Bankruptcy Law, Timothy Kingcade Posts

What happens to my car loan after I file for bankruptcy?

In Chapter 7 bankruptcy cases, cars are hard to redeem since the law now requires paying the lender the retail replacement value of the car. That value is generally higher than the private sale value that was used under the prior law. It remains possible for a debtor to surrender a car when keeping up the payments is impossible.  Under Chapter 13, debtors must repay the entire car loan if they bought a car within 910 days of the bankruptcy filing. For example, if you had an outstanding balance of $6,000 on a car loan whose blue book value was only $4,000, you would be required to pay the entire $6,000 balance if the car was purchased less than 30 months of filing.

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 creates a formal way to assume a personal property lease, such as a car lease, in a Chapter 7 case. The lease will be deemed rejected if the case trustee fails to assume it within 60 days after filing. At that point, the debtor may notify the creditor that the debtor wishes to assume the lease. The creditor may, at its option, notify the debtor that it is willing to have the lease assumed and may condition the assumption on cure of any outstanding default. The debtor then has 30 days after the creditor’s notice to send a further notice that the lease is assumed.

If you have any questions on the topic of car loans as they relate to your bankruptcy filing please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. Web site at

Timothy Kingcade

Bankruptcy Law

Bankruptcy Filing Advice

Bankruptcy filing is at an all time high and many people are having a tough time understanding some of the recent bankruptcy rules and how they can affect their filing. It is important that you retain a lawyer with significant experience in bankruptcy law who can answer your questions and clearly explain to you what your options are. Before making a decision to file bankruptcy, you should know that not all of your debts will be discharged by the court. Tax debts, college/graduate school loans and child support are some of the non-dischargeable debts.

While bankruptcy leaves a poor mark on your credit report for several years, it should not discourage you from filing. Usually, you can obtain new credit if you show proof that your financial situation has improved and you have been consistently employed with the same company for at least two years.

A common bankruptcy advice tip when it comes to credit repair is to check your credit report for errors. You are entitled to receive one free credit report per year from Equifax, Experian or Transunion. You can write, call toll-free or visit the Web sites of these companies to order your free credit report.

Once you have your credit report, review the information carefully. Check your personal information, account and credit payment information to make sure everything is accurate. If there are any discrepancies, inform the credit company in writing requesting the information be corrected, and make copies of these documents to back up your claims.

There are reputable financial institutions that are willing to help you restore your credit. Shop around, compare your options and be patient in your search. You can get information on the general terms of bankruptcy and credit cards by simply inquiring with the different companies. Note that too many credit applications and credit checks will lower your credit score significantly.

Filing for bankruptcy is emotionally and mentally stressful. A good bankruptcy attorney will help you navigate through the legal process, and provide you with immediate debt relief and valuable information, along with services and advice to help get you back on your feet financially. At Kingcade & Garcia, P.A. our attorneys have devoted their careers to helping clients with their problems and take extreme pride in the results achieved for them through Chapter 7 bankruptcy and foreclosure defense cases. The day you hire our firm, we will contact your creditors to stop the harassment now. We offer free office consultations and will listen to you, evaluate your individual situation, and take immediate action to help you get the relief you need.

Please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. Web site at

timothy kingcade

Bankruptcy Law, Timothy Kingcade Posts

A Bankruptcy Fresh Start Post Holidays: How holiday spending can impact your filing

A Bankruptcy Fresh Start Post Holidays: How holiday spending can impact your filing

It’s important to remember this holiday season, that spending behavior can affect your ability to discharge certain bankruptcy debts- particularly when purchases are put on credit cards.  Credit card issuers who believe that some part of the debt owed to them was incurred by the purchaser without the intent to repay can come back and sue the debtor in their bankruptcy proceeding.  Under Bankruptcy Code Section 523 the creditor can argue the debt was incurred by fraud and should survive the bankruptcy case.

As part of a New Year’s resolution, start by putting your credit cards away this holiday season and move to a “cash only” system.  Get a fresh bankruptcy start by filing this New Year.    We will stop creditor harassment and help you get back on your feet.

If you have any questions about this topic, please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. Web site at

– Timothy Kingcade

Bankruptcy Law, Timothy Kingcade Posts

New Survey Reveals Economic Factors Behind Bankruptcy

CHICAGO, IL, ( — December 24, 2009 — As America closes out 2009 with roughly 1.45 million bankruptcy filings, a new survey reveals the possible economic factors behind the surge.

The statistics are based on a December 2009 survey of 1,000 people contacting Total Attorneys to connect with a bankruptcy lawyer.

The Economic Factors Survey
When asked which economic factor (job loss/wage reduction, the credit crunch, increased mortgage payments, gas prices or food prices) forced them to consider bankruptcy, 57% of respondents cited job loss/wage reduction.

“Widespread, long-term job loss means many people don’t have the income to cover basic living costs,” says Kevin Chern, bankruptcy attorney and president of Total Attorneys. “Bankruptcy may be a way for people to protect their homes and regain control over their finances.”

The Bankruptcy Relation Survey
In an indication of how much the bankruptcy idea has spread, 10% of people polled said they know three or more people who recently considered bankruptcy.

“Bankruptcy isn’t something that happens to someone else,” says Chern. “It’s not a sign of failure or irresponsibility. For many people it’s a way to protect their family.”

Posted by timothy kingcade

Bankruptcy Law, Timothy Kingcade Posts

Five Post-Bankruptcy Myths

The decision to file for bankruptcy is typically a last resort for consumers who find themselves plagued with debt. While bankruptcy may offer a fresh start and relief from bills incurred from divorce, unemployment and uninsured medical costs, many consumers worry about how the decision will ultimately impact their financial future.

“Most people who contemplate bankruptcy fear they will never again own a credit card or be able to buy a home or get a new car or even take a vacation,” says Paula Langguth Ryan, author of “Bouncing Back from Bankruptcy.” “There are a lot of misconceptions about obtaining credit after bankruptcy.”

If you have filed for bankruptcy and are wondering whether you should apply for credit, and how to go about rebuilding your credit score, you aren’t alone. A report from the Automated Access to Court Electronic Records released in June found that consumer and commercial bankruptcy filings are on pace to reach 1.5 million in 2009.

Ryan, who once filed for bankruptcy, now counsels others on how to achieve financial freedom and avoid feeling overextended. She says some of the most common misconceptions about obtaining credit after bankruptcy include:

1. Filing for bankruptcy will permanently ruin my credit.
Many people actually obtain a higher credit score in the years following a bankruptcy if they successfully change their spending habits.

As you work to re-establish yourself as a good credit risk, Ryan recommends making sure your credit reports are accurate. To get a free copy of your credit report, visit The three major credit bureaus are Equifax, Experian and TransUnion.

“Under a new federal law, consumers are entitled to receive free copies of their credit reports from all credit bureaus every 12 months,” Ryan says. “All three reports can be ordered via telephone by calling (877) 322-8228. You also don’t need to order all three reports at once, by staggering your requests, you can order one from each credit reporting agency every four months.”

– Posted By Timothy Kingcade

Bankruptcy Law, Florida Bar, Timothy Kingcade Posts

Recent Florida Bar Advertising Rules: How it affects Consumers and the Practice of Law – by Timothy Kingcade

The Florida Supreme Court recently enforced some strict advertising rules when it comes to attorneys promoting themselves via Web sites, legal profiles, blogs, social media tools, billboards, ads, etc.  The most recent ruling on November 19th states that lawyer Web sites may not:

• Make statements that characterize the quality of legal services being offered;

• Provide information regarding past results;

• Include testimonials.


The Florida Supreme Court says the purpose of these new rules is to protect consumers from misleading information, provide them with accurate and helpful information in the selection of a lawyer, and respect lawyers’ abilities to provide information about themselves to the public.   They contend that these new rules benefit the consumer and protect the practice of law. 

However, many attorneys are arguing that it’s their first amendment right to engage in truthful advertising on the Internet.  For example, publishing their successful verdicts/settlements and positive client reviews on their firm’s Web site.   

One of the negative implications for consumers is that it levels the playing field of all Florida law firms, no longer allowing the “best firms” to showcase impressive verdicts and settlements received on behalf of their clients. This in turn will make it more difficult for consumers to make informed decisions on legal representation. 

Also, these new laws have the potential of putting Florida law firms at a competitive disadvantage with other law firms nationwide.  Attorneys practicing in other states are not as restricted with the content placed on their Web sites, blogs and social media tools.  These rules are scheduled to take effect January 1st, 2010.

To keep up to date on the latest attorney advertising rules in the State of Florida visit the Florida Bar at You can also find useful consumer information on the Kingcade & Garcia, P.A. Web site at  If you have any questions about this topic, please feel free to contact me at (305) 285-9100.

-Timothy Kingcade

Bankruptcy Law

Timothy Kingade on Trends in Bankruptcy Law

Recently, it has come to my attention the increase in my clients’ emotional exhaustion over losing their homes due to foreclosure.  Unfortunately, for those facing foreclosure here in South Florida, President Obama’s “Mortgage Rescue” plan has not yet materialized.  I have been able to help those facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives.  I also help those with the removal of mortgages in Chapter 13 bankruptcy filings.

Other bankruptcy trends I have noticed in my practice include an increase in the amount of senior citizens filing as a result of having to put their monthly prescriptions on credit cards.  Many of these individuals are already on fixed financial budgets and Medicare/Medicaid coverage applies only after a certain amount is covered by the consumer.  There has also been an increase in bankruptcy filings among college/graduate school educated individuals as a result of the 2005 law no longer discharging private student loans.

If you need relief from creditors calling and are considering bankruptcy as an option contact our experienced and compassionate attorneys today for a free consultation.  At Kingcade & Garcia, P.A. our attorneys have many years of legal experience and handle over a thousand bankruptcy filings each year.  We are sensitive to your financial issues and offer reasonable fees and payment plan options to clients in bankruptcy and foreclosure defense cases.

– Timothy Kingcade