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.

Click here to read more on this 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

Big Decision on Detroit Bankruptcy Coming December 3, 2013

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A judge will announce December 3, 2013 whether Detroit is eligible to fix its finances through bankruptcy. This is considered the most important decision since the largest public filing in U.S. history last summer. Judge Steven Rhodes issued a brief order on Monday saying that he will rule from the bench on December 3rd and issue a written opinion later. Rhodes presided over a nine-day trial that ended November 8.

Unions and pensions funds claim Detroit is not eligible to file for bankruptcy because it failed to hold good-faith negotiations prior to the filing in July. The city claims that it did enough. A bankruptcy decision will mean the case would turn to how Detroit can fix $18 billion in debt.

The city’s emergency manager, Kevyn Orr, has warned of chaos if Detroit is not permitted to file bankruptcy. Creditors who were owed money at the time of filing could sue for payment and the long-term debt will continue to accumulate.

Click here to read more on this 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

Aaron Carter Files Chapter 7 Bankruptcy

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Aaron Carter, younger brother of Backstreet Boys singer Nick Carter has recently filed for Chapter 7 bankruptcy. According to TMZ, he filed for Chapter 7 protection last month with assets of a little more than $8,000 and debts of more than $2.2 million, 1.37 million of that is money owed to the IRS for income taxes ranging from 2003 to 2006. Court documents also show he owes more than $31,000 to American Express and $9,000 for a tour bus.

He lists his assets as laptops, furs, jewelry and a dog (which is reportedly worth nothing). A representative for Carter states that the bankruptcy is a “positive thing.” “It’s him doing what he needs to do to move forward.”

Click here to read more on this 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.

Foreclosures, Timothy Kingcade Posts

Florida Home Values go Up as Foreclosures Loom

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October’s single-family home sales for Brevard showed an increase of 9.3 percent over the year, to 727 sales, according to Florida Realtors. Median sales price- the point at which half the homes sell for less, half for more – in Brevard rose 3.4 percent in October, to $120,000, from a year ago. According to one realtor in Brevard County, most of her sellers are getting the full asking price or slightly more.

The positive sales numbers for October are the likely result of banks and lenders stepping up foreclosure activities against Brevard and Florida property owners who have been delinquent in payments. According to RealtyTrac, Florida continues to lead the nation in the number of homes threatened with foreclosure. In Brevard, RealtyTrac reports there were 10,184 properties in the foreclosure process, a nearly 22 percent increase from a year ago. That’s the highest the figure has been since at least 2009.

Housing experts say a key reason for the increase in local foreclosure activity is because banks and lenders are trying to free up properties to make them available to buyers, both investors and those who plan to live in a home.

Daren Blomquist, the Vice President of RealtyTrac, says “the banks realize they can get more money out of a property through a foreclosure than a short-sell and often prefer foreclosures because they can get paid in cash as opposed to depending on a traditional home loan.”

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.