Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Former NBA star Antoine Walker Uses His Bankruptcy Expereince to Help Others

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Former NBA basketball star, Antoine Walker went from earning more than $108 million during his career to filing for bankruptcy, just two years after retirement. The former Miami Heat superstar believed his financial future was ensured; however, he learned otherwise after making a series of poor financial decisions. Now he hopes to help others avoid going down the same path he did.

Walker had gained early success, winning the NCAA basketball championship before he reached his twenties. After being drafted to play for the Boston Celtics 1996, Walker rose to basketball stardom. The three-time All-Star team winner and 2006 top pro player for the Miami Heat suddenly became a wealthy professional athlete, collecting over $108 million during his career.

Like many other young sports stars, Walker equated instant wealth to instant luxury.  Instead of thinking about the future, he bought fancy cars, lavish jewelry and expensive homes. Walker also helped an estimated 30 close friends and family members move to “better situations.”  He referred to it as an “open ATM throughout his career.”

In 2010, Walker filed for a Chapter 7 bankruptcy.  “I thought I was set for the rest of my life,” he stated in a CNN Money interview. “My story is sad. It’s sad to see other guys work so hard throughout their life — and then they just lose it in two or three years.”

Today, the 38-year-old is working to steer young athletes away from making the same mistakes. Teaming up with former NFL linebacker Bart Scott and Morgan Stanley Global Sports & Entertainment, Walker is sharing his life lessons with today’s young players. As Walker and Scott speak to younger athletes about these “real-life parables,” they hope to provide guidance for new generations.

Now out of bankruptcy, Walker is devoted to educating future sports stars to be financially smart. The upcoming documentary “Gone in an Instant,” focuses on his personal boom-to-bust tale. Walker’s best advice to young athletes is to get used to using the word “no” when dealing with friends and family, and focus on building for the future instead of the here and now.

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.

 

Source:

http://www.clickorlando.com/news/money/exnba-star-went-from-108-million-to-bankruptcy/34333450

 

Bankruptcy Law, Timothy Kingcade Posts

How Bankruptcy can affect Security Clearance

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Determining whether bankruptcy will affect your security clearance depends on the circumstances that led up to your bankruptcy. Filing for bankruptcy will not automatically stop you from obtaining a security clearance; however, your financial situation can jeopardize your security clearance. Before you file for bankruptcy, it is important to understand how your security clearance may be affected. Security clearance decisions are made on a case by case basis.

The following factors are considered when assessing you as a potential security risk:

•allegiance to the United States
•foreign influences and preferences
•drug or alcohol use
•personal conduct
•financial responsibility
•criminal conduct
•psychological disorders
•handling of protected or classified information
•use of information technology
•other outside activities

There are also financial considerations that may affect your security clearance. The military considers your financial standing as an individual when determining whether you should be granted security clearance. This reasoning is based on important factors such as financial self-control, spending judgment and ethics used to maintain financial stability. Certain financial conditions can disqualify you from obtaining a security clearance, such as:

•being unable or unwilling to pay your debts;
•having irresponsible or frivolous spending habits;
•having consistent difficulty meeting your financial obligations;
•committing illegal acts of financial misconduct;
•exhibiting financial problems such as gambling, alcoholism or drug abuse;
•spending beyond your financial means.

Certain scenarios such as a job loss, a divorce or a medical emergency may cause you to file for bankruptcy. These instances are viewed more favorably than if you had to file due to financial irresponsibility. A knowledgeable and experienced bankruptcy attorney can further advise you on how filing for bankruptcy might affect your security clearance.

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, 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.

Sources:
http://www.nolo.com/legal-encyclopedia/will-bankruptcy-affect-my-military-security-clearance.html

http://thelawdictionary.org/article/bankruptcy-and-foreclosures-impact-on-federal-security-clearance/

Bankruptcy Law, Timothy Kingcade Posts

I Never Received a Bill. Can a Debt Collector Still Pursue Me?

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Receiving a sudden call from a debt collector or discovering new collection activity on your credit report for an unfamiliar bill, can leave you with an uneasy feeling. You may be concerned as to why you had not been previously notified of the debt or if you owe the debt at all.

The truth is that some creditors are not required by law to send you a statement prior to sending you to collections, especially among medical bill collectors. The term for this is called “parking” the debt. According to the National Consumer Law Center (NCLC), a debt collector may add medical debt information to your credit report without ever contacting you to collect the debt. In fact, the collector may actually wait for the debt to resurface on its own, such as when you attempt to obtain a mortgage or other line of credit. The debt simply remains in place and the creditor benefits by saving time and resources otherwise used to pursue you.

Even if you pay the debt off upon discovering it, the debt may have already affected your credit score. Also, paying these reported collections do not necessarily result in their removal from your credit report. The Fair Credit Reporting Act (FCRA) requires certain lenders to notify consumers before reporting a debt to the credit reporting agencies, but not all of them.

The FCRA states that any financial institution that offers credit and regularly reports business to credit reporting agencies must provide a notice to the consumer before reporting negative information to the credit reporting agencies. However, the FCRA further notes that this notice “may be included on or with any notice of default, any billing statement, or any other materials provided to the customer,” though it “must be clear and conspicuous.” This means you may be advised of an outstanding debt at the same time it is being applied to your credit report.

The requirement only applies to financial institutions that regularly extend credit, therefore a delinquent cell phone or hospital bill may go into collection without prior notification. If a creditor is required to notify you, they must do so no later than 30 days after a debt was incurred. In most cases, if a creditor delays sending you a bill and upon receipt, you pay it immediately; you should not see negative activity on your credit report.

It is recommended that you regularly review your credit reports. If you see activity that you do not recognize, you may dispute it with the credit bureau(s). It is best to do this in writing. In most cases, if the credit reporting agency is unable to confirm a source within 30 days, it must be removed. By reaching out to the credit bureau directly, your consumer rights are protected under the FCRA.

If the activity is not removed, you may dispute it directly with the collection agency. They also have 30 days to respond back to you. You may also request verification of the debt, to determine its validity.

If you have any questions on this topic or 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.

Source:
http://www.foxbusiness.com/personal-finance/2015/06/23/can-debt-collector-come-after-me-if-never-got-bill/

Student Loans, Timothy Kingcade Posts

For-Profit Colleges Encourage Large Student Loan Debt

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A recent study conducted by the Center for American Progress has revealed some shocking statistics regarding the largest graduate school beneficiaries within federal loan programs. It turns out many are not prestigious, accredited schools, but rather lower quality, for-profit universities. This is a cause of great concern for students who believe these lesser valued schools are accepting government funding, only to increase their own profits.

Of all the graduate student debt in our nation—totaling $6.6 billion, 20 universities account for almost one fifth of the debt. Furthermore, 10 of the 20 institutions are for-profit schools. Charging expensive tuitions while providing a poorly valued education, does not seem to stop these schools from offering loans to prospective students. The schools also exhibit very low standards for admission.  The only requirement seems to be money, which the universities are more than happy to provide (often through loans from the federal government).  As a result, the degrees student’s graduate with are barely worth the paper they are printed on.

The study shows that the largest borrower on the list is Walden University, with $756 million of borrowed funds disbursed to students last year. Owned by the for-profit education company Laureate Education, Walden University hardly has an academic reputation. Many of the schools are able to obtain such a large amount of funding by taking advantage of the law that governs student loans. The Higher Education Act allows graduate students to borrow far more than undergraduates, upwards of $50,000 per year. For-profit universities that mainly operate online, often encourage students to borrow larger amounts for graduate degrees instead of bachelor’s degrees.

The for-profit universities argue that they are offering education to those who are not served by mainstream universities. Still, many believe these schools provide “less than worthy” degrees to students, leaving them with enormous amounts of debt and little chance for employment in a competitive job market. The schools continue to draw students in with promises of a better future, when in reality, the government is offering subsidized loans for a mediocre education.

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 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.

Source:
http://www.forbes.com/sites/stevensalzberg/2015/07/12/for-profit-colleges-encourage-huge-student-debt/

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Protect Yourself: Top Unlawful Tactics Debt Collectors May Try Use Against You

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Dealing with debt is difficult enough without having to be harassed by insistent debt collectors. Unfortunately, many of the strategies used by collection agencies are illegal. According to the Federal Trade Commission (FTC), an estimated 30 million Americans have accounts in collection. Consumers should be aware of the scheming tactics collection agencies may use because your rights are being violated.

In recent years, the FTC has targeted collection agencies that practice unlawful strategies in order to collect debt. Several lawsuits have been filed against the companies for violating the Fair Debt Collection Practices Act. This federal law was created to protect your rights, by preventing third-party debt collection agencies from harassment, threats, unwanted contact and disclosure of your personal information to others.

The following is a list of the most common unlawful tactics used by debt collectors:

• Dishonesty. Collection agencies are not allowed to tell a consumer that they will be arrested or face other false consequences, if they do not pay immediately.

• False Representation. It is illegal for debtors to pose as a government agent or law enforcement official, in order to collect a payment.

• Threats. Collection agencies cannot threaten violence against you. They also cannot threaten a lawsuit if they are not truly filing one.

• Illicit Disclosure. It is prohibited for debtors to share or divulge any of your personal information about your debts to friends, family, co-workers or otherwise.

• Inopportune Contact. Collection agencies may only contact you between the hours of 8 a.m. and 9 p.m., local time. Contact outside of this time frame is harassment.

• Indecency. By law, debtors must treat you with respect and professionalism. Use of profanity and obscenities is strictly prohibited.

• False Documentation. Collection agencies may not forward any kind of documentation resembling an official government notification to you. Pretending to work with a government agency is illegal.

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.

Source:
http://www.cbsnews.com/news/7-things-debt-collectors-arent-allowed-to-do/

Bankruptcy Law, Timothy Kingcade Posts

Fraudulent Debt Collectors Targeting Spanish-Speaking Consumers Banned by FTC

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A recent announcement by the Federal Trade Commission (FTC) reveals that the operators of a fraudulent debt collection scheme have agreed to be banned from the debt collection and telemarketing business. The agreement was met to settle FTC charges of false demands for fake debts, targeting Spanish-speaking consumers. Defendants Centro Natural Corp., Sumore LLC, Jessica Anzola, Damian Biondi, Carolina Orellana, Javier Sumbre, and Susana Sumbre, were smacked with a hefty fine of almost $7 million for the scam.

The FTC’s vote to initiate a permanent injunction against the defendants was unanimous, and the decision was filed with the U.S. District Court for the Southern District of Florida. The FTC first filed the complaint last year, alleging that the defendants threatened consumers with arrest, immigration status investigations and even lawsuits, if they did not pay the phony debts.

The settlement order’s ruling to ban all defendants from telemarketing and debt collection activities means that they are permanently prohibited from making further misrepresentations about any product or service, as alleged in the complaint. Bionore Inc., Jager International Inc., Allianza Inmobiliaria Corp. and Jorge Sumbre were also named as defendants who stood to gain from the con.  The defendants are also forbidden from selling or benefitting from customers’ personal information.

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.

Source:
http://www.insidearm.com/daily/debt-collection-news/debt-collection/ftc-bans-fraudulent-debt-collectors-who-targeted-spanish-speaking-consumers/

Bankruptcy Law, Timothy Kingcade Posts

Rapper 50 Cent Files for Bankruptcy

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Last week, Curtis Jackson, better known as rapper 50 Cent, filed for Chapter 11 bankruptcy protection, only days after a messy lawsuit forced him to pay out $5 million to his rival Rick Ross’ ex-girlfriend. Both fans of the rapper and the media were surprised to learn of the filing, especially since Jackson was regarded as a man of “exceptional business instincts,” by The New York Times. He was also ranked No. 4 on Forbes’ May list of the wealthiest hip-hop artists, for his net worth of $155 million.

Jackson’s attorneys stated that the filing will allow the rapper to reorganize his financial affairs. However, others believe he is filing for bankruptcy as a way to protect himself following his lawsuit. In a recent late night appearance on TBS’ The Conan O’brien Show, Jackson addressed his decision to file for bankruptcy. “I need protection,” Jackson claimed. He also stated that success often makes people a target for lawsuits.

Prior to his filing for bankruptcy, Jackson did little to hide the extravagant lifestyle he was leading. He was often seen seated in the front row at fashion shows, catching frequent private flights, flashing expensive jewelry and clothing, and driving luxurious cars. The rapper’s Instagram is full of images supporting this, as he constantly posted updates for his 5.4 million followers. Despite this, Jackson said in his interview with Conan, “Times are hard out here, for real.”

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.

Sources:
http://www.businessinsider.com/50-cent-bankruptcy-to-conan-i-needed-protection-2015-7
http://www.businessinsider.com/50-cent-biography-pictures-of-luxury-2015-7

Bankruptcy Law, Timothy Kingcade Posts

Benefits of Bankruptcy Receives Praise from Donald Trump

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For those uncertain as to whether or not they should file for bankruptcy, Donald Trump appears to have stepped up as a spokesperson on why filing for bankruptcy is a wise move. Although the multi-million dollar real estate investor claims to have never filed for bankruptcy personally, he fully supports how bankruptcy can be a smart and legal move when needed.

Last month on Twitter, Trump stated, “Out of hundreds of deals & transactions, I have used the bankruptcy law a few times to make deals better. Nothing personal, just business.” He also stated that nearly every major dealmaker has used bankruptcy laws as a business tool. According to Trump, buying deals and then immediately placing them into bankruptcy for a better deal is effective and commonly used.

Despite his positive reviews of utilizing bankruptcy for better business deals, Trump is deeply irritated by others thinking that he has personally filed for bankruptcy. In 2013, Trump vehemently denied this in an angry post directed at the journalist, Touré Neblett.

In the past, Trump’s corporations have filed for bankruptcy, if the enterprise was failing or struggling. It seems that if business tycoons can use bankruptcy laws to their advantage, so can the average consumer. While bankruptcy may help in business transactions, there is still a negative stigma attached for some individuals.

Bankruptcy continues to provide a fresh start for struggling consumers buried in debilitating debt. According to the Federal Reserve Bank of New York, those who file for bankruptcy are better off financially than those who do not. Keeping this in mind, some of the common myths of filing for bankruptcy are simply not true.  It is important consumers keep an open mind.  Whether it is business or personal, filing for bankruptcy is indeed a smart and useful tool for people to consider.

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.

Source:
http://www.huffingtonpost.com/steve-rhode/donald-trump-praises-beneficial-power-of-bankruptcy_b_7746322.html

Student Loans, Timothy Kingcade Posts

Student Loans and Bankruptcy: What the Department of Education Has to Say

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Last week, the Department of Education provided guidance on how it will deal with bankruptcy discharge requests for government backed student loan debt. The Department of Education hopes to provide a balance when collecting on student loans, taking possible undue hardship on the debtor into consideration.

The July 7th document has broken down the updated Undue Hardship Formula, which will be used to help the Department of Education find a suitable balance between collecting debts versus allowing debt to be discharged.

The following factors will be considered regarding undue hardship when it comes to the discharge of student loan debt:

• If a debtor has filed for bankruptcy;

• If a debtor asserts undue hardship due to physical or mental impairment;

• If a debtor is a veteran who is unemployable, as determined by the Department of Veterans Affairs;

• If a debtor is approaching retirement, taking into consideration the debtor’s age at the time student loans were borrowed;

• If a debtor’s health has significantly changed since the student loan debt was incurred;

• If significant time has elapsed since the debt was incurred;

• If a debtor’s expenses are reasonable, without unnecessary expenses to provide funds for student loan repayment;

• If a debtor had the mental and/or physical capacity to pursue discharge or aid;

While the Department of Education has provided guidance to clarify the process, developments are still underway.  If a debtor cannot discharge student loan debt as an undue hardship, there is still the opportunity to “agree to discharge of a portion of the amount owed.”

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 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.

Source:
http://www.huffingtonpost.com/steve-rhode/department-of-education-r_1_b_7753076.html

Foreclosures, Timothy Kingcade Posts

South Florida Sees a Decline in Zombie Foreclosures

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RealtyTrac reports that zombie foreclosures have dropped across South Florida. In the past, homeowners were forced to abandon their homes during foreclosure proceedings—creating the term “zombie foreclosures.” However today, thousands of homeowners remain in their homes while foreclosure proceedings take place.

In last year’s second quarter, approximately 7,021 residents left their homes behind once the foreclosure process began. This was 46% less than the year before, according to RealtyTrac’s Zombie Foreclosure Alert. Increased consumer awareness and knowledge of the law appears to be the reason for this rapid change. Unless the home has sold, homeowners are not required to move out; therefore, they opt to stay.

The average value for owner-occupied homes is $251,236, while zombie homes averaged at $195,856. This data indicates that the foreclosing bank would actually benefit from the home being occupied during the process. In the past, the number of zombie foreclosures was negatively affecting neighborhoods across the nation. Overgrown yards, disrepair and code violations only caused problems for lenders seeking to recover the property.

With homeowners staying put and keeping the home maintained, lenders are eager to offer loan modifications to keep borrowers in their homes. The foreclosure process is very lengthy in South Florida, and lenders seem to be fed up. Statistics reveal that on average, a foreclosure in Florida can take over 2½ years to litigate. The decline in zombie foreclosures is good news for all as the economy slowly improves.

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.

Source:
http://www.dailybusinessreview.com/home/id=1202731962896/RealtyTrac-Zombie-Foreclosures-Decline-in-South-Florida?mcode=1202617073880&curindex=3