Debt Relief Archives - Page 61 of 86 - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Beware of Credit Card Skimming Scams at Gas Stations

Posted on October 25, 2016by Admin

Consumer protection officials are warning consumers about a new form of high-tech theft that can affect all credit and debt card users. Scammers are using devices known as ‘skimmers’ at gas pumps to steal account information from debit and credit cards that are swiped. These devices are also commonly found at ATMs.

According to Mississippi state Attorney General, Jim Hood, the devices are difficult to detect and come in two forms: internal or external. The external devices fit over the actual card readers at the pumps. The internal devices are typically communication cables connected to a device that records data from the cards.

“These devices may go undetected for weeks, all the while gathering sensitive account information from unsuspecting consumers,” Hood said. “Consumers need to call their financial institutions immediately if they see any unauthorized activity on their accounts, and watch closely for signs of tampering when using gas pumps or ATMs.”

Authorities offer the following tips to avoid becoming a victim of card skimming:

Pick pumps close to the entrance of the gas station or convenience store. Skimmers usually target pumps that are not near the entrance.
Pay with cash.
If you’re using a debit card, choose the option to process the payment as credit so scammers do not have access to your PIN.
Lightly wiggle the card reader on the pump. External skimmers might feel loose and come off.
Ask gas stations and convenience stores what type of anti-skimming measures they have adopted.

According to the Florida Department of Agriculture and Consumer Services, more than 250 skimmers were confiscated from gas pumps between July 2015 and July 2016. Approximately 100 consumers’ card numbers were stolen from each device and $1,000 stolen from each consumer.

Click here to read more on this story.

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.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Wells Fargo Sends Statement to Consumers with Important Updates following Scandal

Posted on October 24, 2016by Admin

Nearly two months after the Wells Fargo scandal was first revealed by the Consumer Financial Protection Bureau (CFPB), the bank has issued statements to customers with important updates about the steps the bank has taken to make amends.

The statement begins by apologizing to consumers stating that, “We are deeply committed to serving you and your financial needs, and in those instances, we did not live up to our commitment. This is inconsistent with our values and with the culture we work hard to maintain. It’s not who we are as a company.”

The statement goes on to say, “Here’s what we are already doing:”

Putting your interests first. We have eliminated product sales goals for our retail banking team and members who serve customers in our bank branches and call centers.
Proactively communicating with you. We now send a confirmation after you open a new consumer or small business checking, savings, or credit card account so you know what is happening and can tell us if anything we have confirmed is different than what you expected.
Full transparency. You can always see your active accounts any time when enrolled in Wells Fargo Online.
Fixing what went wrong. We have provided full refunds to customers we have already identified and we are broadening our scope of work to find customers we may have missed. If we have any doubt about whether one of your accounts was authorized, and any fees were incurred on that account, we will contact you and refund fees.

The statement issued by the bank is the result of a CFPB investigation which resulted in the Bureau fining the bank $185 million for unethical business practices. The CFPB found the bank had opened approximately two million unauthorized deposit and credit card accounts.

Click here to read a timeline of events of the Wells Fargo Scandal.

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.bizjournals.com/atlanta/news/2016/10/22/wells-fargo-sends-customers-statement-about.html

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

U.S. Supreme Court Agrees to Hear Debt Collection Appeal

Posted on October 21, 2016by Admin

The U.S. Supreme Court has decided to hear an appeal filed by Midland Funding, a subsidiary of Encore Capital Group, which was sued by an Alabama debtor named Aleida Johnson. Johnson entered into bankruptcy in 2014 and claims Midland Funding has sought payment of $1,879 in debt that Johnson had incurred more than a decade earlier. Alabama has a six-year statute of limitations for debt to be collected.

Supreme Court Justices will decide whether or not people can sue companies who have attempted to collect debts that they are not legally required to pay back due to their state’s statute of limitations.

It is common practice for some debt collection companies to attempt to collect on an old debt that is not legally recoverable under state law. However, if a debtor does not object to the payment, claims can be made against them when they enter into bankruptcy.

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

What kind of credit counseling is required when you file for bankruptcy?

Posted on October 20, 2016by Admin

For many people, filing for bankruptcy is a last resort to end the challenges they face struggling with insurmountable debt. If you decide to file bankruptcy you will need to work with an experienced bankruptcy attorney and complete mandatory credit counseling through a government-approved agency.

In accordance with the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, anyone filing for bankruptcy must receive two certificates: one for pre-filing bankruptcy counseling and one for a pre-discharge education course.

This counseling typically includes a complete review of your financial situation, including current income, household budget and a list of all unsecured debt. Counselors will discuss alternatives to bankruptcy, such as consolidation, debt management, and direct negotiation with your creditors. The entire process takes up to one hour.

After filing for bankruptcy, you also must take a pre-discharge education course. This course lasts two hours and is evaluated by the Justice Department to ensure the topics are in compliance. Topics oftentimes include: budgeting, financial products and tools, credit scores, contracts and consumer protection laws.

It can also include interactive tools, including pre- and post-tests, to measure the level of knowledge about these topics, which are important to understand in order to re-establish personal finances, rebuild credit and avoid getting back in debt. These courses are available online and allow filers to meet the necessary requirements to earn their bankruptcy pre-discharge education certificate.

Here are some ways to get the most out of your bankruptcy counseling:

Make sure you receive counseling from a reputable agency (one that is not only approved by the government, but a member of the National Foundation for Credit Counseling and in good standing with the Better Business Bureau);
Commit to your credit counseling. Set aside a block of time dedicated to these sessions.
Ask the counselors to explain anything you do not understand. They will answer any questions you have, as long as they are not legal-related. These should be directed to your bankruptcy attorney.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Mortgage Fraud Rising Most in Low Down Payment Loans

Posted on October 19, 2016by Admin

Earlier this week, we did a posting on mortgage fraud being on the rise. As it stands, the report showed a 3.9% year-over-year increase in fraud risk, as of the end of the second quarter of 2016. CoreLogic’s Mortgage Fraud Report analyzes the collective level of loan application fraud risk the mortgage industry is experiencing each quarter.

However, what is most noteworthy about the report is the loan type that is showing the greatest fraud risk increase is high-LTV purchase loans.

Nearly two years ago, Fannie Mae and Freddie Mac introduced 3% down mortgages, which have made their way into both big and small lender offerings since then, with some even offering as low as 1% down offerings.

The new low down payment programs were launched as a way to extend credit opportunities for first time home buyers since the access to credit tightened significantly after the financial crisis. But as the credit box loosens, the risk of mortgage fraud heightens, as seen in the report.

A balance is definitely needed. If current trends of higher LTV purchases and increased credit availability continue, mortgage fraud will likely rise over the next few years.

Click here to read more on this story.

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.

Bankruptcy Law, Credit, Debt Relief

Global Debt Exceeds Levels of 2008

Posted on October 18, 2016by Admin

A recent study by the International Monetary Fund (IMF) found that global debt, which includes the debts of governments, households and non-financial businesses, reached a record $152 trillion in 2015 – an amount much higher than before the 2008-2009 Great Recession.

While it seems everyone is fixated on the election, developments in the world economy threaten to create serious problems for the next presidential candidate. What is most concerning about this is that the global economic recovery has assumed widespread “deleveraging” – the repayment of debt by businesses and households.

It was assumed that these repayments would slow the economy. To reduce their debts, households would cut consumption and companies would cut investment. But once debts had receded to manageable levels, consumer and business spending would bounce back. The economy would accelerate.

Leading up to the Great Recession, the economy relied on debt-driven growth. People and firms could spend more, because they would borrow more. This was not only indicative in the United States with its housing bubble. Borrowing financed housing booms in Europe (Spain and the United Kingdom), consumer goods and investments in factories and machinery.

The IMF study fears “a vicious feedback loop”: High debts discourage more borrowing. A slowing economy then makes it harder to repay debts. The more that is borrowed, the more likely that borrowers, lenders – or both – will revert, further having a negative impact on economic growth and development.

Click here to read more on this story.

Bankruptcy Law, Debt Relief, Foreclosures, Timothy Kingcade Posts

Mortgage Fraud on the Rise- Florida Remaining the State with the Highest Risk

Posted on October 17, 2016by Admin

Fraud is on the rise in the mortgage industry, with Florida remaining the state most at risk, according to new data from CoreLogic. More than 12,000 mortgage applications were estimated to have fraud associated with them, according to the company’s 2016 Mortgage Fraud Report.

The mortgage application fraud risk index was up 3.9% year over year from the second quarter of 2015, continuing an upward trend in fraud since 2010.

“This is consistent with the loosening of credit policy after historically tight credit policies post-crisis,” CoreLogic stated in its report. CoreLogic cited a number of factors contributing to the increase in fraud risk, including an increased share of purchase loans, the availability of higher loan-to-value mortgages and the loosening of GSE credit policies.

Florida had the highest application fraud risk, followed by New York, New Jersey, Hawaii and Washington, D.C.

Click here to read more on this story.

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

Corinthian College Students Still Waiting for Financial Aid Help

Posted on October 14, 2016by Admin

Eighteen months after Corinthian Colleges Inc. closed the doors of its remaining locations, Heald College, Wyotech and Everest University, tens of thousands of former students are still waiting to receive some form of relief from the student loan debt they incurred to attend the defunct college.

Nearly 80,000 CCI students are facing debt collection related to the loans they took out to attend the schools. Although the Department of Education’s has the ability to provide defense of repayment discharges, which is a process that would eliminate debt based on the college’s alleged fraudulent actions.

The former student’s attempts to obtain discharges have been filled with issues, most stemming from the fact that the process has seldom ever been used and never to the extent it is needed for CCI students.

Due to the alleged fraud, students may be eligible for loan forgiveness of any federal Direct Loans, according to the Department of Education. The investigation process involving federal prosecutors, attorneys general and other agencies is ongoing. However, they have found evidence of fraud by CCI involving the use of inflated job placement rates and pushing students into high cost loans.

A report compiled by the Department of Education found that there are 79,717 people who are eligible to apply for loan forgiveness, but are instead dealing with debt collectors. Of those former students, 30,000 have had tax refunds, tax credits and other benefits seized, while 4,000 have had their wages garnished.

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, 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.

Credit, Debt Relief, Timothy Kingcade Posts

IRS Warns Taxpayers of the Latest Tax Scam

Posted on October 13, 2016by Admin

The IRS has issued a fraud alert, IR-2016-123, warning taxpayers to watch out for fake emails alleging to contain an IRS tax bill related to the Affordable Care Act just a few days before the October 15th tax filing deadline.

The IRS received numerous reports from across the country of scammers sending a fraudulent version of CP2000 notices for the tax year 2015 as an email attachment. The CP2000 is a notice commonly mailed to taxpayers through the U.S. Postal Service. It is never sent as part of an email.

Below are four indications that you have received a fake CP2000 notice:

The notices are being sent electronically, even though the IRS does not initiate contact with taxpayers by email or through social media platforms.
The CP2000 notices appear to be issued from an Austin, Texas address.
The underreported issue is related to the Affordable Care Act (ACA) requesting information regarding 2014 coverage.
The payment voucher lists the letter number as 105C.

According to the alert, the fraudulent CP2000 notices include a payment request that taxpayers mail a check made out to “I.R.S.” to the “Austin Processing Center” at a Post Office box address.

The IRS urges taxpayers and tax professionals who receive this scam email to forward it to phishing@irs.gov and then delete it from their account.

Click here to read more on this story.

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

Government Likely to Forgive Billions in Student Loan Debt – but only if you qualify

Posted on October 12, 2016by Admin

Student borrowers who have been working since 2007 in public service are looking forward to next year. This will be the first time the government will forgive debt under the Public Service Loan Forgiveness (PSLF) program. The program states that individuals who work for ten years in specific careers are eligible to have the remaining balance of their loans forgiven.

These areas include working for:

Non-profit organizations;
Libraries;
Schools;
Certain government jobs.

To qualify, borrowers must make on-time payments on their student loans during the ten years they work in public service. The payments can be made under an income-based repayment plan if the borrower qualifies.

With as many as 25% of working individuals qualifying, the government may have to forgive more than anticipated. More borrowers took advantage of the program than the government had expected. The average amount of loans carried by those in the program is $60,000. About 30% have debt over $100,000. This means the government will have to forgive more than $12 billion in student loans between 2017 and 2027.

Click here to read more on this story.