Timothy Kingcade Posts

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

5 Alternatives to Charging Your Medical Bills

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If you are like many individuals today facing serious medical bills, it is important to know that you have options.  The rising cost of healthcare, combined with the growing number of Americans without adequate health insurance has led many people to file for Chapter 7 bankruptcy. In fact, medical debt is the No. 1 reason people file for bankruptcy in the U.S.  In 2014 alone, an estimated 40% of Americans accumulated medical debt resulting from a health issue.  Instead of putting medical expenses on your credit cards or worse signing up for a medical credit card, here are some alternatives that can help you stay out of medical debt.

  • Enroll in a payment plan. Certain hospitals and doctor’s offices offer payment plans for low-income patients. This will allow you to work out a payment plan directly with the healthcare provider, pay your bill overtime and avoid interest charges.
  • Ask about charitable funds. If your household income is low enough, you may qualify to have your medical bill completely dismissed.  Some hospitals have money set aside to pay for treatment of patients who cannot afford to pay their bill.  This is especially common in emergency health situations.  However, be warned the paperwork and forms involved is extensive but is worth it in the end.
  • Negotiate a lower amount. Depending on the circumstances, you may be able to negotiate a lower bill.  It never hurts to ask.  In some cases, hospitals may agree to settle the debt for less than you owe.
  • Consider taking out a personal loan. If you have exhausted your other options and still need help paying your bill, consider taking out a personal loan rather than using credit cards. If you have good credit and a stable income, you could qualify for a loan with an interest rate as low as 5 percent.

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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 McMaken, 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 McMaken website at www.miamibankruptcy.com.

 

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

An Inside Look at 83 Million Eviction Records, and what Housing has come to in America

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A recent article in the New York Times provided an in depth look at the eviction crisis occurring in America. Nearly one million American households received eviction judgments in 2016 in new data spanning dozens of states. Two years prior, sociologist Matthew Desmond turned the topic of eviction into a national one with his book, ‘Evicted,’ which chronicled how poor families who lost their homes in Milwaukee sank even further into poverty. This problem is not just in Milwaukee, eviction judgment rates for renting households is widespread.

Desmond’s team found records for nearly 900,000 eviction judgments in 2016. Landlords were given the legal right to remove at least one in 50 renter households in the communities covered by this data. And one in five renter households in Richmond, Va., which has one of the highest eviction rates, were threatened with eviction in 2016. Their landlords began legal proceedings, even if those cases did not end with a lasting mark on a tenant’s record.

Most of those evicted never made it to the courtroom.  Some did not appear because their problem seemed hopeless; others did not show because they had no legal representation.  The median amount owed was $686. These cases, sometimes brought in bulk by property managers are settled in minutes when defendants are not present.

Eviction is not just one problem; it often spirals into a number of problems.  Medicaid benefits and food stamps are forfeited by families who often need them the most after losing the permanent addresses where the renewal notices are sent.

To make matters worse, states like Virginia, that have some of the highest rates of eviction lack certain tenant rights available in other states.  In areas like Richmond, Va., many poor African-Americans live in low quality housing projects with no means of escaping it. Many times these individuals are just a car repair or hospital visit away from missing a rent payment.

The process of what happens after the eviction is not any better.  The current court process functions as an arduous rent-collection system, one that attaches attorney fees and court costs to rent checks, and one that saddles even tenants who do not lose their homes with lasting eviction marks on their credit reports.  It oftentimes takes years for families to stabilize after this.

Another downside, the underprivileged tenants are not ensured access to legal aid or protected from steep rent increases, as in some cities and they have no rights to deduct their own repair costs from the rent.  The median amount owed on a public housing eviction was $328, according to Desmond’s data.  The public housing authority, spends on average 50 days turning over the apartments, costing the agency more in lost rent than the unpaid rent cases are often worth.

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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

New Poll Reveals the Majority of Millennials are in debt, Postponing Major Life Events

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Nearly three out of four millennials in the U.S. are in debt and according to a new poll credit card debt is the most prevalent type of debt among the group- not student loan debt.

A quarter of millennials — those 18 to 34 years old — are more than $30,000 in debt, including 11 percent who are over $100,000 in debt.

Debt has resulted in savings taking a backseat for many millennials and has caused a third, or 34 percent, to hold off on buying a home.  Debt has also affected the millennial generation family structure.  Fourteen percent of millenials have delayed marriage due to their debt and 16 percent have postponed having children.

Here are some additional findings from the NBC News/GenForward survey:

  • Sixty-two percent of millennials owe more in debt, than they have in a personal savings account
  • Three in 10 millennials have less than $1,000 in their personal savings, and only 1 percent have over $100,000 saved.
  • A quarter, 24 percent of millennials, have no personal savings.
  • Two-thirds of millennials, or 67 percent, said they would have difficulty paying an unexpected bill of $1,000 right away.
  • Credit card debt is the most prevalent type of debt among the group, while just two in 10 millennials say they have a mortgage or home loan.
  • Only 22 percent of millennials are debt free.
  • Fourteen percent of millennials have delayed getting married due to debt, and 16 percent have delayed having children.
  • Debt has caused a third of all millennials, or 34 percent, to hold off on buying a home and 31 percent to delay saving for retirement.

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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Debt Relief, Foreclosures, Timothy Kingcade Posts

Clarifying Contested Foreclosures After Bankruptcy – Florida Governor Rick Scott Signs off on New Law

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When going through the bankruptcy process, filers must declare their intentions toward any property securing their debt, which can include their home. This can involve surrendering the property to the lender or retaining it and making payments to reduce the debt.  If you agree to surrender the property in order to clear the mortgage debt, can you contest the foreclosure to try and delay the process while remaining in the home?

Senate Bill 220, a new law addressing the property rights of defendants pertaining to bankruptcy and foreclosure proceedings, recently signed by Florida Governor Rick Scott says no. The bill is consistent with the ruling in the Florida Middle District Case In re Metzler, a 2015 case that ruled debtors cannot raise defenses once a subject property has been surrendered in bankruptcy. However, the law does allow defenses to be made based on the conduct of the lender after surrendering the property.

Florida has one of the most generous homestead exemptions in the country. To use Florida’s bankruptcy exemptions, you must have resided in Florida for at least 730 days before filing your bankruptcy petition. To claim the full value of the homestead exemption in Florida, you must have owned the property for at least 1,215 days before the bankruptcy filing.

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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Divorce & Bankruptcy – How They Are Connected

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Medical bills, job loss and divorce are some of the main reasons people file for bankruptcy today.  Financial problems can sometimes lead to divorce and as a result it is not uncommon for couples to decide to file bankruptcy right after they get divorced.  Here are some things to consider.

Whether or not you decide to file for bankruptcy before or after your divorce depends on the following:

  • Which type of bankruptcy you file– If you file together, both of your incomes are used to qualify you for a Chapter 7, which may make you ineligible for this type of bankruptcy. An experienced bankruptcy attorney will help you determine which type of bankruptcy to file, a Chapter 7 or Chapter 13.
  • State exemption laws– All property you own is declared either exempt or non-exempt during a bankruptcy.  Exempt property may be kept after the bankruptcy case has concluded. Florida has one of the most generous homestead exemptions in the country.  Here are some of the most common bankruptcy exemptions in Florida.
  • State laws concerning division of property during a divorce could be at odds with what property is exempt in a bankruptcy.  The items you fought to keep after your marriage comes to an end could be in jeopardy, again in subsequent bankruptcy proceedings.
  • The cost for filing a joint bankruptcy is the same as filing an individual one.  This means you can save hundreds of dollars by filing together.
  • Work together if possible. Filing bankruptcy jointly implies that you can work together, something that may be difficult to do, but worth it in the end.

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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 McMaken 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 McMaken website at www.miamibankruptcy.com.

 

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

Dept. of Education’s Announcement Gives Hope to those struggling with Student Loan Debt

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With student loan debt at nearly $1.5 trillion, 40 percent of borrowers will default on their student loans by 2023, according to a recent study by Brookings Institute.  The staggering numbers have caused the Department of Education to take action and announce that it will review and potentially alter policies that make it exceedingly difficult for student loan debt to be discharged in bankruptcy.

The problem is that ‘undue hardship’ was never defined and the case law has never led to a standardized definition. Courts often use the “Brunner Test,” which requires you must show that you cannot maintain a basic standard of living while paying the student loans and that this difficulty would last throughout the majority of the repayment period.  You also must prove that you made a good showing of trying to repay your student loan debt.

The Department of Education’s latest actions indicate that they will broaden the “undue hardship” current definition – which is good news for student loan borrowers.   This change could also help streamline the bankruptcy process and help borrowers struggling with massive student loan debt rebuild their lives.

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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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Florida Ranks in the Top 5 States for Invalid and Illegal Debt Collection

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Invalid and illegal debt collection practices are at an all-time high across the country, and Florida is no exception.  Data was analyzed from the Consumer Finance Protection Bureau (CFPB) to identify the states that engaged in these deceptive and illegal practices.  ‘Zombie’ debt collections are rampant in South Florida and involve attempts to collect debts not owed, those that were already paid or discharged in bankruptcy, debts owed by someone else, or are a result of identity theft. Typically, this debt collection practice is done by third-parties, who have collected these debts written off by the original creditor.

The five states in which zombie debt collection is most prevalent are:

  1. Delaware– Delaware leads the nation when it comes to the likelihood of having to deal with a collection agency trying to collect a debt you do not owe.  With a total of 422 complaints in the Consumer Complaint Database, Delaware has a per-capita rate of 44.72 complaints per 100,000 residents.
  2. Florida– Florida comes in at number two with 42.43 complaints per 100,000 residents (a total of 8,314 complaints in all).
  3. Georgia– Georgia trails Florida by two hundredths in its per capita incidence rate of reports of zombie debt collection attempts, with 4,258 complaints registered and a population of almost exactly 10 million residents.
  4. Nevada– Like Florida, Nevada has incidence rates of illegal debt collection attempts well above the national average of 25.84 per 100,000.
  5. Maryland– Maryland has 38.65 complaints per 100,000 residents. The affluent and suburban Prince George’s County has an incidence rate of 66.6 per 100,000 residents.

Knowing which debt collection agencies have a history of practicing zombie debt collection in your state can help you avoid being a victim.  The three debt collection agencies most likely to engage in invalid and illegal debt collection practices in the country are:

  1. Encore Capital Group
  2. Enhanced Recovery Company (ERC)
  3. Portfolio Recovery Associates

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 McMaken, 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 McMaken website at www.miamibankruptcy.com.

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

The Truth about Student Loan Debt Bankruptcies

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When it comes to bankruptcy and student loan debt, there are some common misconceptions. One being, that student loans are never dischargeable in bankruptcy. In fact, there are ways to file for bankruptcy with student loan debt. Congress has yet to establish what “undue hardship” means with regard to students’ having their loans forgiven in bankruptcy; still, courts have set legal standards for proving it.  In a new paper, Professor Jason Iuliano argues that bankruptcy courts have interpreted the discharge exception ‘too broadly,’ applying it to loans for unaccredited schools, loans for tutoring services, and loans beyond the cost of attendance for college.

The Bankruptcy Court for the Southern District of Texas recently adopted the narrow reading of §523(a)(8)(A)(ii) in Crocker v. Navient Solutions, LLC, Adv. 16-3175 (Bankr. S.D. Tx Mar. 26, 2018). The court denied Navient’s motion for summary judgment, finding that the bar exam study loan at issue was not within the discharge exception for qualified student loans or educational benefit repayments.

In another class action complaint filed against Navient and Sallie Mae, plaintiffs claim that servicers are defrauding student loan debtors of their bankruptcy discharge rights. Servicers illegally continued collecting private student loans that were fully discharged in bankruptcies because they were not qualified educational loans, according to the complaint in Homaidan v. Sallie Mae, Inc.  (17-ap-01085 Bankr. EDNY),

There has been talk about potential changes coming to bankrupt borrowers’ ability to discharge student loan debt. Even student loans covered in the bankruptcy discharge exception can still be discharged based on showing “undue hardship” and courts are more likely to approve undue hardship discharges than many debtors and some lawyers realize.

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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

What happens if I ignore a debt collector?

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If you are unable to make payments on a debt, you may be tempted to turn a blind eye until you are able to come up with the money. But this is one of the worst things you can do.  You always have the right to ignore a debt collector, but it will not make the debt go away.  Here are some possible scenarios that can occur if you ignore a debt collector:

They leave you alone.  You might think this is a good thing and perhaps the debt collector has forgotten about your debt.  But this is unfortunately not the case.

Your credit score suffers.  A past due debt will appear on your credit report regardless of whether you respond to debt collection attempts or not.

Your debt is transferred to another company. If the first collector is unable to reach you after repeated attempts, your account can wind up with a different agency.  This can happen a number of times if the balance remains unpaid.

The debt continues to grow. Just because you stop paying your debt, does not mean the interest stops growing.  Add on collection costs and this can cause the debt to double over time.

They reach out to people you know.  Debt collectors can reach out to people who know you to try and locate you, especially if you have changed your phone number or address to avoid collection attempts.  They are not allowed to tell them about your debt.  Revealing debt to third parties (i.e. – family, neighbors, friends, co-workers, etc.) is a violation of the Fair Debt Collection Practices Act (FDCPA).

A lawsuit is filed against you. Ignoring a debt and failing to communicate with a debt collector can result in you being sued. You can try your best to defend yourself, but if a judgment is entered against you it can result in wage garnishment and even funds being withdrawn from your bank account to pay off the debt.

Stress mounts.  The stress of debt can cause anxiety, sleepless nights, even marital problems. Avoiding debt collectors can leave you on the edge, wondering when the next phone call will be or collection letter will arrive in the mail.

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If you have any questions on this topic or are struggling with out of control credit card debt, 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

‘Zombie’ Debt Collections Plague South Florida

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According to a recent study, invalid and illegal debt collections are at a record high in the Sunshine State.  The practice also referred to as ‘zombie debt collections’ is defined as attempts to collect debts not owed, those that were already paid or discharged in bankruptcy, debts owed by someone else, or are a result of identity theft. Typically, this debt collection practice is done by third-parties, who have collected these debts written off by the original creditor.

If you feel you have been a victim of zombie debt collection, first request that the debt collector provide you written documentation verifying the debt and check for any discrepancies. It is important that you respond to all court summonses to ensure that a debt collector does not win a court case by default.

Last week, the Federal Trade Commission declared in a new report that Florida is the scam capital of the nation, with nearly 2.7 million consumer complaints made to the agency in 2017. The top categories included: debt collection, impostor scams, identity theft, phone and mobile, and banks and lenders.

Click here to read more on this story.

If you have any questions on this topic or are struggling with out of control credit card debt, 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 McMaken 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 McMaken website at www.miamibankruptcy.com.