Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Recent documents show that Casey Anthony has reportedly agreed to pay $25,000 to settle a dispute in her bankruptcy case involving the rights to sell her life story. In March, trustee Stephen Meininger filed a motion seeking permission to sell ‘the exclusive worldwide rights of Anthony’s life story.’ He claims her story is property and an asset that could be sold to pay the more than $790,000 debt she owes others. Anthony’s bankruptcy attorneys are of course opposed to the motion.

Meininger says Anthony has a right to commercialize her story, which became property of the bankruptcy estate when she filed. Anthony, however, “adamantly opposes” the concept that her story is property that can be commercialized.

The parties agree the concept of selling the “alleged property interest is novel and has not been addressed by any case law that the parties have been able to discover.”

According to the filing, both parties agree the $25,000 settlement is in the best interest of the creditors in the case, and such an agreement will avoid long-term litigation. The bankruptcy judge has not issued an order on the joint request. However, the bigger question is, ‘How is Anthony going to obtain the $25,000?’

Click here to read more on the latest drama surrounding Casey Anthony’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.

Failing to pay your taxes is no laughing matter for 90’s comedian and actor, Sinbad. Recent bankruptcy filings report that he owes $375 thousand to American Express, $32 thousand to Bank of America, $2.3 million to the state of California and $8.3 million to the IRS. His total debts top $10.99 million and his total assets amount to just $130 thousand.

The government debts represent taxes owed from the years 1998 to 2006 and then again from 2009 to 2012. He reports his monthly income at $16,000 and he lists the following significant assets: A 2010 Ford F150, a 2010 Lincoln Navigator and a 2007 BMW 750i.

In Sinbad’s case, since he is filing Chapter 13 and has a monthly income of $16,000, it’s unlikely that a judge will wipe his tax debts away. The most likely scenario is that a judge will decide to garnish a significant portion of his wages indefinitely.

His money troubles first came to light in 2009, when California publicly listed him as one of the top 10 worst tax delinquents in the state. At the time, it was reported he owed $2.5 million in back taxes, interest and penalties. He attempted to file for Chapter 7 bankruptcy in December 2009, but his case was rejected after he failed to file the proper paperwork.

Click here to read more on the latest celebrity to file 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.

Financial freedom and independence from debt is a powerful thing. But if you are struggling on a daily basis with insurmountable debt and harassment from creditors you may be feeling less than ‘independent’ today. Many Americans face financial oppression, unable to pay their obligations, not because they do not want to, but because they have been victim to the economic downturn, having lost their job, recently became divorced or accumulated a large amount of medical debt from circumstances outside of their control.

Chapter 7 bankruptcy creates the best financial circumstance from a debt management perspective, because it erases your debt. You are no longer responsible for debt repayment and your creditors will be required by law to stop contacting you. If your credit score has suffered as a result of multiple missed payments, declaring bankruptcy may even help your credit score. Once you declare bankruptcy, your balances and records of unpaid debt are removed. All of these debts will be marked as being included in bankruptcy. You will now be able to start from scratch and given the opportunity to rebuild your credit.

As a citizen of the United States, you have the right to file bankruptcy. Do not allow the ‘bankruptcy stigma’, largely created by creditors stop you from considering bankruptcy as an option. Bankruptcy laws are designed to protect consumers, giving them the ability to come out with a clean slate, wipe out their debt and regain financial freedom.

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.

Taking on multiple sources of debt is a balancing act and it’s easy to become overwhelmed. The first thing you should do when considering taking out another loan is to determine your total monthly payments for current outstanding debt and the amount you are looking to borrow. Next, figure what percentage of your monthly income will go towards paying off that debt.

It is recommended that no more than 30% of your take-home pay go toward housing costs and no more than 20% go toward servicing other debt, such as car loans and credit cards. If you exceed these percentages, you could find yourself easily overwhelmed with debt.

Before taking out another loan, experts suggest having a repayment plan in place. Some borrowers find it motivating to pay extra towards the smallest loan in order to quickly eliminate it. If you already have a car loan or credit card payments, before taking on additional debt, you may want to consider refinancing the loan or getting a lower interest rate balance transfer credit card. You can then pay down the principle of the higher rate credit card faster if you transfer the balance to a lower interest rate credit card, provided you continue to make the same monthly payment.

Click here to read more on how to manage multiple sources 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.

For parents with kids heading off to college in the next few years, it’s not too late to implement these last minute savings tips.

1.) Compromise on School. Parents and children should have open and honest conversations and make their school choice based on learning needs and career ambitions, not name recognition.

2.) Take Advantage of Government Loans. Every family should take advantage of government education loans. According to Bill Harris, founder of online wealth management company Personal Capital, there is no “means testing” with the Stafford Loan, which means a family making $200,000 and one making $40,000 are both eligible.

3.) Invest in a 529-College Savings Plan. The earlier parents start funding a 529-college savings plan, which is a tax advantaged way to save for the college, the better, but it’s never too late to start. Many states give tax deductions for contributing to a 529-plan.

4.) Take advantage of American Opportunity Tax Credit. Families with an overall income under $160,000 per year, or $80,000 for single filers, can qualify for a tax credit of up to $2,500 during the first four years of a child’s college education. This tax credit includes expenses for things like books, supplies and equipment that aren’t necessarily paid to the college or university.

5.) Move Assets out of a Child’s Name. Many parents open savings accounts in their children’s name, which is a great way to build a nest egg, but it can have a negative impact when it comes to paying for college. When determining eligibility for federal financial aid, 20% of any assets under the child’s name will count against him or her in the amount of aid offered.

6.) Explore Alternative Loan Types. Most private loans from a bank of credit union have higher costs and higher rates of interest. Instead, consider peer-to-peer lenders to see if they offer a lower fixed rate and always check with the financial aid department at your college to see what kind of tuition assistance is offered.

Click here to read more on last minute college savings tips for parents.

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.