monday deals. Shopping online makes it easier to compare prices and stock up your cart with items you might not have been able to find in stores.

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, 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, Debt Relief, Timothy Kingcade Posts

Bankruptcy History Suggests Intent to Hinder and Delay Creditors

Posted on November 22, 2016by Admin

The Tenth Circuit Court recently heard the Rupp v. Pearson case where the debtor’s historical use of bankruptcy filings suggested improper purpose to hinder and delay creditors.

Mrs. Pearson had filed nine, mostly unsuccessful, bankruptcies since 1993. In 1997, she filed two unsuccessful chapter 13 cases before filing a chapter 7 petition and receiving a discharge. She later filed two more unsuccessful chapter 13 cases and had one pending chapter 13 case. She then filed another chapter 7 case seeking another discharge of her debts. The second chapter 7 case was filed two weeks after the dismissal of her chapter 13, and immediately upon the passage of the eight-year period.

The bankruptcy court inferred that Ms. Pearson was a “system-gamer.” This means that she routinely filed chapter 13 cases simply to stall collection efforts and with no actual intention of complying with the terms of her own plans. She then filed for chapter 7 relief as soon as the law allowed.

During one of Ms. Pearson’s filings, she agreed to contribute her expected tax return to the extent it exceeded $2,000. However, she kept the entire $4,829 refund and spent it on non-exempt personal items. This resulted in the bankruptcy court dismissing one of her chapter 13 cases. When she filed a chapter 7 case two weeks later, the trustee filed an adversary complaint seeking to have Ms. Pearson’s discharge denied due to her misappropriation of the tax refund with intent to defraud creditors, in violation of section 727(a)(2)(A). “In our view, the (trustee’s) complaint states a plausible claim that Ms. Pearson’s failure to turn over to the Chapter 13 bankruptcy estate the required portion of the tax refund was part of a scheme to hinder and delay creditors.”

However, the Tenth Circuit Court rejected the reasoning of the lower courts in finding that the complaint failed to state a claim for relief due to an absence of “fraud markers” and the fact that the complaint failed to negate the possibility of innocent uses of the tax refund. Rather, the circuit court noted that cases under 727(a)(2)(A) are fact-specific and not subject to rigid formulas.

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

How Trump’s Presidency Will Affect Consumers

Posted on November 21, 2016by Admin

The battle for consumer rights against powerful corporate and special interests has always been an uphill battle, but the road ahead just got considerably more difficult with this month’s election results. President-Elect Donald Trump released a statement on his website saying that he plans to “dismantle” the Dodd-Frank Act, which would be detrimental for consumers’ protection rights.

The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Obama in 2010 in order to protect consumers from irresponsible lenders who used hidden fees and fine print to take advantage of them. The purpose of the Dodd-Frank Act is to prevent the excessive risk-taking that led to the Great Recession and the housing bubble burst in the mid-2000’s.

One of the greatest threats consumers’ face during Trump’s presidency is the fate of the Consumer Financial Protection Bureau (CFPB). The CFPB was one of the most significant outcomes of the Dodd-Frank Act. The Bureau is a consumer watchdog that protects American families from unfair and abusive financial practices. It sets clear rules and ensures that the highest financial standards are met. The CFPB monitors the actions of mortgage lenders, banks, credit unions and other financial companies.

Unfortunately for consumers, the future of the CFPB during Trump’s administration is unclear. While he spoke out against the Dodd-Frank Act, saying that it “has made it impossible for banks to function,” he has not mentioned his plans for the Consumer Financial Protection Bureau. However, the Republican Party has called for repeal of the Dodd-Frank Act and abolishment of the CFPB. Opponents of consumer protections clearly feel empowered to push the agenda of predatory lenders, abusive debt collectors and others who target struggling individuals and low-income families.

Related Resources:

https://consumerist.com/2016/11/09/from-healthcare-to-financial-protection-how-will-the-trump-white-house-affect-consumers/

https://www.greatagain.gov/policy/financial-services.html

https://www.whitehouse.gov/economy/middle-class/dodd-frank-wall-street-reform

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

How does debt affect survivors after a loved one’s death?

Posted on November 18, 2016by Admin

It is a common occurrence that creditors start contacting grieving relatives to nudge them into paying their deceased loved one’s lingering debts. If you ever find yourself in this situation, here is what you need to know.

You do not need to worry about inheriting debt. In most situations, debt does not get passed down to heirs. However, creditors typically won’t tell you that. In fact, they are oftentimes depending on your sense of duty to pay off those debts. They may seem kind and sympathetic, but their ultimate goal is to persuade you into paying.

There are exceptions to the rule. Below are four instances in which you might still be on the hook for a debt after your loved one dies:

You co-signed on the debt.
You live in a community property state.
You are the spouse, and state law requires you to pay certain debts such as medical bills.
You were responsible for resolving the estate and did not follow state laws.

Estates may be liable. Although you are not personally responsible for your loved one’s debts, the estate may be. The estate is made up of your loved one’s remaining assets and may be required to cover the costs of outstanding debts left by your loved one. Creditors may file a claim in probate court. In which case, the money from the estate is used to pay those claims. What is left is what gets distributed to heirs.

If the estate does not have enough money to pay off creditors, it is considered insolvent. In that case, the unpaid debt should disappear. However, that might not stop some companies from calling you for payment.

Click here to read more on this story.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Credit Card Companies want you to give up Your Right to Sue. Here’s how to protect your Rights

Posted on November 17, 2016by Admin

Before signing up for a new credit card, scan through the fine print and search for the word “arbitration.” What you will find is that the company requires you to resolve all conflicts through a binding dispute resolutions process, rather than going to court.

These clauses are common among cell phone carriers, financial institutions and online service providers such as Netflix and Amazon. Some companies provide the option to opt-out of mandatory arbitration, if you act quickly enough. In fact, more than a quarter of the more than 400 credit card contracts analyzed by the Consumer Financial Protection Bureau included an opt-out provision.

For Citi Card customers, you may even have gotten a chance for a do-over. This past year, the issuer revised its customer agreements, giving them a new opportunity to opt-out of the company’s standard arbitration agreement.

As with many opt-out notices, instructions can be vague and time is of the essence. Here are some guidelines consumers should follow when requesting an opt-out.

Follow instructions. Read the opt-out provision carefully and follow the instructions exactly. It is necessary to include enough information to identify the person and convey their intent to opt-out.
Identify yourself. If the directions are vague, use a standard business letter format, with the date and address at the top. Include all pertinent details such as your account number, customer ID and your contact information.
Be direct. Be as clear and concise as possible in your writing. If you go to court, the lawyers for the company will try and argue that you were not clear or did not mean what you said.
Keep records. If an email option is given, use that. An email automatically generates a time stamp. If you do not need to send a physical letter, keep a copy for your records. Save any responses you receive and send the letter certified mail, so you receive confirmation of its receipt.

Click here to read more on this story.

Debt Relief, Student Loans

Four Ways President Trump Could Affect Your Student Loans

Posted on November 16, 2016by Admin

President-elect Donald Trump has plans to address student debt and college affordability, but many of the details remain unclear. Trump and the Republican Party did not emphasize higher education in their campaign platforms and any changes to the current federal student loan system would require congressional backing.

Here’s what we may be able to expect:

Income-driven repayment changes are likely. According to Trump’s proposed student loan program, he would cap repayment at 12.5% of a borrower’s income. He did not indicate whether this repayment cap would apply to all federal loan borrowers or only for those who apply for income-driven repayment, as is the current standard.
Private Banks may begin issuing federal student loans. Trump wants to restore a system where private banks issue federal student loans as opposed to the government. This was a process that occurred up until 2010, when the federal government revamped the program and began originating all federal student loans through its Direct Loan program. The Obama administration cited billions of dollars in cost savings as a result of the switch, and used the savings to offer more Pell Grants for low-income students.
Students’ prospective earnings could dictate their ‘loan worthiness.’ Trump wants to let colleges have a say in lending decisions and make them share the risk of student borrowing with lenders. It would be up to colleges and banks to decide together which students could take out student loans.
College costs could be reduced by limiting the ‘administrative bloat.’ Trump said in an October speech that he would take steps to cut tuition costs. In that same speech he said he planned to reduce the tremendous ‘bloat’ in college administration. By reducing the unnecessary costs of compliance with federal regulations, colleges would be able to pass the savings along to their students.

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, 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.latimes.com/business/la-fi-trump-student-loans-20161111-story.html

Debt Relief, Foreclosures, Timothy Kingcade Posts

October Shows Surprising Increase in Foreclosures

Posted on November 15, 2016by Admin

Foreclosure filings increased in October from the previous month in Southwest Florida and the recent Florida Supreme Court ruling could lead to even more foreclosures in the coming months. Lenders reported 469 foreclosure actions last month in Sarasota, Manatee and Charlotte counties- up 33 percent from September.

According to the October 2016 Foreclosure Market Report from ATTOM Data Solutions, a total of 105,481 foreclosure filings, default notices, scheduled auctions or bank repossessions took place in October. This is up 27% from September’s 129-month low, but it is still down 8% from last year.

The state with the highest foreclosure rate is Delaware, with one in every 355 houses having a foreclosure filing, followed by New Jersey with one in every 564 housing units, Maryland with one in every 679 units, Illinois with one in every 704 units and South Carolina with one in every 801 units.

Florida could soon be joining the states with the highest number of foreclosures, given the October ruling by the state supreme court, which favors lenders and allows them to re-file a foreclosure action against a homeowner in default even if a previous foreclosure case against that homeowner was dismissed and that original foreclosure case was filed more than five years ago, outside the state’s statute of limitations for foreclosure.

The loans used in the housing recovery that are most susceptible to foreclosure are the FHA and VA with low down payments. Data from ATTOM Data Solutions shows FHA and VA loans combined represent 49% of all active foreclosure inventory for loans originated in the seven years ending in 2015.

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 website at www.miamibankruptcy.com.

Related Resources:

http://www.heraldtribune.com/news/20161110/foreclosure-filings-rise-in-october

http://www.housingwire.com/articles/38512-october-shows-surprising-30-increase-in-foreclosures

Bankruptcy Law, Credit, Debt Relief

How to Avoid the Pitfalls of Personal Bankruptcy

Posted on November 14, 2016by Admin

If you are facing financial trouble, it can feel like the end of the world. People do not realize that filing for bankruptcy is a viable solution to their problems, can alleviate the financial stress, put an end to collection calls and even raise your credit score.

Here are some tips to remember along the way:

Do not be afraid of filing bankruptcy. Debt can be overwhelming and sometimes instead of facing it head-on, people bury their heads in the sand. This is the worst thing you can possibly do. This approach could result in you facing numerous lawsuits, automatic judgments against you even wage garnishment. By filing for bankruptcy protection you are getting a second chance and taking control over your finances once and for all.

Avoid running up new debt prior to filing. Do not make the mistake of running up a lot of new debt before filing for bankruptcy. The court will take all of your spending into account, including recent debts incurred, and the judge may not be willing to waive debts if it appears that you are trying to “game the system.” Make sure that your spending habits reflect a true desire to change.

Be aware of ALL of your options. For example, you may want to consider credit counseling. There are some reputable non-profit organizations that can help. With their assistance, you can reduce the payments you have to make and even get some of the interest removed from your debts.

Hire an experienced bankruptcy attorney. The laws surrounding personal bankruptcy are complex. If you feel unsure about the steps to take moving forward, consulting with an attorney may be your best option. Many offer FREE consultations. An attorney can be the guiding hand you need to make the process go as smooth as possible. When meeting with your bankruptcy attorney, make sure you have all of the necessary paperwork with you (i.e. – loan documents, credit card bills and any other relevant financial documents).

Create a post-bankruptcy budget. When you file bankruptcy, you want to avoid finding yourself in the same financial predicament that got you there. Planning for and making a post-bankruptcy budget is a smart idea. When you can create such a budget and stick to it after bankruptcy, you are far less likely to find yourself in the same position in the future.

Related Resources:

http://techfeatured.com/automotive/1198/how-to-avoid-the-pitfalls-of-personal-bankruptcy

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Tips to Avoid Credit Card Debt this Holiday

Posted on November 11, 2016by Admin

The holiday season is one of the busiest and most expensive times of the year for consumers. Sometimes it is easier to just swipe a credit card at the register and deal with the bills after the holidays. However, this approach can make for an unpleasant start to the New Year.

Here are some important tips to avoid going into credit card debt this holiday season.

Plan your holiday shopping list. Plan your gift purchases in advance and limit the cost by only purchasing items from the designated list and not adding extras.
Space out your purchases. Space your purchases out over the coming weeks. You will have more time to find the best deals and not get stuck paying last minute high priced mark-ups.
Secret Santa. Gift exchanges are a great way to cut costs on what seems like an endless list of purchases. Have family and friends choose a name out of a hat, and then buy a gift for the person selected.
Set a price limit. Gifts, décor and party hosting are all part of the fun of the holiday season! But remember to limit your spending to a specific dollar amount so you do not go overboard.
Shop online. If you are planning to make the most of your gift purchases online, wait until Free Shipping Day. This year it falls on Dec. 16, 2016, when all participating online retailers promise to deliver your gifts by Christmas Eve.
Never pay full price. Avoid paying full retail price whenever possible. Follow your favorite store on social media, sign up to receive their email blasts as they will often share exclusive discounts and coupons with followers. Sign up for price alerts and use shopping comparison apps to ensure you never overpay for any items.

At Kingcade & Garcia, P.A. we want you to shop smart this holiday season! If you 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, 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.popsugar.com/career/How-Can-I-Avoid-Credit-Card-Debt-Over-Holidays-42656636

Credit, Debt Relief, Timothy Kingcade Posts

Read THIS before Using a Store Credit Card to Shop this Holiday Season

Posted on November 10, 2016by Admin

If you are planning to finance a portion of your holiday purchases, you may be enticed to open a store credit card. With the attractive-sounding 0% interest rates, competitive rewards programs, even a discount on your first purchase, the offer sounds too good to be true, right?

That’s because it is. Here are some important facts consumers need to know about store credit cards.

The Truth about “No Interest” Financing:

There are two kinds of no interest financing. When you sign up for a bank credit card with a 0% introductory APR, you are not charged any interest on your purchases until that time runs out. However, store credit cards typically use what’s called “deferred interest” financing. This means that during the introductory no-interest period, interest on your purchases is accumulating, but will not be charged as long as you pay the balance in full.

Here’s an example: Let’s say that you finance a $3,000 jewelry purchase using 24-month deferred interest financing, but the store’s credit card has a 27.99% standard APR. The account has minimum monthly payments of $100, so by only paying the minimum, you would have a remaining balance of $600 once the 24-month interest-free period runs out. However, you would also have approximately $1,000 in deferred interest charges added to your 25th bill because you failed to pay off the entire balance in time. Deferred interest can also be added to your bill if you make a late payment one month.

The Interest will Cost You:

When signing up for a store credit card, make sure and read the cardholder’s agreement, specifically the section that tells you the card’s interest rate. According to a recent report, the average regular APR of a store card is 26.72%, more than 11 percentage points above the overall national credit card average APR of 15.07%. You can expect store cards to have interest rates that are significantly higher than those of general-use credit cards.

A Hard Credit Inquiry Can Affect your Credit Score:

When you agree to apply at the checkout counter, your credit report will be hit with a credit inquiry. Although one inquiry is usually not a big deal, it is not something you want to do if you are thinking of purchasing a home or new car anytime soon. According to FICO, one credit inquiry can have little to no impact on some consumers’ credit scores. For others, it can take five points off your score. When applying for a mortgage, five points could put you into the next interest rate range, costing you thousands over the life of your mortgage.

Rewards are Limited:

Store credit cards usually offer excellent rewards on in-store purchases. However, these credit cards usually offer no rewards for spending out of store.

Bottom line: Beware of the higher-than-average interest rates on these store credit cards, and the consequences of carrying a balance past the end of the deferred-interest period.

If you 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, 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:

https://www.fool.com/credit-cards/2016/11/06/read-this-before-using-a-store-credit-card-for-you.aspx

http://www.forbes.com/sites/nickclements/2015/11/29/store-credit-cards-can-be-dangerous/#6c1763596377