Timothy Kingcade Posts Archives - Page 106 of 155

Bankruptcy Law, Credit, Timothy Kingcade Posts

4 Tax Changes you Should Know about in 2014

Posted on February 24, 2014by Admin

As many of us are sorting through tax documents for the 2013 filing season, there are some important changes coming up in 2014 that will affect the way you plan your finances and budget for the coming year.

1. Additional 2013 taxes for high earners. Tax year 2013 marked the start of two new taxes for high earners: a 0.9% Medicare tax and a 3.8% tax on unearned/investment income. If you are subject to these, be prepared to pay them by April 15, 2014. Good planning throughout the year can go a long way.

2. Joint returns for same-sex couples. Since the recent Supreme Court ruling DOMA, married same-sex couples can now file joint federal returns. It is also possible to amend past returns (from up to three years) to reflect the filing status.

3. Tax breaks expiring at the end of 2013. If you have relied on certain tax breaks the last few years, you may be disappointed to find out that some are expiring at the end of 2013.

These include:

• Credits for certain energy-efficient home improvements
• Deduction for university tuition and fees
• Deductions for teachers who purchased classroom supplies out of their own pockets
• Deduction for PMI payments

4. Changes from the debt-ceiling battle. Tax changes are inevitable if there is another debt-ceiling battle. If there is another government shutdown, delays could be seen during the tax filing season. The best advice is to get your tax return prepared as early as possible so you are not trying to figure out what to do when delays become a problem.

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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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Mel Gibson’s Ex Files for Bankruptcy

Posted on February 21, 2014by Admin

Oksana Grigorieva, Mel Gibson’s ex has filed for bankruptcy over her legal debts just years after turning down a $15 million custody settlement. The legal debts are said to be in the range of $250,000. In legal documents obtained by TMZ, Oksana has just $10 in cash to her name. The musician, who is the mother to Mel’s four-year-old daughter Lucia, has $48,000 in assets and $438,000 in debts.

During her custody battle with Mel, Oksana used more than 40 lawyers. At the end of it all, Mel was ordered to pay $750,000 to Grigorieva, which he is paying in installments. According to legal documents, she is receiving $20,000 a month in child support for Lucia, while Timothy Dalton pays her $2,500 for their son Alexander.

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Credit, Foreclosures, Timothy Kingcade Posts

NEW Mortgage Protections for Members of the Military

Posted on February 17, 2014by Admin

The responsibilities of home ownership and having a mortgage are demanding enough for the average consumer, but the process becomes increasingly more complicated for borrowers who are serving our country.

To help ease these hardships- which include job and relocation stress, along with time constraints- the Consumer Financial Protection Bureau (CFPB) has written new mortgage protections for these consumers, which are now in place for military men and women.

Holly Petraeus, head of the CFPB’s military office said the new rules have come after the CFPB conducted nationwide listening sessions and heard stories from military families about poor mortgage servicing practices, inconsistent foreclosure practices and sloppy recordkeeping by lenders. These new rules will help military families struggling with a mortgage and those that just got orders requiring them to relocate.

Some of CFPB’s new rules include:

• Require a servicer to evaluate a borrower for all available options as soon as they receive an application for mortgage help.

• Servicers must have policies in place to ensure consistent and constant contact with borrowers.

• One of the big changes relates to what is known as dual-tracking. In the past, a member of the military struggling to make a mortgage payment might have been working on a potential loan modification at the same time their servicer was moving to foreclose on the home. This practice is now restricted under the new rules.

• Eliminate the issue of misplacing documents and other factors that make it hard for borrowers to get accurate and consistent answers regarding their mortgage.

• Mortgage servicers are now required to train their employees to be more readily able to answer questions for borrowers who run into trouble and must assign someone to help military borrowers to ensure a positive experience.

• In the past, service members had to apply multiple times for programs to help keep their homes. The new rules require mortgage servicers to evaluate a borrower who files a complete application for help for all the options that are available to that borrower. This will eliminate multiple rounds of applications.

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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, Foreclosures, Timothy Kingcade Posts

Foreclosures Hit Lowest Level in More than Six Years

Posted on February 14, 2014by Admin

Banks took back 30,226 homes last month, a 4 percent drop from December, according to RealtyTrac. Lenders have repossessed fewer U.S. homes in January, bringing the number of foreclosures down to its lowest level in more than six years.

Even with the recent drop, many states posted a sharp increase in the number of homes entering the foreclosure process for the first time, a trend that raises the likelihood that those states will see a surge in foreclosed homes later this year.

It looks as if the U.S. housing market has finally emerged from its slump. Home prices have steadily increased, there has been steady job growth and more homeowners are keeping up with their mortgage payments.

Florida and New York, two states which continue to have a backlog of homes with unpaid mortgages, are only now entering the foreclosure process or being scheduled for auction. Foreclosures peaked in 2010 at 1.05 million and have been declining ever since.

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Bankruptcy Law, Credit, Timothy Kingcade Posts

1 in 4 Families Face Medical Debt Crisis

Posted on February 12, 2014by Admin

According to a recent report released by the Centers for Disease Control and Prevention (CDC), one out of every four American families struggled with medical debt last year. Even more compelling is the fact that one out of every 10 individuals with medical debt is “unable to pay at all.” The typical American family of four had total healthcare costs exceeding $22,000 last year, which included out-of-pocket costs of $3,600.

The nation’s out-of-pocket healthcare costs for 2013 are estimated to have totaled $322 billion, representing a significant amount of debt. Millions of these medical accounts are sent to collection agencies annually. Medical bills comprise more than half of the accounts in collections, according to research by the Federal Reserve.

Families that had children under the age of 18 were more at risk of falling into financial trouble due to medical expenses, along with those families who were within 250 percent of the federal poverty level.

The report revealed that having a mixture of coverage types increased the chances of families falling victim to medical debt. For example, a family of four with two individuals on Medicaid and two individuals on private insurance had an increased risk.

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Medical bills can be financially devastating- even if you have health insurance and are employed. Filing for bankruptcy can eliminate your medical debt and give you a fresh financial start. 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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Medical Debt: The Number One Cause of Personal Bankruptcy

Posted on February 10, 2014by Admin

This year it is expected that 1.7 million American households will be forced to file for bankruptcy due to overwhelming medical debt. This makes medical debt the largest cause of personal bankruptcy filings- surpassing credit card bills and unpaid mortgages, according to new data. Even having health insurance does not shield many Americans from the weight of medical debt.

According to recent data, 25 million Americans hesitate to take their medications in an effort to control medical costs. However, delaying the needed medication is only a short-term fix which can often result in expensive emergency room visits or worse.

More than 20 percent of the population between the ages of 19 and 64 will struggle to pay some sort of medical debt. High-deductible insurance plans, requiring consumers to pay more out-of-pocket expenses, are the most challenging for Americans. With the average American family bringing home just $50,000 a year, an unexpected medical bill coupled with a high-deductible insurance premium can quickly become unmanageable debt.

Obamacare is not likely to fix the problem. While the Affordable Care Act will give more people coverage, those with year-round coverage are likely to still be overwhelmed with medical debt. The number of households forecast to file for medical-related bankruptcies this year is three out of every five filings.

Data from NerdWallet Health revealed that 15 million people will deplete their savings to cover unexpected medical bills. Another 10 million will be unable to pay for necessities such as rent, food and utilities because of those bills.

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Bankruptcy Law, Credit, Timothy Kingcade Posts

Distressed Real Estate Continues to Hold Down Miami-Dade’s Housing Market

Posted on February 7, 2014by Admin

According to a recent report from Core Logic, distressed real estate continues to put a damper on Miami-Dade’s housing market. New numbers show a nearly four-point spread between price gains in the overall housing market and price gains when distressed sales are eliminated. That is higher than the one-point spread nationwide and Broward’s spread of 1.5 percentage points.

In Miami-Dade, home prices increased 10.6 percent at the end of 2013 compared to the end of 2012. When leaving out sales of distressed properties (i.e. – sales by banks or homes in the foreclosure process) the gain would have been 14.5 percent, Core Logic said.

In Broward, the overall market saw prices rise 13.7 percent. Leaving out sales of distressed properties, the gains were 15.2 percent. Nationwide, it was an 11-percent gain for all property sales and a gain of 9.9 percent for non-distressed properties, according to Core Logic.

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Bankruptcy Law, Credit, Timothy Kingcade Posts

7 Ways to Build Credit without a Credit Card

Posted on February 5, 2014by Admin

Whether you are buying a home, car or other big purchase item, the first thing a lender will look at is your credit score. Before applying for a major loan, it is important you know where you stand with your credit score. Many people believe that the only way to establish and build credit is by opening and using a credit card.

Here are a few alternatives to help you put the plastic away and establish good credit.

1.) Ask companies to report on your behalf. If you have recurring bills that you pay on a monthly basis (i.e.- rent, utilities, cell phone, etc.) request that these providers report your payment activity to the three major credit bureaus- TransUnion, Experian and Equifax. Of course before you do that, make sure you have a responsible/on-time payment history. Payment history accounts for 35 percent of your credit score and can have significant impact if there is not a lot of other data on your credit report.

2.) Become an authorized user on another credit card. Do this ONLY if the cardholder has a strong credit background. Signing on as an authorized user will enable you to piggy back off their stellar credit.

3.) Open an account with a credit union and take out a small personal loan. Credit unions typically offer financing options at lower interest rates than traditional banks. To give your credit score a boost, apply for a small personal loan. If denied, inquire about a secured loan-where a certificate of deposit or savings account- will be used as collateral. This request will likely be approved because the risk in minimal on the lender’s end.

4.) Apply for an installment loan. These loans paid in a timely manner over an extended period of time build your credit score because they show creditors that you are a responsible borrower.

5.) Federal student loans. A credit check is not required to obtain a federal student loan. Since it is an installment loan, it can help boost your credit score. Aim for one that is subsidized and deposit the money into a safe interest-bearing account so the funds will be available when repayment starts.

6.) Peer-to-peer loans. Companies like Prosper and Lending Club offer peer-to-peer loans, where borrowers are connected with individual investors. The interest rates are low and these lenders report to the major credit bureaus.

7.) Try an alternative credit score. Check out Payment Reporting Builds Credit (PRBC), which helps consumers create a nontraditional credit score, an alternative to the big three credit bureaus.

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Bankruptcy Law, Credit, Timothy Kingcade Posts

Never Give Debt Collectors Access to This

Posted on February 4, 2014by Admin

Debt collectors are looking to get as much information as they can on a bad or late debt. NEVER, under any circumstances allow them electronic access to your debit card or personal checking account. There have been numerous situations where collectors have taken more than the agreed-upon amount from someone’s account once they have gained access, leaving unsuspecting people without money to pay their rent, the electric bill or even groceries.

Do not be intimidated by the collection company’s threats or lies. There are safer ways to pay off the debt. You can send money overnight or wire the cash to them. You can also send a cashier’s check. You can also invest in a pre-paid debt card that is not attached to any of your personal accounts.

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Bankruptcy Law, Timothy Kingcade Posts

Trending Now: Consumer Spending on the Rise, Personal Incomes Remain Flat

Posted on January 31, 2014by Admin

The Commerce Department has reported that consumer spending increased 0.4 percent after rising by a revised 0.6 percent in November. Consumer spending recorded its strongest gain in three years in the fourth quarter, helping lift the economy to a 3.2 percent annual growth rate.

However, income was unchanged last month after rising 0.2 percent in November. This is a possible reflection of the end of jobless benefits for approximately 1.3 million long-term unemployed last month. Weak income growth combined with strong spending means less savings for Americans. The saving rate – the percentage of disposable income households are saving – fell to an 11-month low of 3.9 percent in December.

Both inflation measures remain stuck below the Federal Reserve’s 2 percent target. That suggests that the Federal Reserve, which is gradually reducing the amount of money it is supplying the economy, will hold interest rates near zero for a while.

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