Bankruptcy Law, Credit, Timothy Kingcade Posts

South Florida Trails in Consumer Debt

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A recent report from Equifax concludes that a lack of mortgages is what has lead to a decline in consumer debt in South Florida. Debt is down by 4.2%, the greatest drop among the country’s 25 largest metropolitan areas. Out the 25, six posted gains in consumer debt as more people took out mortgage loans and home equity lines of credit following the housing market crash.

Experts say that when it comes to credit card balances and other household debt, the South Florida region has a noticeably smaller share of debt tied to residential real estate. Florida’s large number of foreclosures has significantly effected the rankings since bank seizures essentially wipe out a consumer’s debt on a property. Experts also attribute this to the large number of recent cash purchases in South Florida’s real estate market. These type transactions, that do not create mortgage debt, could also be skewing the numbers.

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

Foreclosures, Timothy Kingcade Posts

LA Sues Wells Fargo, Citigroup Alleging Mortgage Discrimination

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The Los Angeles city attorney has sued Wells Fargo and Citigroup alleging the companies engaged in mortgage discrimination that led to an increase of foreclosures in minority communities during the housing crash.

The city attorney’s suits allege a “continuing pattern of discriminatory mortgage lending practices” in Los Angeles that violates the federal Fair Housing Act. They claimed Wells Fargo and Citigroup at first refused to grant mortgages in minority neighborhoods- a practice known as redlining. Later, they targeted black and Hispanic neighborhoods for predatory loans, a practice known as reverse redlining.

The lawsuits contend that “vulnerable, undeserved borrowers” denied by years of redlining jumped at the chance to obtain subprime home loans they could not afford, then were hit with foreclosures when the housing bubble burst and they were denied refinancing.

Both lawsuits seek unspecified reparations and damages. A report by the Alliance of Californians for Community Empowerment and the California Reinvestment Coalition is cited in the lawsuit that estimated the mortgage crisis resulted in more than 200,000 foreclosures from 2008 to 2012, with $481 million in lost property tax revenue to the city, and $1.2 billion in Los Angeles for “increased costs of safety inspections, police and fire calls, trash removal and property maintenance.”

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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.

Foreclosures, Timothy Kingcade Posts

South Florida Home Prices Increase Giving Underwater Homeowners a Sense of Hope

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South Florida home prices have increased by more than 20 percent in the past year, giving many underwater homeowners a sense of hope. According to Zillow.com, in the third quarter alone, more than 25,000 homeowners in Broward and Palm Beach counties saw their home values rise above what they owed, freeing them from “underwater” mortgages.

After peaking at $391,100 in November 2005, Broward County’s median home price plunged by more than 50 percent by the time the market finally hit bottom in early 2012. Palm Beach County’s peak median, $421,500, fell by nearly 60 percent for the same period. The steep declines, unleashed a wave of foreclosures. Many underwater homeowners opted for short sales, others were just stuck, continuing to make mortgage payments and unable to sell.

The market began to stabilize when investors and other buyers began looking for bargains. This rush eventually forced housing prices back up. Median prices in Palm Beach and Broward counties have jumped by double digits in every month this year, though the year-to-year increases have slowed since the summer. Analysts expect home values to appreciate closer to the traditional 4 percent a year by 2014.


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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.

Foreclosures, Timothy Kingcade Posts

Top U.S. Banks Fail to Correct Foreclosure Abuse Practices

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A report this week revealed that some of the top U.S. banks, including Bank of America and Citigroup, have failed to fully comply with the government settlement to correct mortgage servicing abuses. Bank of America failed to file accurate documents in bankruptcy proceedings and Citigroup’s mortgage unit failed to notify borrowers about missing documents within 30 days of a request for a short sale.

According to the monitor, the two banks have submitted plans to fix the problems and are in the process of correcting the failures. JPMorgan Chase was also cited in the recent report. The report revealed that the bank failed in some instances in 2013 to make decisions on borrower applications to modify loans within a timetable required, and it failed a test that measures whether a pre-foreclosure notice sent to customers was accurate.

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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Judge Gives Green Light for Detroit to proceed with Bankruptcy

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A federal judge has granted the city of Detroit the ability to proceed with its bankruptcy filing. This is the largest municipal bankruptcy in history. The recent ruling, opens the door for the city to cut billions of dollars in payments that are owed to city employees, retirees, investors and other creditors.

Unions and pension funds argued that Detroit did not negotiate with its creditors in good faith in an effort to reach a deal on its liabilities. In his ruling, however, Judge Steven Rhodes found that such negotiations were impractical for Detroit because of the huge number of creditors, which total more than 100,000. Therefore, he concluded that the city filed its petition properly.

The American Federation of State, County & Municipal Employees, a major union, has plans to appeal the decision.

Click here to read more on the story.

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

Bankruptcy Law, Timothy Kingcade Posts

Detroit Bankruptcy Ruling Expected Today

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A U.S. judge is expected to rule today whether Detroit can proceed with its bankruptcy filing. The ruling could open the door for cuts in payments promised to employees, retirees and investors. Unions and pension funds have argued that Detroit should be denied the protection of the court. They say that regardless of the city’s financial troubles, officials did not negotiate with creditors in good faith to reach a deal on Detroit’s debts. This is one of the requirements for a city to proceed with a bankruptcy filing.

Any ruling by Judge Steven Rhodes is expected to be appealed, as the city’s unions and pension funds have been fighting proposals to slash benefits owed to employees and retirees.

Click here to read more on the story.

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

Bankruptcy Law, Credit, Timothy Kingcade Posts

Black Friday is FINALLY here! But how does this relate to Bankruptcy?

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Three words, credit card use. Many people choose to put their Black Friday purchases on credit cards. What consumers should know is how these purchases can affect you if you end up needing to file for bankruptcy in the near future.

1.) Luxury goods exceeding $600. If you purchase luxury goods or services exceeding $600 in the 90 days prior to your bankruptcy filing, there is a possibility that these debts will not be dischargeable in your bankruptcy. In fact, credit card companies can object to those specific charges. Luxury items include expensive electronics, such as flat screen TV’s, laptops, tablets, etc. Expensive jewelry, furniture and designer clothes would also fall into this category. Groceries along with other necessities like paying bills and gasoline would be considered dischargeable debts if purchased on credit cards.

2.) Cash Advances exceeding $925. Any cash advances you take within 70 days prior to your bankruptcy filing and totaling more than $925 are presumed to be non-dischargeable. If you take out a large cash advance to pay for your Black Friday expenditures, you better plan on paying it back, or adjusting your bankruptcy filing date.

Click here to read more on credit card use and cash advances prior to filing bankruptcy.

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.

Foreclosures, Timothy Kingcade Posts

A Heartwarming Thanksgiving Story- 1,000 Homes Saved from Foreclosure

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1,000 homes have been saved from foreclosure thanks to Affordable Housing Resources, a Nashville-based non-profit. Dorothy Fisher was all smiles this week following a difficult year and a half. She worked as an administrative assistant at Meharry Medical College for 20 years, until the school let her go last summer. After losing her job, she exhausted what little savings she had trying to keep up with her mortgage payments.

At the end of her rope, Fisher reached out to Affordable Housing Resources, a non-profit that helped her fight off foreclosure and keep her home. Affordable Housing Resources announced Fisher was just one of 1,000 Tennessee homeowners the Nashville-based non-profit helped avoid foreclosure.

Fisher is still working to get back on her feet and says, “Being able to keep her home makes the light at the end of the tunnel shine a little brighter.” This year, she will be able to have her family over for Thanksgiving. “Without Affordable Housing, we wouldn’t have a Thanksgiving dinner and I wouldn’t have my granddaughter and my grandson over to enjoy that festivity.”

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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Tips to keep your Holiday Spending in Check this year

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With the holidays upon us, below are some simple tips to avoid overspending this year.

1.) Set a budget you cannot exceed. Instead of using debit or credit cards to make your purchases this year, rely on cash only to buy gifts. Once the green is gone, you’re done! If you are not comfortable carrying cash, put the allotted money on a pre-paid card, such as the American Express Prepaid card, which charges no purchase, activation or maintenance fees.

2.) Surf the web smart. A recent study done by the California Institute of Technology revealed that customers are willing to pay about 50% more for products in stores than online. Dealnews.com is a great website that shows the day’s best prices on specific types of items.

3.) Give more gift cards. With gift cards you spend exactly the amount you intend. Sites such as GiftCardGranny.com and PlasticJungle.com sell gift cards from popular retailers at a discount.

4.) Reorganize your list. If you feel overwhelmed because you have to buy presents for every niece, cousin and uncle. Consider setting up a gift exchange, so that each person buys one gift with a set dollar amount. At the website Elfster.com you can invite others to a “Secret Santa” exchange. This site will then make gift assignments at random.

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

Bankruptcy Law, Credit, Timothy Kingcade Posts

Credit Card Delinquencies on the Rise

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According to TransUnion, more Americans fell behind on their credit card payments in the third quarter. The rate of credit card payments at least 90 days overdue rose in the July-September quarter to 1.36% from the previous three-month period, when it was 1.27% — the lowest level on records going back to 2007.

That is expected to happen again in the current quarter, as many consumers are hitting the stores for the holiday season and then delay payments on their credit cards until early 2014. TransUnion projects the credit card delinquency rate will increase to around 1.48% in the fourth quarter.

Since 2007, the late-payment rate on credit cards has averaged about 2.2%. In the third quarter, credit card debt per borrower fell 1.3% versus the same quarter last year to $5,235. It was essentially flat compared to the previous quarter, TransUnion said. This can be attributed to slow and steady job growth and small wage gains, which have made Americans more reluctant to charge goods and services.

According to the Federal Reserve, Americans cut back on using their credit cards in September for the fourth straight month. Consumers increased their borrowing by $13.7 billion to $3.05 trillion, but the increase was driven entirely by higher borrowing for auto and student loans, which increased $15.8 billion. Credit card debt fell $2.1 billion.

The string of declines in credit card debt will likely hold back consumer spending, which accounts for 70% of economic activity.

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