Bankruptcy Law, Timothy Kingcade Posts

Student Loan Defaults Increase Nationwide

The Sun-Sentinel reported that across the nation, former students are defaulting on their federally backed student loans at rapid rates. In return, the government is filing lawsuits against former students who default on these loans. The report also stated that more than 4,300 lawsuits were filed across the country against former students who defaulted on their loans in 2011. South Florida reported that 183 lawsuits were filed against residents in 2011 that were unable to make their student loan payments.
Across the state, federal statistics reflect that more than 19,000 residents have defaulted on their student loan payments in the past two years; approximately 1.7 percent more than the national average of those who began repayment in 2009. The number of lawsuits and defaulted loans are expected to continue climbing due to unemployment rates.
Many former students struggling financially are choosing to file for Chapter 7 or Chapter 13 bankruptcy to relieve some of their debt. Although student loan debts are non-dischargeable through bankruptcy, this is a primary way for former students to avoid a lawsuit.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.

Bankruptcy Law, Timothy Kingcade Posts

Thousands at Risk to Lose Retirement Benefits from American Airlines

American Airlines and its parent company recently filed a lawsuit against the Committee of Retired Employees to stop providing health care and life insurance benefits to current retirees. The airline is currently paying 40,000 retirees life insurance and health care benefits and wants the bankruptcy judge to rule that it can end the benefits as a way to cut costs in “sound business judgment.” American Airlines reported that during 2010 paying retirement benefits cost them a reportedly $1.26 billion.
American Airlines and its’ parent company AMR Corp. filed for bankruptcy protection on November 29, 2011, after its reported $10 billion losses since 2001. The company is taking steps to restructure, such as layoffs and pay cuts, and ultimately hopes to save $1 billion through these efforts.
To read more on this story visit: http://www.startribune.com/business/161620245.html
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Bankruptcy Filings Dramatically Decline in 2012

The International News Agency, Reuters, has reported that U.S. bankruptcy filings for both consumers and businesses have dropped 14% during the first half of 2012 and are on track to reach the lowest rate since before the start of the recession in 2008.
According to statistics from Eqic Systems Inc., consumers filing for bankruptcy have fallen 13% from the first half of 2011 and businesses filing for bankruptcy have taken a 22% decline. Samuel Gerdano of the American Bankruptcy Institute attributes the decline of bankruptcy filings to new, lower interest rates. Others have attributed the decline in bankruptcy filings to the high fees charged by the courts and attorneys.
While bankruptcy filings are at a low point, several large companies have made headlines this year by filing for bankruptcy such as, Eastman Kodak Co., textbook publisher, Houghton Mifflin Harcourt Publishers Inc., and Hostess Brands Inc., the maker of Wonder Bread and Twinkies.
To read more on this story visit: http://www.chicagotribune.com/business/sns-rt-us-bankruptcy-stats-declinebre8640ub-20120705,0,6184420.story
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

South Florida’s Bankruptcy Filings Fall for the Third Month in a Row

After a major surge in bankruptcy filings earlier this year, May was the third month in a row where South Florida experienced yet another decrease in bankruptcy filings. The U.S. District Court of Miami released a statement saying that during the month of May bankruptcy filings dropped 2.75 percent from April filings in Broward, Palm Beach, and Miami-Dade counties combined. In Broward County, 732 consumers filed for bankruptcy, in Palm Beach County 412 filed and in Miami-Dade 1,293 filed.
Bankruptcy and foreclosure trends tend to go hand in hand. Therefore, foreclosure cases in South Florida have also decreased over the past three months. From March to April this year, foreclosure cases were down approximately 15 percent in Palm Beach County, down 36 percent from a year ago. Foreclosure cases were down 31 percent from March to April in Broward County. In April, there was some speculation from attorneys that bankruptcy filings were down due to consumers waiting for new qualification factors beginning May 1st. The new qualifications include a change on income limits that would make filing for bankruptcy easier for financially distressed consumers.
To read more on this story visit: http://www.sun-sentinel.com/news/palm-beach/fl-bankruptcies-may-20120602,0,1862683.story
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Bank of America Offers Principal Reductions to Underwater Homeowners

Bank of America recently announced that homeowners underwater on their mortgages will soon be receiving relief in the mail. The first wave of letters will be mailed out by the third quarter of this year to some 200,000 homeowners who may qualify for a principal reduction on their mortgages. Homeowners who qualify will save an average of 30% monthly on their mortgage or a total of about $150,000.
The homeowners who qualify must meet the following criteria:
1. They must be underwater on their mortgage.
2. They must be 60 days delinquent as of January 31, 2012.
3. Their monthly payment combined with insurance and other fees must account for 25% of their gross monthly income.
4. Their loan must be held by Bank of America, not a federally backed lender.
In March, Bank of America started a trial program for principal modifications for about 5,000 underwater homeowners. The bank disclosed that of these 5,000 homeowners, the combined savings reached approximately $700 million in just a few short months. Bank of America views this move as a way to hold up to their end of the settlement reached earlier in the year with the government as a result of the robo-signing scandal. Although the principal reductions are expected to relieve homeowners of much of their debt, it might also end up diminishing their credit scores. FICO spokesman, Anthony Sprauve said that as of now it is ‘undetermined how the reductions will be reported.’
To read more on this story visit: http://moneyland.time.com/2012/05/09/behind-on-your-bank-of-america-mortgage-relief-may-be-in-the-mail/
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

8 Tips to Improve Your Credit Score after Bankruptcy

Thoroughly examine your credit score post bankruptcy. You want to make sure that creditors know the debt that you were relieved of has been wiped clean from your credit report. The items should have a “BK” notation next to them to show you were relieved of them.
2. Re-examine your credit score several times, because even after your debts are discharged, it may take some time for this to reflect on your credit report.
3. Create a strict budget for yourself. Review your finances several times per week to ensure you are sticking to your budget.
4. Do not avoid applying for new credit; in fact, responsible credit spending is a great way to begin building up your credit score.
5. Set up automatic payments for your cable, Internet and phone bills, so you do not miss your payment due date. Again, watch your finances closely so that you know when money will be coming out of your account.
6. Student loan payments are a top priority. Student loans are not discharged after filing for bankruptcy and paying these timely can be an excellent way to improve your credit score.
7. Pre-paid credit cards can be a great way to improve your credit score if you are having trouble getting approved for a non-secure credit card. Be very cautious of companies that have high annual charges.
8. Defaulted loans are not the only item that impacts your credit score. Having your credit cards to the max will have a negative effect on your score in the same way. Bottom line: Never max out your credit cards.
To read more on this story visit: http://articles.marketwatch.com/2010-08-26/finance/30762498_1_credit-report-filings-credit-rating/2
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

The Federal Housing Finance Agency Releases its Goals for 2013-2017

The director of the Federal Housing Finance Agency, Edward J. DeMarco, released a rough draft of the goals the Agency has set to construct a more efficient and effective housing finance system. The FHFA is the agency created by the merging of the Office of Federal Housing Enterprise Oversight, Federal Housing Finance Board and the government sponsored enterprises mission office. The FHFA was created after the 2008 Housing and Economic Recovery Act, and has acted as a regulator for the GSE’s such as Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
Below are the FHFA’s strategic goals for 2013 – 2017:
1. Safe and sound housing GSEs
2. Stability, liquidity, and access in housing finance
3. Preserve and conserve enterprise assets
4. Prepare for the future of housing finance
The FHFA will create a safer housing finance system for Americans, not by directing day-to-day operations, but by setting boundaries and expectations for the GSEs. The FHFA plans to monitor the actions of the Enterprises through on-site examinations and program reviews.
To read more on this story visit: http://stopforeclosurefraud.com/2012/06/14/fhfa-strategic-plan-2013-2017-preparing-a-foundation-for-a-more-efficient-and-effective-housing-finance-system/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com

Bankruptcy Law, Credit, Timothy Kingcade Posts

New Credit Scoring System, ‘The Extended View’ Released to Aid the Poorest of Consumers

“The Extended View” launched by Experian is a new credit scoring system that has the potential to bring as many as 64 million Americans without a credit score, back into the lending fold. The new system will help the poorest of consumers, taking into account the traditional credit scoring system. The Extended View will look at factors such as rental payment history, payday loan repayment history, missed child support payments, financial histories and public records. The scale will be similar to the one used by VantageScore which ranges from 401 – 900.
The president of Experian Consumer Information Services reported that approximately 15 lenders, both large and small were already considering using The Extended View scoring system. The lenders range anywhere from banks and auto lenders- to telephone and utility providers. Studies show that the number of ‘underbanked’ Americans will grow in the coming years, which is most likely the reason lenders are considering the new system. The system will allow a lender to request an “Extended View” score if the consumer has no traditional credit score.
To read more on this story visit: http://www.huffingtonpost.com/2012/06/14/experian-new-credit-score-extended-view_n_1596943.html
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

NY Attorney General Eric Schneiderman Proposes New Bill to make the act of Robo-Signing a Felony

On June 13, 2012 New York Attorney General, Eric Schneiderman announced his proposal of a new bill that will help protect New York homeowners from being forced out of their homes. The bill will introduce legislation to make robo-signing and other fraudulent acts commonly used by banks and lenders, a felony with criminal penalties, including jail time and monetary fines. The bill will extend not only to employees who engage in the fraudulent acts, but also to the managerial staff who oversees the acts. The legislation will make the act of robo-signing a class E felony for anyone involved, which is punishable with up to four years of jail time in a state prison. The filing of false documents to a court will be considered a class ‘A’ misdemeanor, which is punishable with up to a year of jail time or a $1,000 fine.
Attorney General Schneiderman was appointed earlier in the year as the Chair of President Obama’s New Mortgage Crisis Unit. Backed by numerous foreclosure advocates, Schneiderman has made successful headway for homeowners by announcing the $130 million settlement between the government and the five large banks in February. A month later he announced that $15 million from the settlement would be used to fund various foreclosure prevention programs and $6 million would be used to fund community renewal programs.
“For many middle class New Yorkers, their life savings is in their home. To take away people’s homes under fraudulent circumstances is a crime deserving of jail time,” said Attorney General Schneiderman.
To read more on this story visit: http://www.wbng.com/news/state/Schneiderman-Introduces-Legislation-to-Protect-New-Yorkers-From-Foreclosure-Fraud-159051485.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com

Bankruptcy Law, Credit, Florida Bar, Foreclosures, Timothy Kingcade Posts

BANKRUPTCY ATTORNEY TIMOTHY S. KINGCADE RECEIVES PRESTIGIOUS ‘AV PREEMINENT’ RATING FROM MARTINDALE-HUBBELL

MIAMI – Kingcade & Garcia, P.A. (www.miamibankruptcy.com) is pleased to announce that Managing Shareholder, Timothy S. Kingcade recently received an AV rating from LexisNexis Martindale-Hubbell. An AV rating is the highest level of professional excellence and ethical standards an attorney can receive.
“I am honored to have received the AV rating from Martindale-Hubbell,” said Timothy S. Kingcade. “This is a testament to the commitment that I make to each and every one of my clients and the ethical standards we uphold as a law firm. It is gratifying to know that my colleagues respect and acknowledge my legal abilities and the continued dedication to my clients.”
The AV rating attained by Timothy is the preeminent rating, achievable only after admission to the bar for at least ten years, indicating the highest level of legal ability and ethics. This rating indicates that an attorney’s colleagues and the judiciary perceive him to be at the pinnacle of professional success. LexisNexis Martindale-Hubbell conducts peer review ratings throughout the country in an effort to identify lawyers with the highest legal ability and ethical standards.
The General Ethical Standards rating denotes adherence to professional standards of conduct, ethics, reliability and diligence. The Legal Ability ratings are based on performance in five key areas, which include: Legal knowledge, analytical capabilities, judgment, communication ability and legal experience.
Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 filings and foreclosure defense cases for the Southern District of Florida. As an experienced CPA as well as a proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws, which protect them and achieve desired results.
Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care. All partners and associates at Kingcade & Garcia, P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.