Timothy Kingcade Posts Archives - Page 23 of 155

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Creditor Held in Contempt of Court for Violating Automatic Stay in Miami Bankruptcy Case

Posted on January 24, 2018by Admin

Kingcade & Garcia’s Motion Granted, Creditor Required to Cease and Desist all Eviction Proceedings Until Further Order of Court

MIAMI – (January 24, 2018) A Florida judge signed an order today holding creditor, IH5 Property Florida LP with GP IH5 Borrower GP LLC, more commonly known as Invitation Homes (www.invitationhomes.com) in contempt of court for intentional violation of the automatic stay. Miami bankruptcy attorney, Timothy S. Kingcade’s client filed a Chapter 7 petition on November 30, 2017. Despite having notice of the bankruptcy filing, on December 5, 2017, the creditor, Invitation Homes, proceeded to file an eviction action against the client. Attorney Kingcade filed a motion to hold the landlord in contempt of court for violating the automatic stay. The motion adequately showed that Isamar Alers of Invitation Homes had actual knowledge of the bankruptcy on November 30.

“The landlord in this case disregarded the automatic stay put in place that protects bankruptcy clients from harassing debt collector calls, wage garnishment and repossession of property. We are extremely pleased with this victory for our client today. This landlord was wrong and thought the laws of bankruptcy code did not apply to him,” Managing Partner, Timothy S. Kingcade said.

The Order directs creditor, Invitation Homes to immediately cease and desist all eviction proceedings until further order of court. The creditor is also required to pay attorney’s fees (on or before February 12, 2018) in the amount of $1,200 for Kingcade and Garcia having to bring forth the motion to enforce the automatic stay and protect the client.

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Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State 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 for the financially disenfranchised. 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. For more information visit, https://www.miamibankruptcy.com/.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Tax Filing Tips to Speed up the Refund Process and Prevent Theft

Posted on January 23, 2018by Admin

Income tax refund fraud has been a problem in recent years, and much of this fraud occurs when it comes to filing your taxes and waiting for the refund to be processed. The Better Business Bureau (BBB), along with the Internal Revenue Service (IRS), recommends certain tips to help taxpayers prepare and submit their paperwork quickly to ensure their tax return is protected.

Identity theft has become an issue over recent years through data breaches of many trusted tax sites. The IRS recommends tax preparers be cautious when it comes to sending information for taxes. Fake clients have been known to ask for help with tax returns by sending tax preparers infected email attachments. Once these attachments are opened, the virus has already made its way into the computer system, hacking into important client information.

Information can be protected through filing returns via a computerized e-filing system. The preparer can also have the refunds deposited directly into a bank account through a secured system to protect the refund. Not only do these systems get the job done in a more efficient manner, but they also protect the confidential information involved in the tax submission and refund.

The following tips are helpful when it comes to speeding up the refund process and preventing fraud or theft:

Check the credentials of the tax preparer, ensuring that the preparer is a certified public account, tax attorney or enrolled agent.
Get referrals for tax preparers from friends, family, the local Chamber of Commerce or the Better Business Bureau.
Avoid using tax preparers who promise they can produce larger refunds than their competitors.
Do not sign a blank tax return, even if the tax preparer states that this is solely for “convenience” purposes.
Carefully review the contract entered into with the tax preparer.
Ensure that submission of tax documents is done via a secured Internet connection and not through a public Wi-Fi hotspot.
Shred copies of tax returns, drafts or calculation sheets that are no longer needed.
If the preparer does not wish to file electronically, mail the tax return in a USPS mailbox or directly at the post office.
Ignore unsolicited telephone calls or emails that state they are from the IRS but do not appear to be official.
Respond to any communication that is official as soon as possible, or at least send the communication to your accountant or tax preparer.

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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.

Foreclosures, Timothy Kingcade Posts

Foreclosure Filings Drop Sharply in South Florida

Posted on January 22, 2018by Admin

During the 2007-2009 recession, South Florida was at the top of the list for most foreclosures. However, in 2017 South Florida ranked No. 21 for the highest foreclosure rate among the nation’s metro areas. Foreclosure filings dropped 37.9 percent in South Florida during 2017, according to Attom Data Solutions.

There were 20,019 properties with foreclosure filings in South Florida during 2017, or one in every 124 houses. The rate was higher in Miami-Dade County at one in 110 houses, followed by Broward County at one in 127 houses, and Palm Beach County at one in 149 houses.

Nationally, foreclosures were down 27 percent in 2017 and were at the lowest level since 2005, according to Attom. The metro regions with the highest foreclosure rates in 2017 were Atlantic City, New Jersey; Trenton, New Jersey; Philadelphia; Fayetteville, North Carolina; and Rockford, Illinois.

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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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

The Best Ways to Deal with Out-of-Pocket Medical Expenses

Posted on January 19, 2018by Admin

Americans spent on average $1,054 in out-of-pocket medical expenses, according to the most recent numbers provided by Peterson-Kaiser. The findings also revealed that 27 million Americans are paying their medical bills with credit cards.

What is interesting about the findings is the people who are falling into medical debt are not the uninsured, it is the people with health insurance. Medical debt affects those making less than $10,000 a year to those making in excess of $100,000 a year. Accidents, illness, even pregnancy can generate unexpected medical expenses. Some patients are faced with tens of thousands of dollars in medical debt. For others, a few thousand dollars can prove to be unaffordable when money is already tight.

Here are some ways to deal with unexpected medical debt:

Set up a payment plan. Avoid putting medical expenses on a credit card. More than half of adults over the age of 50 put medical bills on their credit cards, according to a AARP. Request an affordable payment plan from your medical provider, first. See if the hospital or medical provider will accept monthly payments, free of interest.
Scrutinize the bill. Medical bills can be complicated and sometimes include errors. In fact, a recent study found that 49 percent of Medicare medical bills contain errors or unnecessary charges. When you receive a bill for a procedure, hospitalization or nursing care, take time to review it for accuracy. If you received only a total due, request an itemized list of services provided. Request a copy of benefits from your insurance company and confirm they have covered everything promised in your plan.
Open a health savings account (HSA). These accounts are typically only allowed with high-deductible healthcare plans. Putting money into a HSA will give you a current tax benefit. The money will earn interest tax free either as an investment or as a simple savings account. You can then spend it on deductibles and additional medical expenses tax free.

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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 who can advise you of all of your options. 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 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

Medical Credit Cards Leaving Patients with Aches and Pains

Posted on January 18, 2018by Admin

Long after the procedure is over, patients are still suffering with pain. Not from the operation, but from the card they used to pay for the operation. Medical credit cards are offered at the doctor’s office to pay for procedures, patients otherwise cannot afford at the time. This type of credit seems like a quick fix for pricey procedures not covered by insurance.

However, according to a recent survey by the Kaiser Family Foundation, nearly a third of Americans report trouble paying their medical bills and many have taken on credit card debt to pay the expenses. Medical debt is the No. 1 reason Americans file for bankruptcy.

One of the biggest dangers of medical credit cards are the misconceptions associated with them. A number of patients think they are setting up an installment plan with the doctor’s office. Many do not understand they have opened up a new line of credit with sky-high interest rates and strict penalties for even a single missed payment.

Most of these cards feature a “zero interest” promotional period for up to 18 months. But then the interest rate can jump to 25 percent or higher. Some consumers never received a copy of the credit card terms and had to rely on explanations from medical staffers who had little training on the card details, in cases cited by U.S. authorities.

Another potential drawback is something called deferred interest. That means if a patient does not pay off the entire balance during the “interest-free” period, they can be retroactively charged for interest dating back to when they first signed up.

Before you sign up for a medical credit card, we advise that you research other options, first. Medically necessary procedures may be available at a discounted rate or even for free at certain hospitals that provide some level of charitable care. If it is not medically necessary, consider waiting until you can afford the procedure. If you must use a credit card to pay for a procedure, use one that has terms and conditions you understand.

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

More Seniors Struggling with Student Loan Debt

Posted on January 17, 2018by Admin

More than 5 million people began paying off federal student loan debt between October 1, 2013 and September 30, 2016, according to the U.S. Department of Education. And not all of them were young people.

The number of borrowers over the age of 60 with student loan debt has quadrupled over the past decade in the United States. Of the more than 5 million people, 580,671 of them — or 11.5 percent — defaulted on their loans. This is a slight increase from the previous year’s 11.3 percent and the first time the percentage has increased in the last five years.

Many have accumulated the debt helping their children or grandchildren, either by borrowing directly or co-signing on student loans. As these borrowers age, it becomes more difficult to afford the monthly payments while also paying for necessary food, housing, prescriptions, and medical expenses.

Seniors living month-to-month on fixed incomes are most likely to default. When this happens to borrowers 65 and older, a portion of their social security benefits can be seized by the government. Many seniors who are carrying federal student loan debt are eligible for income-based repayment plans, but student loan servicing companies have not made it easy for borrowers to enroll in these programs or even let them know it is an option.

For Florida seniors 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.

Related Resources:

https://www.dcourier.com/news/2018/jan/12/more-seniors-citizens-have-student-loan-debt/

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

31 Million Americans Believe They Will Never Get out of Credit Card Debt

Posted on January 16, 2018by Admin

Credit card debt is at an all time high and according to a recent study 31 million (or 35%) of Americans believe they will still owe credit card debt when they die. Americans’ with outstanding credit card debt jumped 13% to $1.02 trillion in November. Another 33% of consumers with credit card debt do not know when they will be debt free.

Getting out of the debt cycle begins with creating a realistic budget and getting a grasp on your current financial situation. There are specific ways you can deal with high interest credit card debt. Once you examine your budget and identify areas you can cut back in spending you can successfully put a plan in place to tackle high interest credit card debt.

Related Resources:

https://www.usatoday.com/story/money/personalfinance/budget-and-spending/2018/01/13/paying-off-credit-card-debt/1023310001/

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

How long does bankruptcy stay on my credit report?

Posted on January 15, 2018by Admin

A common question you might have after filing for bankruptcy is how long will it remain on my credit report? When you file for bankruptcy, it is considered “public record” and is maintained by the court where the case was filed.

Under the federal Fair Credit Reporting Act, bankruptcies can be reported for 10 years from the filing date. The three major credit reporting agencies will remove Chapter 13 bankruptcies seven years from the date the case was filed. This type of bankruptcy involves paying some or all of the debt back over time.

Chapter 7 is a more straightforward bankruptcy and eliminates almost all unsecured debts, including credit card debt and medical bills allowing consumers to gain a fresh start financially. Chapter 7 bankruptcy can remain on a consumer’s credit report for up to 10 years.

However, there are ways to speed up the removal process. Removing a bankruptcy requires filing a separate dispute with each of the three major credit bureaus. This dispute can either be over inaccurate information in your credit report or an inquiry to the credit bureau about how your bankruptcy was verified. This process is lengthy, but it can be worth it.

While you are waiting for your bankruptcy to be removed from your credit report, make an effort to rebuild and improve your credit. It is a bankruptcy myth that you cannot rebuild your credit after filing for bankruptcy. Make sure you have accurate and positive credit information moving forward.

If you have any questions on this topic or are in a 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 website at www.miamibankruptcy.com.

Related Resources:

http://blog.credit.com/2013/04/when-can-i-get-a-bankruptcy-off-my-credit-report-65750/

Bankruptcy Law, Credit, Timothy Kingcade Posts

Don’t Leave these Important Tax Deductions on the Table

Posted on January 11, 2018by Admin

Tax time is almost here and with the new tax rules taking effect January 1, it is easy to get confused on what tax deductions you can and cannot include when filing your return. There are several tax breaks the tax reform eliminated for the 2018 tax year, but are still available to claim on your 2017 tax return. Here are some of the most popular ones and the last year to take advantage of these tax benefits before they disappear.

Personal exemptions. One of the biggest tax breaks to disappear is the personal exemption. Starting in 2018, higher standard deductions, a larger child tax credit, and a new credit for non-child dependents will take the place of the personal exemption. However, for 2017 you can claim a $4,050 reduction in taxable income for every qualifying dependent. This generally includes yourself, your spouse, and children for whom you provide financial support.

State and local income tax deductions. Some had initially hoped to prepay 2018 income taxes in 2017 to get further use of the deduction, but lawmakers specifically prohibited this.

Property tax deductions. This year will be the final tax year for which property taxes are deductible in full. Starting in 2018, property taxes will be subject to the same comprehensive $10,000 limit on all state and local taxes.

Mortgage interest deduction on home equity loans. The tax reform eliminated the deduction on home equity loan interest. Therefore, 2017 will be the last year that taxpayers can deduct interest on up to $100,000 in home equity debt as an itemized deduction.

Moving expenses. Tax reform took away the right to deduct your moving expenses. In 2018, to qualify, your new workplace must be at least 50 miles further away from your former home than your old workplace was, and you have to work full time at your new location for at least 39 weeks out of the 12 months following the move.

Miscellaneous deductions. These include unreimbursed employee expenses, tax-preparation fees, investment-related legal and accounting fees, and job-search costs. These expenses are deductible only to the extent that they exceed 2% of your adjusted gross income.

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

Mortgage Delinquencies Hit Lowest Point in a Decade

Posted on January 10, 2018by Admin

The number of mortgage delinquencies dropped to their lowest level in more than a decade, according to CoreLogic. In the month of September, 5% of mortgages remained in some stage of delinquency, 30 days or more past due including those in foreclosure. This is a decrease of 0.2 percentage points from last year’s overall delinquency rate of 5.2%.

“September’s early-stage delinquency rate increased by 0.3% from a year ago, the largest increase since June 2009,” CoreLogic Chief Economist Frank Nothaft said. “This does not reflect a deterioration in credit, but rather the impact of the hurricanes in Texas, Florida and Puerto Rico.”

The foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, decreased from 0.8% in September 2016 to 0.6% in September 2017. This represents the lowest foreclosure rate since June 2007 when foreclosure inventory was also at 0.6%.

The serious delinquency rate, mortgages that are 90 days or more past due, decreased 0.4 percentage points from last year to 1.9% in September. This rate marks the lowest level for any month since October 2007’s 1.9%.

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