Bankruptcy Law, Credit, Timothy Kingcade Posts

8 Bankruptcy Myths Disproved!

Posted on by Admin

Filing for personal bankruptcy still carries a powerful stigma in this country. However, a divorce, death of a spouse, or severe medical illness can place a well-meaning consumer into an endless cycle of debt. There is a sense of shame and failure that allows certain misunderstandings about the bankruptcy process to linger. With that being said, below are the top eight bankruptcy myths- DISPROVED!

1.) I will lose everything if I file for bankruptcy. Not true. Creditors do have the right to get some of their money back, but you will not “lose everything.” Some assets are protected from liquidation. For example, creditors usually cannot touch locked-in pensions, RRSPs or RRIFs. People are also generally allowed to keep modest amounts of furniture, clothing, tools of the trade, and even their car- if there is not too much equity in it.

2.) My friends will all find out that I have filed for bankruptcy. If assets are minimal, creditors are notified by mail and generally there is no notice in the paper. Bankruptcy filings are a matter of public record, but most people are not going to bother, not to mention pay the monetary search fee required. So unless you tell people, there is a pretty good chance that your friends, neighbors and co-workers will never know.

3.) My credit rating will be ruined if I file for bankruptcy. Even though a bankruptcy filing is not desirable on a credit report, if you are months behind on paying your bills and creditors are calling you, your credit score is likely already damaged. Filing for bankruptcy can provide you with a fresh financial start and put you back on track to rebuilding your credit score.

4.) Bankruptcy erases all your debts. Not true. Some debts cannot be discharged in bankruptcy. These include secured debts like mortgages or car loans, alimony, spousal and child support obligations, court fines, claims arising from an assault and student loan debt- unless you can prove undue hardship.

5.) It does not cost anything to file bankruptcy. You may think that you should not have to pay to file bankruptcy, but bankruptcy trustees do not work for free. Their fees amount to around $1,500 and they typically get paid from the money that is freed up from the liquidation of the bankrupt’s assets.

6.) I will never be able to get credit again if I file for bankruptcy. A bankruptcy notation will remain on your credit report for six years following the discharge. But there’s no need to fear, many individuals that have filed are able to get a secured credit and even a car loan shortly after their bankruptcy is discharged. Many lenders specialize in working with clients who have a less-than-stellar credit history.

7.) Filing for bankruptcy will destroy my spouse’s credit rating. A consumer bankruptcy filing is personal to the individual filing it. As long as your spouse did not co-sign or guarantee your credit cards or loans, his or her credit rating will not be affected by your filing.

8.) Filing for bankruptcy is not a big deal. Bankruptcy is a big deal. During the nine- to 21-month-period it takes to complete a bankruptcy and have your debts discharged, you will have to hand over total control of your finances to the bankruptcy trustee. It is important to meet with an experienced bankruptcy attorney who can assess your financial situation and advice you if bankruptcy is your best option. At Kingcade & Garcia, we offer free initial consultations for this. Bankruptcy laws were designed to give people a fresh financial start and wipe their slate clean.

Click here to read more on eight popular bankruptcy myths disproved.

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’s Foreclosure Rate Drops to No. 2

Posted on by Admin

Florida has fallen to the No.2 spot in the nation for foreclosure activity in August behind Nevada after three consecutive months at No. 1, according to RealtyTrac. In August, one in every 383 residences in Florida received a foreclosure filing. A total of 23,372 Florida properties received foreclosure filings in August, down 14 percent from July and down 15 percent from a year earlier.

The decrease in Florida foreclosure activity reflects a 65 percent decrease in new filings, which hit their lowest level since RealtyTrac began issuing its state report in April 2005.

In Miami-Dade County, one in every 264 residences received some type of foreclosure filing in August, as foreclosure activity fell 19.88 percent from a year earlier and declined 14.13 percent from July, according to RealtyTrac. In Broward County, one in every 372 residences received a foreclosure filing in August. That reflected a 12.23 percent decline in foreclosure activity from a year earlier and a 27.28 percent decline from July. In both Miami-Dade and Broward, new foreclosures filings were down in August from a year earlier, while auction notices and bank repossessions increased.

Among the 20 largest metropolitan areas, Miami posted the highest foreclosure rate, and Tampa ranked second.

Click here to read more on Florida falling to the No. 2 spot in the nation for foreclosure activity.

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

Reversal in Condominium Association Case Likely to Impact Foreclosures Statewide

Posted on by Admin

Florida’s Fourth District Court of Appeal in West Palm Beach recently reversed a Final Judgment foreclosing a lien in favor of the Sebastian Lakes Condominium Association. This could ultimately affect how contested foreclosure cases throughout the State are tried. In Yang v. Sebastian Lakes Condominium Association, the court ruled in a consolidated appeal that the testimony of the plaintiff-association management company’s records custodian was insufficient. Without that necessary testimony, the introduction of business records upon which the association relied to establish how much money it was owed was error requiring the reversal.

The case arose from a condominium association’s attempt to collect past due assessments from unit owners, which involved the critical issue- admission of business records into evidence. Given the similarities between lien foreclosure and mortgage foreclosure cases, it will likely have ramifications in both types of cases for years to come.

The Sebastian Lakes Condominium Association filed suit to collect monies allegedly owed to it by a husband and wife who each owned one unit in the condominium. The husband and wife denied the association’s claims and asserted that the association failed to credit their accounts with all payments made, and claimed that the collection actions were brought in retaliation because they were part of a group investigating $100,000 in missing association funds.

The appellate court reversed the final judgments in favor of the association because the management company employee could not testify as to the starting account balances, never worked with the prior accountant and was unfamiliar with his recordkeeping. This decision overturning a final judgment entered after trial will be important in ongoing and future foreclosure trials and even motions for summary judgment because it establishes what a records custodian must testify to for the admission of business records. Plaintiffs in such contested matters typically rely upon records and custodian witnesses rather than persons with the actual knowledge of the underlying lien or mortgage.

In order to establish the amount owed to it using business records, a plaintiff in a foreclosure action must now be able to present a witness who says not only the “magic words” but who also can testify as to the basis for all amounts claimed to be owed, rebut defendants’ claims of unaccredited payments, and to the other facts Sebastian Lakes’ witness could not.

Click here to read more on the recent reversal and how this is likely to impact foreclosures statewide.

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

TREND ALERT: Middle Class Debt Falling Nationwide

Posted on by Admin

As the economy is steadily improving, middle class families are feeling the effects. According to Manilla.com, a financial organization website, total household debt- which includes outstanding mortgage, auto and college loan balances-fell 1.1% in the first quarter of this year among middle-class families. Overall, consumers are being more cautious before taking on new debts for major investments like homes, automobiles and education. Americans average mortgage debt was $150,200.21 as of July 1, down 4% since the end of 2012. Below are the top 10 cities with the highest mortgage balances:
• San Francisco: $312,301.64
• Los Angeles: $262,792.56
• San Diego: $258,548.22
• New York: $250,078.12
• Washington, D.C.: $226,444.31
• Seattle-Tacoma: $199,205.30
• Sacramento: $194,796.46
• Portland, Ore.: $176,452.78
• Boston: $176,350.70
• Miami-Ft. Lauderdale: $176,057.60

Auto loan balances have increased by 7.9% since the end of 2012, Manilla.com reports, because Americans are now willing to spend more on cars, which signals a stronger economy. Eight of the 10 markets with the highest auto loan balances remained consistent in the first half of 2013. The worst debt offenders for auto loans as of July 1 are:

• Little Rock-Pine Bluff: $17,797.82
• Houston: $17,078.08
• Miami-Ft. Lauderdale: $16,997.15
• New Orleans: $16,968.24
• New York: $16,672.47
• Memphis.: $16,538.02
• Birmingham.: $16,436.04
• Las Vegas: $16,294.38
• Waco-Temple-Bryan: $16,263.03
• San Antonio: $16,164.34

Click here to read more on the recent trend of middle class debts falling nationwide and the cities with the highest amount of debt.

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

Five Mortgage Scams to watch out for

Posted on by Admin

Thousands of homeowners are tricked into mortgage scams each year and con artists do not have to look hard for victims. Most of the victims reach out to scammers themselves online. Instead of finding help to their mortgage woes through an Internet search, they find a scam. The sluggish economy and slow recovering housing market have created the perfect environment for mortgage scams.

Below are five mortgage scams to watch out for:

1.) A theft in-‘deed’. This scam lures struggling homeowners in by promising them better interest rates and lower mortgage payments. The borrower is then asked to sign supposed mortgage papers. One of the pages in the large stack of documents is a deed that once signed, transfers ownership of the property to the perpetrator.

2.) Phantom of the loan modification. NEVER pay upfront fees for a loan modification. Despite numerous warnings and educational campaigns warning homeowners of this, scam stories of borrowers who paid $1,000 to $5,000 for a loan modification, but received nothing in exchange are widespread.

3.) Your mortgage has been sold- NOT! Banks often buy and sell residential mortgages, and con artists take advantage of that. They create fake companies, pretend they are the new owners of your loan and take your payments until you figure out it’s a scam. Most unsuspecting victims do not learn about the mortgage scam until their actual lender notifies them that their mortgage is in default. To be on the safe side, contact your servicer and double check that your loan was sold to another company before blindly making payments to a new company- even if the letter you receive appears legitimate.

4.) Steer clear of reverse mortgage scams. Elderly homeowners are easy targets for con artists. They are also more likely to have equity in their homes. Reverse mortgages allow homeowners who are 62 or older to borrow against the equity in their homes without having to make monthly mortgage payments. Normally, the scammer wants to steal the equity in the home or use the senior citizens as straw buyers and borrowers. Another scam involves, a con artist recruiting an innocent senior to be the ‘fall guy’ in the fraud. The scammers buy a distressed property then manipulate the senior into signing the deed, taking ownership of the house. Once the house is in the senior’s name, the scammers use an inflated appraisal to get a reverse mortgage. They steal the money, and the senior and the lender get stuck with the loss.

5.) Avoid lease/buy-back agreements. Thanks to public records, con artists in many states know when a home is in foreclosure. Once they identify distressed borrowers, they persuade them to sign a quitclaim deed, which transfers the property ownership into a land trust. In lease/buy-back mortgage scams, the perpetrator promises the deed transfer is temporary and you will be able to rent the home from the new owners and eventually repurchase the home after you get back on your feet. Depending on how much you owe on the home, the scammer may simply collect the rent from you and let the bank evict you and sell the house themselves.

Click here to read more on the top five mortgage scams.

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

Bankruptcy Blunders: Top Reasons Your Bankruptcy Filing May Get Rejected

Posted on by Admin

A recent FindLaw.com survey revealed that one in eight Americans have considered filing for bankruptcy. Whether because of a job loss, carrying an excessive amount of credit card debt or medical debt, a large number of Americans have considered the option of bankruptcy to gain a fresh financial start. But not everyone’s case is accepted by bankruptcy courts. Your bankruptcy filing can be rejected for a number of reasons- often due to mistakes or omissions of proper paperwork. That is why it is crucial you hire an experienced bankruptcy attorney to assist you in the process.

Below are a few reasons why your bankruptcy filing could be rejected:

1.) You do not pass the “means test” in court. In order to qualify for Chapter 7 bankruptcy, where most of your unsecured debts are wiped out, you must pass a “means test” imposed by the court. The means test is a way for the court to determine how much disposable income you have. If you have too much money, a court may reject your Chapter 7 bankruptcy request. It is important to meet with an experienced bankruptcy attorney who will advise you of all your options and let you know if you qualify for Chapter 7. At Kingcade & Garcia, P.A. we offer free consultations where we sit down with our clients, assess their financial situation and determine if bankruptcy is the right option for them.

2.) You fail to provide requested tax documents or fail to appear at the creditor meeting. The court may reject or dismiss your bankruptcy case if you misrepresent your tax information or fail to provide tax documents altogether. In past years, you were not required to file tax returns to pursue bankruptcy. But since bankruptcy reform passed in 2005, this has become a requirement.

3.) You submit a proposed repayment plan that is not feasible. With a Chapter 13 bankruptcy filing, you repay some of your debts over a period of three to five years. If you file for Chapter 13 bankruptcy and set up a repayment plan, your proposed plan must be feasible in order to be accepted by the courts. The courts will review your current income, debts and assets to determine whether you can realistically pay back your creditors under the Chapter 13 plan. If you cannot, they can reject your case.

4.) Someone challenges your bankruptcy request. Once you have filed for Chapter 7, the goal is to get a “discharge” of your debts. A discharge is a permanent court order that relieves you of any legal liability to pay unsecured debts like medical bills or credit card debts. However, for those filing a Chapter 7, a creditor or the bankruptcy trustee has the right to challenge your discharge. This can occur if the trustee or debtor believes you have been dishonest or committed fraud in some way. These can include: hiding assets, making false statements or even failing to appear at mandatory credit counseling- any and all of these can result in a challenge.

Click here to read more on the top reasons your bankruptcy filing could get rejected.

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

TREND ALERT: More Americans Paying Credit Card Bills on Time

Posted on by Admin

The popular credit monitoring site, TransUnion reports the rate of credit card payments that are at least 90 days overdue fell in the second quarter to 0.57%, the second-lowest recorded by the agency in nearly 20 years, when the rate was 0.56%. More Americans are working to bring down their credit card balances as the U.S. credit card delinquency rate fell close to the lowest levels since 1994. The trend is positive, and according to experts may be a sign that the worst is behind for cardholders post-recession.

If this trend does not apply to you and you are still struggling with credit card debt, below are some helpful tips for getting out from under credit card debt.

1.) Negotiate interest rates. If you are in good standing with your card issuer, try to negotiate your current interest rates. Today, issuers are more willing to negotiate with consumers to keep them as card holders.

2.) Prioritize your debt. Review and evaluate all of your outstanding debts and work to pay off those balances, beginning with those cards that carry the highest interest rates.

3.) Consider consolidation. Consider consolidating your debts into one personal loan for a fixed rate. You will want to make sure and put your cards away, so you are not tempted to use them.

4.) Reach out for help. Do not be afraid to ask for help. If you are more than $10,000 in debt, seek advice from a credit counselor who can help come up with a repayment plan. If your debt becomes unmanageable, consult an experienced bankruptcy attorney who can advise you of all your options.

Click here to read more on the recent trend of more Americans paying their credit card bills on time and for tips on getting out of credit card debt.

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

New Date Set for Detroit Bankruptcy Filing Forum

Posted on by Admin

The Detroit Democrat has reported that the forum planned by U.S. Representative John Conyers on the legal implications of Detroit’s bankruptcy filing will be re-scheduled to 3 p.m. on Saturday at Fellowship Chapel in Detroit. Conyers has said the forum will examine the filing’s impact on pensions and possible conflicts of interest involving state-appointed emergency manager, Kevyn Orr.

Another issue being discussed is whether Orr’s July 18 bankruptcy petition was made in good faith. Conyers says a bankruptcy’s ramifications on taxpayers, city workers and retirees will be discussed at the forum. Orr says Detroit has at least $18 billion in debt, much of it being tied to pension and retiree health care obligations.

Click here to read more on the latest drama surrounding Detroit’s bankruptcy filing.

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.

Credit, Foreclosures, Timothy Kingcade Posts

FHA Gives Foreclosed Borrowers a Second Chance at Homeownership

Posted on by Admin

The Federal Housing Administration (FHA) is offering a homeownership program that will put previously troubled borrowers on the fast track to owning a home, again. This new program, called “Back to Work-Extenuating Circumstance,” shortens the standard three-year waiting period to 12 months. As part of the FHA’s ongoing mission, the new program aims to make sure that qualified borrowers are not being unnecessarily shut out of the housing market.

This is good news for borrowers who lost their home because of specific financial hardships, but can now demonstrate that they have regained their financial footing.

Individuals that have been through any of the below financial hardships are eligible for the program:

• Chapter 7 or Chapter 13 bankruptcy
• Deed-in-lieu
• Forbearance
• Foreclosure
• Loan modification
• Loss of income, employment or both that totaled at least 20 percent of previous earnings for at least six months, including copies of applicable termination notices or changes in employment status.
• Pre-foreclosure sales
• Short sales

Borrowers must also meet other verifiable requirements to participate in the program. These include:
• Proof of borrower’s current income. This can be verified with W-2 forms or federal tax returns that show the desired mortgage would be affordable and sustainable.
• Credit history, both before and after the financial hardship event. This information must be free from late payments or other major credit issues, including rental / housing payments and accounts delinquent by 30 days or more.
• A credit score of at least 500.
• Housing counseling by a HUD-approved counselor at least 30 days but no more than six months before
submitting an FHA application.

For consumers meeting all of these criteria as well as other FHA mortgage guidelines, the “Back to Work program” is now available nationwide through FHA-approved lenders. Once participating lenders determine that mortgage applicants meet all eligibility and policy criteria, the same 3.5 percent minimum FHA down payment requirement will apply. Mortgage insurance and closing costs will also apply. The only FHA program that is ineligible for the “Back to Work program” are reverse mortgages.

Click here to read more on the new FHA program that gives foreclosed borrowers a second chance at homeownership.

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

Steps You Can Take in Preparation for Bankruptcy

Posted on by Admin

So you have considered all your options, examined your finances and have come to the conclusion that bankruptcy is the right option for you. It is important to remember that filing for bankruptcy is a process, not an event. What you do before, during and after the filing will affect your future. RELAX… You are on the path to a financial fresh start!

Below are some steps you can take in preparation of bankruptcy:

1. Consult with an experienced bankruptcy attorney. The first thing you should do once you decide to file bankruptcy is to talk to an experienced bankruptcy attorney. The initial consultation is often free, so you have nothing to lose. The fact that it is possible to file bankruptcy pro se (without a lawyer), does not mean you should do it. Doing your own bankruptcy can be difficult, risky and emotionally draining. Your lawyer will negotiate on your behalf with the bankruptcy court trustees and contact your creditors to put an end to those harassing calls.

2. Stop Borrowing Money and Using Credit Cards. Once you have decided to file for bankruptcy, you should immediately stop borrowing money and using your credit cards. Racking up exorbitant amounts of debt prior to filing bankruptcy is considered fraud and can land you in jail. This includes borrowing money from family and friends. When you file for bankruptcy, you must include as creditors any family members or friends who loaned you money.

3. Stop Paying your Bills. Well, some of them. You will want to stop paying on any unsecured debts or loans. For example, making credit card payments. Do not do any of the following unless your attorney advises you otherwise:
• Do not repay friends or family members who made unsecured loans to you.
• Do not pay any single unsecured creditor a total of $600.00 or more within the three months prior to filing bankruptcy.
• Do not transfer any property, assets, cash or anything else of value to anyone else in an attempt to get these out of your name.

4. Learn How to Live Poor. You must learn to economize. You will be required to live on a cash basis for a short amount of time. Live within your means and take this second chance at a new financial life seriously.

5. Reclaim your Phone. From the time you stop paying your bills until you retain an attorney to help you file for bankruptcy, bill collectors are likely going to have your cell phone number and will be calling you obsessively trying to collect unpaid debts. In the mean time, it may be a good idea for you to buy a prepaid cell phone with a new number. But it is important to remember to NEVER use this new phone to call a bank, credit union, utility company or bill collector. If you do this, your new number will be captured and within days uploaded to the credit bureau allowing every bill collector to have access to it, again.

6. Tell Someone. Surround yourself with positive people following your decision to file bankruptcy. You should not feel depressed, ashamed or alone. This person can be a family member, counselor or friend.

7. Start Planning your Recovery. Discuss the following financial recovery goals with your attorney or bankruptcy counselor:
• Opening a savings account immediately upon discharge and accumulating a certain amount within six months after your bankruptcy is discharged.
• Getting a secured credit card within a month after discharge.
• Having enough cash to pay for a 20 percent down payment on a new car within one year of discharge.

Click here to read more on steps you can take in preparation for 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.