The California State Bar recently adopted a rule that reserves the right to suspend an attorney’s license to practice law in the State of California if the attorney owes a large delinquent tax liability. The rule only applies to attorneys who are on the list of 500 largest tax delinquents who owe more than $100,000 in back taxes. The California State Bar plans to serve notice of suspension as soon as the Board of Equalization (BOE) or the Franchise Tax Board (FTB) releases the list of names. The FTB releases a list of the 500 largest tax delinquents two times per year, in April and October.
The Bar will give attorneys a 90-day grace period. The attorneys will be able to make arrangements for current cases or settle with state taxing entities before their license suspension will go into affect. Suspension may also apply to other occupational licenses and drivers licenses. The California Family Code section has an existing code that suspends or denies professional or occupational licenses to delinquent child support payers.
To read more on this story visit: http://morganking.com/Tax_Exhibits_2011/B%26P%20494.5/B%26P%20494.5%20combined.pdf
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.
Gold Medalist Ryan Lochte’s Parents Face Foreclosure
U.S. Olympic swimmer and two-time gold medalist Ryan Lochte’s parents are facing foreclosure. The Lochte’s are being sued by their mortgage lender, CitiMortgage, for foreclosure on their Port Orange, Florida home. The foreclosure suit was filed in May 2012 on a 2007 mortgage. The bank is hoping to recover $250,000 from Steven and Ileana Lochte.
Lochte’s parents divorced last year after 36 years of marriage and have recently been in London watching their son compete. Lochte has won a total of five medals for the U.S. Ileana hired an attorney and in July she filed a motion to dismiss the foreclosure proceedings. She reported to ABC News that none of her children knew about the foreclosure suit.
To read more on this story visit:
http://www.huffingtonpost.com/2012/08/05/ryan-lochtes-parents-face_n_1743686.html
http://abcnews.go.com/Sports/ryan-lochtes-parents-face-foreclosure-port-orange-fla/story?id=16930499#.UCE-xWjl3zI
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
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Miami Bankruptcy Attorney Timothy S. Kingcade Discusses Bankruptcy Filing Trends in the Sun-Sentinel
MIAMI – Bankruptcy attorney Timothy S. Kingcade, Managing Partner of the Miami-based law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) recently discussed the reasons for the decline in bankruptcy filings in South Florida with Sun-Sentinel reporter, Paul Owers.
“Many people find the average attorney fee of $1,500 cost prohibitive,” said Timothy S. Kingcade. Also contributing to the decline, “Consumers do not feel as desperate, with so many facing financial troubles in recent years because of the nation’s economic troubles,” he said.
The number of bankruptcy filings for June fell from 3,222 in 2011 to 2,251 in 2012 in Palm Beach, Broward and Miami-Dade counties. Bankruptcy filings also declined from May to June of this year. Bankruptcy and foreclosure trends tend to mimic each other. Consumers often wait to file for bankruptcy until they are at risk of being foreclosed on by their lender. Therefore, foreclosure filings in South Florida have also declined in recent months.
To read more on this story visit: http://articles.sun-sentinel.com/2012-07-03/business/fl-bankruptcies-june-20120702_1_bankruptcy-filings-loan-modifications-foreclosure-action.
Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout the Southern District of 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. More information can be found at www.miamibankruptcy.com or by calling 305-285-9100.
Bankruptcy Attorney Timothy S. Kingcade Quoted in the Miami New Times Discussing Sun-Sentinel Editor’s Financial Troubles
MIAMI – Bankruptcy Attorney Timothy S. Kingcade, Managing Partner of the Miami-based law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) was recently interviewed by reporter, Rich Abdill for an article that was published in the Miami New Times. In the article he discussed the controversy surrounding Sun-Sentinel editor, Howard Saltz’s financial troubles. Saltz was recently relieved of millions of dollars in debt after filing for bankruptcy protection earlier this year. In an email to the Miami New Times, Saltz claimed it was a “business bankruptcy, not a personal bankruptcy.”
“It was a personal bankruptcy,” Timothy S. Kingcade said after reviewing the documents. “The character of the debt does not change the fact that it’s a personal bankruptcy.”
Later Kingcade went on to say that by filing for bankruptcy separately from his wife, Saltz was likely trying to stall a foreclosure or other settlement. “We call those types of cases ‘Ping-Pong’ cases. The creditors are being ping-ponged between the spouses,” Kingcade said. This is a method many have chosen during the recession as a last ditch effort to stay in their homes.
Saltz began purchasing real estate in the late 1990’s. Much of his debt came from unpaid mortgages, totaling more than $2.5 million. Saltz was also deep in credit card debt. He had a $17,000 credit-card bill due to Discover, a $52,000 credit-card bill due to Bank of America, a $60,000 credit-card bill due to Chase, an unpaid medical bill and other unpaid bills such as utilities.
To read more on this story visit: http://www.miaminewtimes.com/2012-07-26/news/sun-sentinel-editor-howard-saltz-bailed-on-millions-in-debts/
Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout the Southern District of 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. More information can be found at www.miamibankruptcy.com or by calling 305-285-9100.
Mortgage Fraud Scheme may Land Maryland Resident in Prison for Five Years
Business owner and Maryland resident, Carline M. Charles, pled guilty on charges of conspiracy to commit bank fraud on July 27, 2012. Charles was the owner of the company, C&O Property Solutions LLC. She had concocted a scheme where she fraudulently obtained mortgages, financial losses for lenders and evictions for her clients who were relying on her to help save their homes.
Charles would reportedly track down financially distressed homeowners and offer them help in refinancing their mortgages. She told her clients that after a few months they would be able to remove investors’ names from the property deeds. While homeowners were under the impression they were refinancing their homes with Charles, she was in fact selling their properties to ‘straw buyers.’ She would pay the purchasers about $10,000 for use of their name and information.
Charles’ plea agreement required her to forfeit the $838,978 she profited from the scheme. Some of the homeowners were paying Charles their monthly mortgage payments, which she claimed she would be forwarding to the lenders, and never did. This resulted in 12 families being forced out of their homes. The lenders of these 12 mortgages lost somewhere between $1 and $2.5 million. The mortgage scheme resulted in a major investigation conducted by the FBI. Charles’ sentencing is scheduled for October 24, 2012.
To read more on this story visit: http://www.loansafe.org/foreclosure-prevention-business-owner-pleads-guilty-in-major-mortgage-fraud-scheme
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.
Baseball Legend Lenny Dykstra Faces 20 Years in Jail for Bankruptcy Fraud Charges
Former New York Mets and Philadelphia Phillies outfielder Lenny Dykstra pleaded guilty to bankruptcy fraud, concealment of assets and money laundering on July 13, 2012. The former All-Star could be facing up to 20 years in jail and fines of up to $750,000 if convicted.
Dykstra filed for bankruptcy in 2009 after claiming his assets were worth only $50,000, while he owed more than $31 million on his home. Prosecutors claim that after Dykstra filed for bankruptcy he proceeded to sell or destroy items such as baseball memorabilia worth more than $400,000.
U.S. District Judge Dean Pregerson asked Dykstra if he was guilty of the crimes and Dykstra answered, “Yes, your honor.” U.S. Attorney Andre Birotte Jr. said he hoped Dykstra’s story will be a warning to other sports figures who try to ‘manipulate and exploit’ the law.
To read more on this story: http://timesleader.com/stories/Baseball-great-pleads-guilty-to-bankruptcy-fraud,175733
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.
Recent Law School Graduates are facing an Increase in Student Loan Debt and a Decrease in Jobs
A study conducted by William Henderson of Indiana University Maurer School of Law showed that in 2011 only 55 percent of law school graduates were working in law-related jobs, nine months after graduation. Last year 43,735 students graduated with a law degree, of which 28 percent were either unemployed or underemployed after graduation.
Many law school graduates have experienced trouble finding work in the legal field since 2004, before the housing market crashed and the recession hit. The demand for new lawyers added up to only half of the number of those who passed bar exams in 2009.
The issue involving the over-abundance of law school graduates having difficulty finding jobs in their field is not expected to change, even if the economic state of the United States is healed. Many companies are outsourcing legal needs to countries such as India that have ‘smarter’ software. A number of American clients believe countries with such software have a more efficient process. Deans from colleges and universities are openly acknowledging that legal education is experiencing an ‘existential crisis.’
The economic problems extend much further than students finding law-related jobs. Many former law students are now facing problems paying back their student loans due to ‘high-priced degrees.’ Law students are settling for lower paying jobs for which they are over-qualified for, and as a result, many are defaulting on their student loan payments.
To read more on this story visit: http://www.nytimes.com/2012/07/15/opinion/sunday/an-existential-crisis-for-law-schools.html?_r=3&ref=opinion
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.
Errors on Consumers Credit Reports- More Common than You Think
Consumers are struggling to keep their credit scores up in this economy, and it appears the credit reporting agencies are not making it any easier. The three major credit agencies, Equifax, Experian, and TransUnion produce billions of credit reports per year and of this mass amount of reports, an estimated 25 percent contain errors. The errors can be as minor as an incorrect name or birth date.
Consumers are filing complaints with the Federal Trade Commission, but changes to the system are slow to come. The complaints are citing a breach of the Fair Credit Reporting Act. The large amount of errors on consumers’ credit reports is especially troubling, as these are not only accessed by companies issuing credit cards, but also by banks, employers, insurers and many others.
The credit agencies reportedly hired a number of foreign workers to produce credit reports and pay them as little as $0.57 per hour. The Consumer Financial Protection Bureau has been made aware of this issue and is expected to take major steps in addressing the problem sometime this month. It is likely that lawsuits will be filed against some of the credit agencies due to this problem. Consumers are urged to keep a close eye on their credit reports and to report any errors to the Federal Trade Commission.
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.
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.
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.