Debt Relief

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

10 things you should NEVER do before Filing for Bankruptcy

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  1. Run up credit card debt. Credit card charges that exceed a certain amount are considered abuse under bankruptcy law if they are made within 70 to 90 days of the bankruptcy filing. A bankruptcy trustee can exclude that debt from your bankruptcy case.
  2. Purchase a luxury item. If you purchase a luxury item within 90 days of filing for bankruptcy for at least $500, it is considered abuse under bankruptcy law. This means, the bankruptcy trustee has the authority to exclude that purchase as well.
  3. Take out a large cash advance. Cash advances that exceed $750 and are made within 70 days of a bankruptcy filing are presumed to be an abuse and will most likely be thrown out by the bankruptcy trustee.
  4. Sell valuable property. Bankruptcy trustees have the authority to revoke any fraudulent sales or transfers made before a bankruptcy filing. Transferring property raises a red flag because the trustee will assume the transfer was made to avoid losing the property.
  5. Pay off a debt to a relative. In bankruptcy cases, relatives are considered “insiders.” Bankruptcy trustees can force “insiders” to return payments or rescind property sales that were made just before a bankruptcy filing.
  6. Access funds from your retirement. Federal bankruptcy law protects retirement accounts. Florida is one of seven states where all IRA’s are considered a bankruptcy exemption. Under Florida Statute 222.21, IRAs and Roth IRAs are completely protected by debtors in bankruptcy court.  Another exception in most states is if a living spouse is the beneficiary of the IRA, they are allowed to treat it as their own in bankruptcy court and it is therefore, exempt. If you try to use money from your retirement account, you may still end up filing for bankruptcy and drain your retirement savings.
  7. Foreclosure, garnishment or repossession. Bankruptcy can protect you from collection actions, but only if you file before a collection action has begun in court. If you wait too long, you risk losing your home or car.
  8. Utilize a secured loan. Secured loans are considered non-dischargeable debts in bankruptcy. If you are searching for alternative solutions before filing for bankruptcy and take out a secured loan against your vehicle or home, you may ultimately lose them if you cannot make the payments.
  9. Take out loans or make credit purchases you don’t intend to repay. Bankruptcy trustees have the authority to look back a year or more to decide if a purchase on credit was an abuse because the filer never intended to repay the cost of the item.
  10. Not consulting with a bankruptcy attorney. You should talk to an experienced bankruptcy attorney who can look at your financial situation and provide advice on whether or not bankruptcy is the right step to take.  These consultations are oftentimes free of charge. Do not rely on friends, family or your own judgment.  Seek expert advice.

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 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

Legislation for Medical Debt Relief Introduced in Senate and House

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Five Democratic Senators recently introduced the Medical Debt Relief Act that would remove medical debts from consumer credit reports that have been paid in full. The purpose of the bill is to prevent medical debt from damaging consumers’ credit scores after the debt has been settled.

The bill would require that medical debts allow for a 180-day waiting period before they are reported on consumers’ credit reports. This would allow time for insurance payments to be applied to outstanding medical bills. It would also require that credit reporting agencies remove previously reported medical collections that have been or are being paid by insurance companies from consumers’ credit reports.

If passed, the bill would ensure consumers are able to find affordable credit after paying off their medical debts. It would also permanently establish the new National Consumer Assistance Plan created in 2015 after a settlement agreement was reached between credit reporting agencies and state attorneys general.

The goal of the agreement is for credit reporting agencies to be able to collect complete and accurate consumer information and provide consumers more transparency and a better experience when interacting with credit bureaus regarding their credit reports.

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, 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, Student Loans, Timothy Kingcade Posts

Rapper Releases Hit Song About Paying Back Student Loans

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New Orleans-based rapper, David Augustine Jr., or Dee-1, went viral with his hit song “Sallie Mae Back,” an ode to the struggle of paying back student loan debt. Augustine, a former middle school math teacher, landed a record deal in 2013 with RCA Inspiration and has since paid off his student loan debt in full.

The teacher-turned-rapper attended Louisiana State University and although he was awarded scholarships, they only covered about half of his tuition, room and board. He took out student loans to cover the rest of his education costs.

After landing his record deal and receiving an advance on his album, Augustine said it was obvious how he should spend the money. “I was like, how should I spend this? Most rappers buy a new car; they go ball out; they take a vacation; they go buy new jewelry, with this advance, I wanted to break the stereotypes of how people normally spend them – and get out of debt,” Augustine said.

After knowing the financial stresses that come with student loan debt, Augustine turned his relatable experience into his song’s subject. He released a video for the song “Sallie Mae Back,” on February 11th that has since gone viral and turned into an anthem for recent grads struggling to pay back their student loan debt. The video has been viewed more than five million times on social media.

The songs lyrics tell the story that millions of college students can relate to:

“Needed tuition

Needed room and board

Had to pay for books so I took out loans to feed the boy

Graduated wasn’t making quite enough to pay em back

Went in default messed my credit up

Check my Equifax

I ain’t proud of that

I’m more proud that I drown in that

I got two jobs really got on my grind

No time to whine I can’t ride the pine

In the game right now my time to shine

Started paying them loans back one at a time

Got them down down down

Down down down down down till I paid them all off”

Augustine has also been following the topic of student loans along the presidential campaign trail. He said, “It is ear candy to my generation to hear ‘let’s make college free.’ That’s easy.”

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.cnn.com/2016/02/24/living/sallie-mae-back-dee1-video-viral-

 

http://www.forbes.com/sites/tomanderson/2016/02/24/meet-the-rapper-who-made-paying-back-student-loans-a-viral-hit/#509f3580b8cb

 

http://time.com/money/4236509/sallie-mae-dee-1-rap-student-loans/

 

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

How to Conquer Your Medical Debt

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Millions of Americans struggle with medical debt. In fact, studies show that between 2005 and 2013, medical debts were the single largest contributor to personal bankruptcy filings in the U.S.

The Consumer Financial Protection Bureau (CFPB) said that half of all overdue debt on credit reports is medical debt; one in five credit reports contain overdue medical debt; and 15 million consumers have only medical debt on their credit reports.

Unfortunately, many Americans do not fully understand their rights and protections when it comes to medical debt. Understanding medical debt collection laws can help you better manage your medical debt.

What to do if your bill contains an error.

Medical debt collection laws vary by state, but in most states healthcare providers and debt collection agencies are allowed to contact you regarding a debt that you owe. However, you are allowed to challenge that debt if you believe it is incorrect.  You can also tell the debt collector to stop contacting you. According to Exhale Healthcare Advocates, more than 50 percent of all medical bills contain errors, so it is important to contest your medical bills if you believe there is an error.

In order to challenge your medical bill, you must first ask for an itemization of the bill and request an internal audit. There are websites you can visit that will show you what fair prices for medical services should be, based on your location and zip code, such as www.healthcarebluebook.com. If you feel that your bill contains an error or you have been overcharged for a medical service, you should contact an attorney.

What to do if your insurance company denied your claim.

If your health insurance company has denied your medical claim, you can appeal the company’s denial. Before you do so, it is important that you know and understand the guidelines, including all of the fine print within your insurance policy. Most patients can get the claim denial overturned after one appeal; however, this can be a long drawn out process.

What to do if you are being harassed by a debt collection agency.

It is imperative that you understand your rights under the Fair Debt Collection Practices Act (FDCPA), since medical debts are considered consumer debts. This means all protections of the FDCPA apply to third party debt collectors if your debt is in default. If you feel that your rights have been violated under the FDCPA, you should contact the CFPB and file a complaint.

How to pay down legitimate medical debt.

  1. Do not pay your medical bills before you know how much your insurance company is going to cover.
  1. Never pay more than you owe based on your insurance coverage. For example, if your healthcare provider tries to charge your insurance company $300 for a Band-Aid, and your insurance company only pays $5. The hospital can come after you personally for the rest. This practice is called “balance billing” and is on the rise.  Many Floridians are at risk for balance billing and are often unaware of the financial consequences.  Individuals who run the greatest risk are those who have health policies from a private company that is not an HMO.  Most are PPOs, preferred provider organizations.  Those in an HMO would see all their bills covered: ambulance, hospital and doctors.  But those who have another type of health insurance could be faced with astronomical medical bills after a trip to the ER or hospital.
  1. If you receive medical bills that you legitimately owe, contact your healthcare provider to work out a monthly payment plan that works with your financial situation.

 

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, 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://health.wusf.usf.edu/post/bruising-battle-over-balance-billing#stream/0

http://blog.credit.com/2016/02/help-im-in-serious-debt-with-medical-bills-137177/

 

Credit, Debt Relief, Timothy Kingcade Posts

Citibank Ordered to Stop Collections on $34 Million in Credit Card Debt, Fined $8 Million

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The Consumer Financial Protection Bureau (CFPB) fined Citibank $8 million last week for allegedly selling credit card debt with inflated interest rates and failing to send consumers’ payments to debt buyers. The credit card giant has also agreed to stop collections on $34 million in credit card debt held by nearly 7,000 consumers.

The CFPB said that Citibank hired two debt collection law firms, Faloni & Associates, LLC, and Solomon & Solomon, P.C., who reportedly altered affidavits filed in New Jersey debt collection lawsuits. Both firms are accused of changing either the dates of the affidavits or the amount owed; in some cases both, after they were executed, which is a violation of the Fair Debt Collection Practices Act.  Citibank claims the agency first learned of violations in 2011 and stopped referring new credit card accounts to it.

In a separate action, the CFPB ordered Citibank to refund $11 million to consumers who were affected by the alleged altered affidavits and nearly $5 million to approximately 2,100 consumers who were affected by the inflated APRs. Citibank has complied and has already issued refunds. Citibank did not admit or deny any of the CFPB’s allegations as part of the enforcement actions.

Fair debt collection practices have been a focus for the CFPB in recent years. Both JPMorgan Chase and American Express have been fined millions for illegal debt collection practices involving credit card debt.

CFPB Director Richard Cordray said in a press release, “Citibank sent inaccurate information to buyers when it sold off credit card debt and it also used law firms that altered court documents. Today’s action provides redress to consumers who were victimized by slipshod practices as part of our ongoing work to fight abuses in the debt collection market.”

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.

Related Resources:

http://www.foxbusiness.com/features/2016/02/24/citibank-will-stop-collecting-34-million-in-credit-card-debt.html

http://www.americanbanker.com/news/law-regulation/cfpb-fines-citibank-8m-over-debt-collections-1079533-1.html

 

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Americans Underreport Credit Card Debt by $415 Billion

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A recent study conducted by NerdWallet showed that consumers are underreporting their credit card debt. In December 2013, lenders reported approximately $683 billion in outstanding credit card debt, according to the Federal Reserve Bank of New York. However, Americans only reported having $268 billion in credit card debt.

The $415 billion discrepancy in reported credit card debt was far greater than any other type of debt, including student loans and mortgage debt. The reasoning is likely due to the stigma surrounding credit card debt, according to NerdWallet.

According to the study, 70 percent of Americans think credit card debt has a more negative stigma attached to it than any other type of debt. Mortgage and student loan debt is often considered “good” debt and credit card debt is considered “bad” debt. As a result, consumers may be underreporting credit card debt because they are ashamed of the amount of credit card debt they have. The survey also found that 35 percent of Americans would be embarrassed to tell others they have credit card debt, significantly more than any other type of debt.

How to pay off your credit card debt

Credit cards typically have the highest interest rates among other types of debt, therefore it is important to pay them off as quickly as possible. The first thing you need to do is figure out exactly how much you owe. You can do this by logging into your credit card account’s website. While you are logged in, note the balance, interest rate, minimum payment and due date.

Once you have determined how much you owe with each credit card account, make the account with the highest interest rate your top priority. Pay any extra that you can each month on that account. Once it is paid off, move on to the account with the second highest interest rate, and continue paying off each account by the highest interest rates.

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, Debt Relief, Student Loans, Timothy Kingcade Posts

Student Borrowing Affects Retirement and Home Ownership

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New data released from The Center for Retirement Research at Boston College revealed that student loan debt is preventing Americans from saving for retirement. Student loan debt has reached massive levels, with 40 million people stuck with at least one student loan. It accounts for more than 30 percent of non-mortgage related household debt. According to the St. Louis Federal Reserve, more than 27 percent of student loan borrowers in repayment are delinquent on those payments.

The report found that student loan debt has the same impact on retirement savings as unexpected healthcare costs. This means that a greater percentage of households are at risk of not being able to maintain their standard of living in retirement, because they are unable to save while they are in the workforce.

Most college bound students are not thinking about retirement when they take out student loans for expensive degrees. Unfortunately, if students choose a degree that will prepare them for a low-earning career or a career with a deficit in jobs, student loans are going to be harder to pay back.

Student loan debt is not only affecting retirement, it’s also affecting borrowers abilities to purchase homes and buy new cars. Many borrowers are unable to obtain a mortgage because their student loans push their debt-to-income ratio disqualifies them.

The Center for Retirement Research used the National Retirement Risk Index, which measures the percentage of working households age 30 to 60 who are on track to be able to maintain their standard of living in retirement. It looks at what a person’s age 60’s retirement security would be if the person had the same level of student loan debt as today’s average, $31,000.

The Center found that the percentage of people at risk went from 51.6 percent to 56.2 percent, a 4.6 percent increase. Although it doesn’t seem like a great increase, a 19.6 percent across-the-board cut in Social Security benefits would raise the index by 10.7 percentage points. This means that the impact is roughly half of the impact of an unprecedented move such as cutting Social Security benefits.

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.

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

Student Loan Relief Tax Bill Introduced in Congress

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Congressman Austin Scott (R-GA) recently introduced the “Student Tax Affordability and Relief Act,” into the House of Representatives. The bill would provide gross income exclusion for amounts that employers pay on employee student loans.

The bill excludes from gross income amounts paid as “qualified student loan payment assistance.” It defines their assistance as “amounts paid or incurred by an employer under a plan for the exclusive benefit of the employees of the employer to provide such employees with student loan payment assistance.” The bill provides a taxable limit of $10,000 per year.

Student loan debt has been an economic concern for some time. The Consumer Financial Protection Bureau reported in 2013 that the amount of outstanding student loan debt exceeded $1 trillion.

Individual states have recognized the economic ramifications of student loan debt and are taking matters into their own hands. States such as New York and Virginia have introduced their bills to assist struggling student loan borrowers. New York’s program will pay up to two years of student loans for eligible residents. While one of Virginia’s pending bills would allow students to refinance their student loans.

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.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

How to Get a Loan After Bankruptcy

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Many Americans believe their credit will never be the same after filing for bankruptcy. However, if you take the right steps, it’s possible to build a good credit score while you wait for bankruptcy to fall off your credit report.

If you developed bad financial habits that led to your credit problems, improving your credit score may be difficult. It is important to remember that it is possible to get your credit score to 700 within three years after filing for bankruptcy. If you are able to improve your credit score after bankruptcy, your odds of getting approved for a new loan are much higher.

Below are some tips to help you get a loan after bankruptcy:

Check your Credit Reports.

Although bankruptcy damages your credit score, having debts discharged will likely improve your chances of getting approved for new credit because your credit-to-debt ratio will be lower. However, you still want to check your credit history to make sure your bankruptcy was reported correctly to the three major credit-reporting agencies (Equifax, Experian and TransUnion).

You should also make sure that all of the accounts involved in your bankruptcy have a zero balance and are labeled as discharged. This will tell all of your prospective lenders that your income is now yours to spend.

Build a Positive Payment History.

Make sure to pay all of your bills on time after filing for bankruptcy. You want to prove to lenders that you are moving forward in a positive way. One of the best ways to build a positive payment history is to keep one account open with a zero balance. This does not mean that you should not use the account; it means you should make small purchases and pay the balance in full each month.

 Shop for (Re-) Starter Credit.

If you do not have any credit accounts open after filing for bankruptcy, apply for a secured credit card or credit-builder loan at your local bank. These types of credit are designed specifically to help people fix their credit scores.

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, Debt Relief, Timothy Kingcade Posts

Rapper 50 Cent Ordered to Appear in Bankruptcy Court after Instagramming Cash

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Curtis J. Jackson III better known as rapper, 50 Cent has been ordered back to bankruptcy court following a string of posts to his Instagram and Twitter accounts flaunting numerous piles of cash.

Jackson first filed for bankruptcy in July of last year. Since October, he has posted several pictures of himself with dozens of stacks of $100 bills on his Instagram account. In one post, he lined the stacks of bills up to spell out the word “broke,” seemingly to mock his bankruptcy filing.

Last Thursday, U.S. Bankruptcy Judge Ann M. Nevins told the rapper’s attorney, “I’m concerned about allegations of nondisclosure or a lack of transparency in the case.  There’s a purpose of having a bankruptcy process be transparent, and part of that purpose is to inspire confidence in the process. When that process becomes very public, the need for transparency, I believe, is even higher,” said Nevins.

Jackson’s attorney later issued a statement saying that his client would show up to court and answer all of the court’s questions. The statement also said, “Mr. Jackson has been forthcoming and transparent with all creditors.”

The issue was brought up in court papers filed in January by headphone maker Sleek Audio, SunTrust Bank and 50 Cent’s ex-girlfriend Lastonia Leviston, who claim the rapper owes them a combined $29 million. They also said he has posted videos of performances that he has probably gotten paid for and has not disclosed to the court. They also pointed out that the rapper never admitted he owned property in Africa, contrary to a post on his Twitter account.

This should come as a warning to anyone who plans to hide assets from the bankruptcy court and their attorney. Bankruptcy trustees are experts at finding undisclosed money, property, vehicles, jewelry, antiques, and collectibles. If you are caught trying to hide assets, the consequences are big. Your discharge will be denied, and you will be unable to discharge the debts you listed in a subsequent bankruptcy filing. In addition, the potential penalty for bankruptcy crimes include fines and imprisonment of up to five years.

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.