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Bankruptcy Law, Credit, Debt Relief, Florida Bar

Life After Bankruptcy

Posted on October 27, 2016by Admin

You have filed for bankruptcy and are looking forward to a fresh start. However, your credit rating has taken a substantial hit. The bankruptcy is likely to stay on your credit report for ten years, therefore, for a period of time it may be difficult to get a loan or credit card. However, you can take these steps after your debts are discharged to take advantage of your fresh start.

Start an Emergency Fund

If you filed a Chapter 7 bankruptcy, you have likely had most of your debts discharged. This means that your salary is yours to spend and you will most likely be living on cash rather than credit. It is imperative that you build an emergency fund with your extra cash.

Rebuilding your Credit

In order to restore your financial life, you have to rebuild your credit. You can begin establishing good credit immediately after your debts have been discharged. However, it may take some time to build up your credit score. If you own your home, paying your mortgage on time is a good place to start. Mortgage lenders report to the credit bureaus.

Adopt a Positive Attitude

Experts agree that attitude and persistence make a huge difference in your life after bankruptcy. For example, if you start a savings account, carry no debts and have an emergency fund, you are telling yourself that you can take control of your finances.

First New Credit Card

Once you have established good spending and financial habits, you can apply for a secured card as soon as six months after your debts are discharged. Secured cards allow you to put money in an account and the credit card company will give you a credit limit of that same amount. You pay the bill as you normally would and then get the deposit back when you close the account or switch to an unsecured version.

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, Florida Bar, Timothy Kingcade Posts

8 Things Debt Collectors Won’t Tell You

Posted on August 8, 2016by Admin

Debt collectors often use extreme and dishonest measures to try to collect on debts. However, there are a number of things that they are not likely to tell you, and knowing these things can make all the difference in resolving your debts.

Below are eight things debt collectors are not telling you:

Some of their threats carry no weight. Oftentimes, debt collectors use empty threats such as, “We are going to inform your creditor that you are refusing to pay this bill.” However, your creditor already knows you are not paying the bill, which is why the bill was sent to a collection agency.
If you tell them not to call during work hours, they must comply. According to the Fair Debt Collection Practices Act, debt collectors cannot continue to call you while you are at work, if you tell them not to. However, the 2011 Annual Report to Congress about the Fair Debt Collection Practices Act complaints proved that 17,008 complaints were filed in 2010 related to debt collection calls to consumers at work. This number is up from 11,991 complaints the previous year.
They cannot talk about your debts to others. Debt collectors are only allowed to discuss your debt with you, a co-signer, your spouse or your attorney. According to the Fair Debt Collection Practices Act, debt collectors can only contact “third parties” to locate you.
Your debt may be stale. Each state has its own statute of limitations that makes debt of certain ages not collectible. However, some debt collectors continue to target borrowers to collect on old debts.
Debt collectors are under pressure to collect, just like you are to pay. Most collectors work on sliding scale commissions. This means that the quicker they collect money from debtors, the higher their commission.
They cannot go after your possessions unless they sue you. Debt collectors must sue you before they can go after your property, including money in your bank account. Even threatening to sue you to collect a debt may be illegal if the collector has no intention of doing so.
Paying off this debt will not boost your credit ratings. When a debt is sent to collections, it will remain on your credit report for seven and a half years from the date you fell behind with the original creditor. Collectors will often tell you they will “update your credit report to paid in full status.” However, the change will not likely affect your credit report.
You probably do not have to pay your deceased relative’s debt. You are generally not responsible for the debts of relatives who have died unless you were a co-signer of the debt or the debt belonged to your spouse who died.

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Bankruptcy Law, Credit, Debt Relief, Florida Bar, Timothy Kingcade Posts

5 New Rules Can Protect You From Extreme Debt Collection Practices

Posted on August 4, 2016by Admin

The Consumer Financial Protection Bureau (CFPB) has taken many steps to protect borrowers from illegal debt collection practices. However, debt collectors continue to use extreme measures to try to collect on debt. The Director of the CFPB, Richard Cordray said, “We continue to hear about serious problems with debt collection – debiting accounts without authorization, calling at all hours of the day or night, threats of arrest or criminal prosecution or threats of physical harm to consumers and even their pets.”

As a result, the CFPB has proposed a new set of rules that will further monitor debt collectors’ practices and prohibit them from harassing and tricking consumers. Below are five of the new rules that will protect consumers from abusive debt collection practices.

According to the CFPB, approximately one-third of all consumers who are contacted by debt collectors said the attempt to collect was for the wrong amount. This occurs because debts are often sold to debt collectors with limited and inaccurate or incomplete information about the consumers and their debts. However, new proposed rules would force debt collectors to “scrub” their files and make sure they have the correct consumer and debt information before contacting the borrower.
The CFPB’s new proposal would also prohibit debt collectors from contacting consumers more than six times per week. Some debt collectors contact consumers multiple times per day, causing a major disruption to their daily lives. The new limits would also give consumers the right to tell collectors not to call on a particular phone line or at a particular time of the day, such as during work hours.
Another new rule would force debt collectors to disclose more information to consumers regarding their debt. This rule gives consumers the opportunity to defend themselves against illegal practices and enable them to spot a debt collection scam. The same rule would also force collectors to tell consumers if their debt is too old to initiate legal action.
Debt collectors would also be forced to provide consumers with a debt report if they disputed a debt via written notice. Until the debt report is provided to the consumer the collectors would not be permitted to actively pursue debt collection.
Finally, the new rules would also prevent debt collectors from transferring debt without responding to debt disputes. If the debt is transferred before the dispute, the next collector would not be able to pursue the debt until a response is submitted.

Click here to read more on this story.

Bankruptcy Law, Debt Relief, Florida Bar, Timothy Kingcade Posts

The Bankruptcy Means Test: What is it? Why is it Important?

Posted on July 20, 2016by Admin

The bankruptcy means test determines whether or not you are eligible to file for debt forgiveness through Chapter 7 bankruptcy. The test uses factors such as: income, expenses and family size to determine who can afford to repay their debts through reorganization and who cannot. Most who take the means test, pass it and are considered clear to file Chapter 7 bankruptcy. However, those who are ineligible for Chapter 7 have the option to file Chapter 13, which will restructure and reorganize debts.

How the Test Works

There are two steps involved in determining whether or not you have enough disposable income to pay off your debts. An experienced bankruptcy attorney will assist you in filling out and filing your paperwork with the bankruptcy court. Most debtors who file for Chapter 7 bankruptcy are struggling with consumer debt such as credit card or medical debt.

Step One

The first step in the bankruptcy means test will compare your household income with the average income in your state. In Florida, the median income for a household with one earner is $43,136. The median income for a household with two earners is $53,654. The means test is based on your financial situation over the past six months; therefore you will need to gather all of your documentation about your income during this time period. Keep in mind the court will consider any recent changes in your income such as: losing your job or starting a new job. If your median income over the past six months falls below your state’s average, you automatically qualify to file for Chapter 7 bankruptcy.

Step Two

If you are not automatically qualified to file for Chapter 7 bankruptcy based on your household income, you will need to move on to step two in the bankruptcy means test. As a part of this step, you must gather all of your documentation that lists your “allowable expenses” over the past six months. These expenses can include any of the following: rent, groceries, clothing and medical costs. What is left over is considered disposable income. In this portion of the means test, it is important to be thorough and not leave out any “allowable expenses.” It is also crucial to know your local “allowable expense” standards in addition to national standards. Make sure you consult with your attorney to fully understand what are considered allowable expenses in Florida.

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Credit, Florida Bar, Foreclosures, Timothy Kingcade Posts

Palm Beach Judge Withdraws Foreclosure “Speed Up” Rule

Posted on April 24, 2015by Admin

Chief Palm Beach Circuit Judge Jeffrey Colbath withdrew his latest proposed rule aimed at speeding up foreclosure cases. This rule came after the Florida Supreme Court local rules advisory committee rejected the 2014 administrative order intended to sweep through the backlog of foreclosure cases. The rule is based on the idea that a docket of more than 20,000 foreclosure cases created a crisis and would deplete judicial resources.

If Judge Colbath’s rule had gone into effect, lenders and borrowers would have 60 days after motions are filed to respond. After that, judges would be allowed to make decisions based on the filings alone. Judges would have also had the discretion to waive the requirement where attorneys must make two phone calls to attempt to resolve issues. The proposed rule would require them to “make reasonable efforts to speak to one another.”

Judge Colbath’s withdrawal came just one day before Circuit Judge Richard Oftedal issued a standing order with the intent to accomplish the same thing.

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.

Florida Bar, Foreclosures, Timothy Kingcade Posts

4 Reasons to Sell your Home NOW

Posted on April 7, 2015by Admin

If you are on the fence about selling your home, now may be the time to act. According to Zillow.com, homes sell 15 percent faster in mid-March through mid-April and for two percent more than your average sale.

According to economists, it is a “seller’s market,” and below are four reasons why:

1.) Low housing supply. Perhaps the most significant reason to sell is because there is a lower number of homes on the market. According to the National Association of Realtors, the level of homes for sale in February was approximately 4.6. This means that it would take approximately four and a half months to sell all of the homes on the market. The normal market is a five to seven month supply of homes. A smaller inventory will oftentimes hike up home prices and spark bidding wars, which is great for sellers.

2.) Fewer cash buyers. Cash and investment buyers helped increase home sales over the last two years. Home prices are expected to grow slightly this year but with fewer cash buyers. Economists look for price growth to stabilize.

3.) An increase in interest rates. The Federal Reserve recently hinted that higher interest rates are expected to happen sooner rather than later. While mortgage interest rates remain low, real estate experts predict that buyers will act now to take advantage of the lower mortgage rates.

4.) Rising rent prices. Nationwide, rent prices have increased 15 percent in the past five years in a study conducted in 70 metro areas across the country. Every time there is a jump in rent, more homebuyers enter the market.

Click here to read more on why now may be the perfect time to sell your home.

Bankruptcy Law, Credit, Florida Bar, Timothy Kingcade Posts

How to Choose the Right Bankruptcy Attorney

Posted on April 2, 2015by Admin

Finding the right bankruptcy attorney is critical to the outcome of your case. The first place you can start is by visiting your state bar’s website to find out if the attorney is a Board Certified Consumer Bankruptcy attorney. You can also find out how many years an attorney has been practicing in the field of bankruptcy law.

Look for important award distinctions, such as an AV Preeminent Rating by Martindale-Hubbell. This distinguished award is achievable only after admission to the bar for at least ten years and indicates the highest level of legal ability and ethics. It also indicates that an attorney’s colleagues and the judiciary perceive him to be at the pinnacle of professional success.

When you check credentials and affiliations, it provides you with an assurance that the attorney has practical knowledge of the state’s bankruptcy laws. Next, visit the attorney’s website to see if the site contains educational information about filing for bankruptcy, answers frequently asked questions, provides client testimonials and informative videos.

Do your research on the bankruptcy attorney you plan to meet with and look for the following qualities:

1.The attorney should discuss alternative options with you. Chapter 7 bankruptcy is a complete discharge of eligible debts, but it is not right for everyone.

2. The attorney should display a passion for the process. You should not hire an attorney to represent you in court who is indifferent about the process. Ask the attorney why he or she chose bankruptcy law and listen carefully to the response.

3. The attorney should understand you and your individual situation. Filing for bankruptcy can be a trying time, not only financially but emotionally. You need to find an attorney who possesses empathy and the willingness to listen to you.

4. Beware of discount bankruptcy attorneys. Finally, look out for an attorney who runs an extremely discounted rate on their bankruptcy services. These firms are commonly referred to as “bankruptcy mills” and crank out many cases at a time, not giving clients the one-on-one attention they deserve.

Click here to read more on how to choose the right bankruptcy attorney.

If you are in a financial crisis and are considering filing 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.

Florida Bar, Foreclosures, Timothy Kingcade Posts

Big Time Florida Foreclosure Lawyer Accepts Disbarment

Posted on November 20, 2013by Admin

Florida lawyer, David J. Stern, whose law firm handled tens of thousands of foreclosure cases during the height of the financial crisis is ending his fight to hold on to his law license. The disbarment will mark the most significant punishment for the attorney’s role in falsifying documents through fake signatures and backdating records and not giving homeowners proper notice that they faced foreclosure.

In late January, the Florida Bar found probable cause for 17 counts against Stern. The alleged violations included misconduct and failure to supervise non-lawyers properly. Stern’s attorney initially said that his client had done nothing unethical and questioned if the Bar could prove his client did anything to merit punishment.

But recently, Stern’s lawyer, Jeffrey Tew, filed a one page document with the Florida Supreme Court stating that his client has decided to end his fight against recommendations that he be disbarred. A referee has also recommended that Stern pay nearly $50,000 in costs to the Florida Bar, claiming that Stern’s actions had “created chaos” in the courts.

The October report included testimony from six judges complaining about Stern and his firm’s lawyers. Judge Nancy Perez contended that Stern’s failure to exercise care was not “isolated, but rather a representation of the culture of the firm, as to the low level of competence and ethics.”

Click here to read more on the story.

Bankruptcy Law, Florida Bar, Timothy Kingcade Posts

Kingcade & Garcia, P.A. Files 1,070 Bankruptcy Cases for the Year in the Southern District of Florida

Posted on January 8, 2013by Admin

MIAMI – Kingcade & Garcia, P.A. (www.miamibankruptcy.com) a Miami-based bankruptcy law firm, focused solely on helping individuals and families throughout the Southern District of Florida in Chapter 7 bankruptcy and foreclosure defense cases, is pleased to announce it filed 1,070 total bankruptcy cases in 2012.

“We are honored to be able to help more than 1,000 families in South Florida eliminate their debt and get a fresh start with their finances,” said Founding Partner and Managing Shareholder, Timothy S. Kingcade. “We attribute this success to our unwavering dedication to our clients and never losing sight of their best interest throughout the bankruptcy process.”

Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 bankruptcy filings and foreclosure defense cases for the Southern District of Florida. All partners and associates at Kingcade & Garcia, P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

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Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout the Southern District of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care. More information can be found at www.miamibankruptcy.com or by calling 305-285-9100.

Florida Bar, Timothy Kingcade Posts

Florida Homeowner Finds Family in Her Home the Night Before Closing

Posted on November 28, 2012by Admin

Florida has seen its fair share of squatters in vacant homes since the Housing Market Crash, however Michelle Pinder found herself in court with the family living in her deceased mother’s home. The night before Pinder was supposed to close on the sale of her mother’s home, her realtor stopped by to do a final check on the property to find a woman, her daughter and a man living in the home. Ibet Flores Castano, the woman living in the home, presented a lease she signed to rent the home from a man who claimed to own the property. The landlord’s name, phone number and address were all fictitious and Castano claimed she paid the man in cash.
Since the family claimed to have rented the property and has the lease agreement, the judge is hesitant to prosecute the family for any wrongdoing. Legally the family has 40 days before they must vacate the property, however Pinder’s buyers are threatening to walk away from the deal due to the 40-day period and the strange circumstances. By law, citizens in Florida are allowed to take ownership of an abandoned home under two circumstances. First, they must pay taxes. Second, they must have permission from the property’s owner.
To read more on this story visit: http://www.huffingtonpost.com/2012/11/09/michelle-pinder-finds-squatters_n_2100174.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.