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Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

‘Martin’ Actress Files for Chapter 7 Bankruptcy

Posted on April 5, 2016by Admin

Tisha Campbell-Martin, actress on the hit sitcom, ‘Martin’ and her husband/actor, Duane Martin, have filed for Chapter 7 bankruptcy. They owe more than $15 million dollars in debt with only $313,000 in assets between the couple. Their assets include $65,000 in real estate and $248,000 in personal property. They list the value of their two dogs as $2. As of their filing, they had just $200 in cash and $173 in a Credit Union.

The couple’s liabilities include $3 million to Broadway Federal Bank for a personal guaranty for a real estate loan they took out, $9.5 million to the City of Los Angeles for a personal guaranty, $82,000 in back state taxes for 2005 & 2011, $86,000 to New York State Department of Taxation and $30,000 to the State Board of Equalization.

They also owe $43,000 for a 2016 Range Rover, $17,000 on the 2016 Jeep Wrangler, $67,000 on their 2014 Range Rover, 39,000 to American Express, $455,000 to City National Bank, $538,000 to Comerica Bank for a judgment against them and $120,000 to a law firm. Court documents reveal they owe $208,611 in tax debt and $113,000 in student loan debt.

Tisha famously starred as Gina on the hit sitcom, ‘Martin’ from 1992- to 1997. Her other credits include My Wife & Kids, Everybody Hates Chris and Dr. Ken. Her husband has been equally successful with his career starring in the Real Husbands of Hollywood and the hit movie White Men Can’t Jump.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://www.eonline.com/news/753834/tisha-campbell-martin-files-for-bankruptcy-here-s-how-she-fell-15-million-in-debt

http://www.dailymail.co.uk/news/article-3522790/Martin-actress-Tisha-Campbell-Martin-husband-Duane-drowning-15-million-dollars-debt-filed-Chapter-7-bankruptcy.html

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Consumer Warning: ‘Phantom Debt Collection’ Schemes- Could you be at risk?

Posted on April 4, 2016by Admin

Federal and state authorities are cracking down on a multi-million dollar debt collection scheme that profited at least $3.8 million from consumers who were tricked into paying off debts they never owed in the first place.

The Federal Trade Commission has taken action, setting up “Operation Collection Protection,” an ongoing effort to combat phony debt collection schemes, which has become the number one consumer complaint at the FTC.

Six companies and three individuals are being sued who used a variety of business names including Stark Law, Stark Recovery and Capital Harris Miller & Associates in what the complaint alleges was actually part of a “telephone boiler room operation” that harassed consumers nationwide for money they did not owe.

Victims had previously entered personal information into online loan websites. Authorities believe many of these sites were fake and designed to gather consumers’ personal information. Callers allegedly told the consumers they had outstanding debts and threatened them with lawsuits or said that debt collectors would contact their employers or relatives.

The debt collectors detailed personal information over the phone, including consumers’ social security numbers, full names, addresses and employment information to convince consumers of their legitimacy.

Phantom debt collection is a growing problem. Last year, the FTC received nearly 900,000 debt collection complaints. Debt collection complaints even surpassed identity theft, which had been the number one issue for consumers for the past 14 years.

You have rights when it comes to debt collection. Remember these tips:

Be wary of anyone who calls out of the blue attempting to collect payment on a debt.
Ask the collector to mail you written details about the debt owed.
Make sure you document the debt collector’s name, address and company name and ask for the original creditor’s name.
Know that you have the right to dispute any debt you feel you do not owe.
“Phantom debts” will not appear on your credit report, so to confirm whether you owe, download your free annual credit report from each of the three credit bureaus at annualcreditreport.com.

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Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Tips for Applying for a Credit Card after Bankruptcy

Posted on April 1, 2016by Admin

Filing for bankruptcy doesn’t mean you are shut off from new credit. Creditors look at multiple factors when determining credit eligibility. For example, your income and the time since you received your bankruptcy discharge.

If you are looking to rebuild your credit post-bankruptcy, a secured credit card is a good place to start. Secured credit cards are designed specifically for people trying to improve their credit. They are different from normal credit cards in that they require you to put down a security deposit, usually a few hundred dollars. Your deposit typically equals your credit line: For example, if you make a $400 deposit, you will have a $400 line of credit. The deposit protects the issuer if you do not make your payments. That makes secured cards a relatively safe bet for lenders extending credit lines to people with lower credit scores.

Those individuals who file for bankruptcy may receive an influx of credit card offers soon after. Proceed with caution. These cards will likely have low limits and high interest rates. The best way to qualify for a credit card post-bankruptcy is to improve your credit score. Here are some immediate steps you can take to improve your credit score after bankruptcy:

Make sure all discharged debts are cleared from your credit report. If your credit reports are still showing delinquent accounts after you receive your bankruptcy discharge, this is likely affecting your credit score in a negative way. You are entitled to a FREE credit report every year from the three credit bureaus.
Get your noncredit finances in order. Although many bankruptcies are the result of medical bills, divorce, job loss or other unavoidable debts, it is also important to remember the fundamental problems with spending, saving and budgeting. Addressing these issues before applying for new credit can help you overall.
Build credit. Once your finances are back in order, it is time to consider strategic credit building via a secured credit card or credit-builder loan.

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

Parents the New Target of Student Loans

Posted on March 31, 2016by Admin

Private student lenders and banks are beginning to target their student loan offerings at one demographic who might be able to afford the rising tuition rates: parents. Lenders like Sallie Mae are coming up with “parent loans” that give borrowers funds to pay for their college-bound children’s education.

These parent loans are becoming available at a time when student loan debt is rising at a steady rate. Total student loan debt is estimated to be around $1.3 trillion- and grows by about $2,726 every second! Increasingly, that debt is being passed on to students’ dads and moms. Parents cosign approximately 90% of private undergraduate student loan debt, according to data from MeasureOne.

With these new loans, creditworthy parents will get lower interest rates. In addition, they will not have to pay origination fees, which is an additional cost attached to the processing of a loan. However, these new financing options may still not be enough to combat the rising cost of college tuition.

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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, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Puerto Rico Rescue Bill Guided by U.S. Bankruptcy Rules

Posted on March 30, 2016by Admin

A U.S. congressional draft bill to help rescue Puerto Rico from its economic crisis was released this week and contained elements of U.S. bankruptcy law. The draft includes sections of the U.S. Bankruptcy Code that allow bankrupt entities under certain circumstances to force creditors to take reduced payouts.

Puerto Rico has $70 billion in debt and has an unfunded state pension liability of nearly $44 billion. The new bill will provide Puerto Rico the tools to impose discipline over its finances, meet its obligations and restore confidence in its institutions.

The bill would also create a federal board to oversee the island’s finances, monitor its accounting and help curb spending. It would also require Puerto Rico to make efforts to restructure debt consensually with its creditors.

If the talks failed, the island or its public entities could file for a court-supervised debt restructuring process based on key statues within U.S. bankruptcy law. That would allow Puerto Rico to force such deals on holdout creditors.

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Debt Relief, Foreclosures, Timothy Kingcade Posts

Widows, divorcees struggle with foreclosure rules

Posted on March 29, 2016by Admin

According to a recent report from the National Consumer Law Center, widows as well as surviving family members and the recently divorced continue to struggle to stay in their homes. It is estimated that thousands of homeowners, usually women who did not sign the original loan documents, are having trouble getting access to relief that the new federal guidelines have provided other homeowners since the foreclosure crisis.

The Federal Consumer Financial Protection Bureau is being urged to adopt rules that would expand protections to others who may have homeownership interest in a property, aside from just the borrower. Every month of delay increases the interest that the homeowner owes, increasing the fees on the loan amount and decreasing the changes of a loan modification.

Federal regulators need to do more to educate borrowers. Borrowers can fill out paperwork allowing lenders and mortgage companies to disclose financial and loan information to family members or spouses. Many borrowers are unaware that they can agree to disclosures so family members and spouses communicate with lenders to avoid undue hardships after death.

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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, Debt Relief, Student Loans, Timothy Kingcade Posts

Bankruptcy Judge Rules that Law School Grads can Cancel Bar Exam Loan Debt

Posted on March 28, 2016by Admin

Judge Carla Craig of the U.S. Bankruptcy Court in Brooklyn, N.Y. ruled that bar-exam loan debt is a “product of an arm’s length agreement on commercial terms” and does not fall into the category of a student loan that stays with a borrower who files for bankruptcy.

This means law school graduates who file for bankruptcy protection can cancel debt they have accrued preparing for the bar exam. This decision is the most recent ruling on the matter, which strongly contradicts the widely accepted notion that student loan-related debt can only be canceled in bankruptcy under rare cases of undue hardship.

The case involves a 36-year-old Pace University School of Law graduate, who sought to cancel the unpaid portion of a $15,000 loan she took out from Citibank to study for the bar exam. She graduated in 2009, failed the bar exam after graduating and took a secretarial job at a hotel-management company with a $49,000 annual salary, she said. She filed for bankruptcy in 2014.

The loan was only a small portion of the nearly $300,000 in student loan debt. But the ruling comes as consumer advocacy groups and some federal lawmakers are pushing for student loan debt relief through bankruptcy.

Recently, the U.S. Supreme Court declined to hear a case that would have made it easier to discharge student loan debt in bankruptcy, but the White House has said it would examine whether it should be easier for student loans to be wiped out in bankruptcy. This ruling is just one step closer to student loan debt being discharged in bankruptcy.

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Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Judge Cancels Loan Debt for Man Who Upgraded Car for Uber

Posted on March 25, 2016by Admin

An Illinois insurance salesman who became an Uber driver to improve his financial situation will be able to eliminate a nearly $10,000 auto loan debt. Federal Judge Jacqueline Cox agreed to discharge $9,786.61 of debt that Oswaldo Rodriguez owes to auto lender GM Financial for the new Chevrolet SUV he bought in October 2014.

“He genuinely thought that he could earn enough money through Uber to finance the debt,” Judge Cox said in a six-page opinion filed earlier this month in U.S. Bankruptcy Court in Chicago.

The ruling comes after Uber has become one of the most visible companies behind an emerging “gig economy,” where a number of Americans are making money through platforms like Uber, Etsy and Airbnb. But while almost 1% of U.S. adults earned income that way during September 2015, a recent study of bank transactions found that the work only supplemented, not replaced a full-time job.

The average monthly income for someone who provided labor via one of these platforms was $533, representing a third of that person’s total income, the study found. People often think they can take on side jobs to avoid bankruptcy.

U.S. bankruptcy law allows borrowers to cancel some of their debts, but lawyers for GM Financial argued that the fine print does not allow a borrower to cancel a debt of more than $650 that came from buying a luxury item or service less than 90 days before the filing.

The Judge ultimately ruled against the lender, pointing out that in her opinion the term “luxury goods” does not include items that a bankrupt person needs for their “support or maintenance.”

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Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Miami Bankruptcy Attorney Timothy S. Kingcade Receives the Prestigious AVVO Clients’ Choice Award 2016

Posted on March 24, 2016by Admin

Lawyer Timothy Kingcade | Lawyer Bankruptcy

Managing Shareholder, Timothy S. Kingcade of the Miami-based law firm of Kingcade & Garcia, P.A. was recently honored with the 2016 AVVO Clients’ Choice Award. In order to achieve this honor, an attorney must have received five or more exceptional client reviews within the last year.

One of attorney Kingcade’s recent client reviews on AVVO had this to say, “Making the decision to file for bankruptcy was difficult and scary. 17 years of marriage ended in a bad divorce and my entire world collapsed. At 60 years of age my future looked pathetic and hopeless. The phone rang constantly, I was not able to sleep and all I did was cry. I was lost and didn’t know what to do. During my first meeting with Mr. Kingcade his words were, “I want you to take a deep breath, and stop crying, everything is going to be OK. I have your back and I will take care of everything.” Timothy eliminated the stress and treated me with respect, compassion and understanding. He explained everything, answered all my questions and I felt (and still feel) protected. When I call or send emails, he replies the same day. Throughout the entire process and today I can say, “everything is going to be OK.” If you are in need of legal assistance in bankruptcy, I would highly recommend Mr. Kingcade. I know you will not regret it. He will explain all your options and guide you all the way. Selecting Mr. Kingcade as my attorney was the best decision! I am forever thankful for his assistance and the advice he gave me. “

Attorney Timothy S. Kingcade founded the law firm Kingcade & Garcia, P.A. in 1996. He has been dedicated to helping thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. Timothy is also a certified public accountant (CPA), which allows him to better understand tax-motivated bankruptcy cases against the IRS. Timothy’s vast experience and expertise in the area of bankruptcy law allow him to know what bankruptcy trustees in the Southern District of Florida are looking for, preventing his clients from some of the pitfalls that can lead to the dismissal of a bankruptcy claim.

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Miami-based Kingcade & Garcia, P.A. was established by managing partner and attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense. The firm is committed to providing personalized service to each and every client. The office environment and the service provided are centered on a culture of superior client care. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

Debt Relief, Foreclosures, Timothy Kingcade Posts

House Passes Foreclosure Extension Protection for Military Homeowners

Posted on March 23, 2016by Admin

The Foreclosure Relief and Extension for Servicemembers Act of 2015, which extends foreclosure protection for military homeowners, has been extended from the current 90-day period to a one-year period beginning in January 2018.

The foreclosure protection element of the Servicemembers Civil Relief Act (SCRA) expired at the end of last year, but the extended protection will be retroactive when the bill is signed by President Obama. The legislation was backed by a coalition of veterans’ organizations and housing and financial services trade associations.

The SCRA’s extension provides important foreclosure protections to the brave men and women of our military who are transitioning back into civilian life. This is a vital homeownership tool that helps members of the military stay in their homes.

The Consumer Financial Protection Bureau announced that it received approximately 2,800 complaints from military personnel related to mortgages during 2015. The majority of these complaints were related to servicing issues, including loan modifications, collections and foreclosures.

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