The lawyers for Goldman Sachs, a global investment banking and securities firm, have been dealing with a lawsuit filed against them by Overstock.com. After Overstock.com filed a motion to disclose certain internal documents of Goldman Sachs, the lawyers for the firm filed an opposition which accidentally made many of their internal documents, such as emails within the company, public record. Among the many issues that were brought to light due to the disclosure of the documents was ‘naked short selling.’ The speculation throughout Wall Street was that naked short selling was nothing more than a myth, but in fact Goldman Sachs has been participating in this act of high finance counterfeiting for years.
The act of naked short selling is where the investment firm who is hired to purchase stocks (such as Goldman Sachs) does not actually locate or purchase the stocks. By doing so, Goldman Sachs was creating an artificial stock supply. Goldman Sachs was avoiding spending time searching for the stocks and also avoiding paying fees to borrow the stocks. The illegal acts committed by Goldman Sachs have been brought to light only months after the former Goldman Sachs’ Executive, Greg Smith resigned and publicly released that the firm took advantage of their clients.
To read more on this story visit: http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515#ixzz1v0M2jZcl
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.
South Florida Ranks Number One in Credit Card Delinquencies
CredAbility, a non-profit credit counseling agency, conducted a study of 25 metro areas in the United States to determine the financial standings of major cities across the country. According to the study, Palm Beach, Broward, and Miami-Dade counties ranked highest in overall consumer credit card delinquencies. South Florida also ranked fourth of the 25 metro areas with the highest number of bankruptcy filings during the first quarter of 2012.
Much of the credit problems in South Florida can be attributed to lenders handing out credit cards to freely during the recession. Many South Floridians used their credit cards as spending money as they suffered pay cuts and job losses. Over time lenders began taking steps to hold borrowers to higher standards and not lending out money as freely as before. The financial problems for many South Floridians are not expected to ease up until the job market becomes more secure, which could take a couple more years.
To read more on this story visit: http://www.sun-sentinel.com/business/fl-worst-credit-rating-20120515,0,2146740.story?track=rss
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.
Local Foreclosure Case has Banks and Courts Confused as to Ownership
Abby Lopez of West Palm Beach found herself in a foreclosure trial, where even the bank was unsure who owned her home. Lopez bought her home in 2006 for $608,715. In September 2009 she was served with foreclosure papers. The trial that is now underway has proven just how faulty the paperwork of banks can be when it comes to mortgages. Emails have surfaced that prove bank officials are unsure if the bank that served the papers (Bank of America) actually owns the mortgage. HSBC Bank USA is the bank that is listed as the trustee that is foreclosing on the home. As many mortgages before, Lopez’s mortgage went straight to the Mortgage Electronic Registration System, which is now under investigation for keeping accurate records of mortgages.
In the emails, bank officials also discussed ignoring the lack of knowledge of mortgage ownership due to extra court fees that would be applied to change the plaintiff in the case. Lopez’s attorney said he is not expecting to win the home back for his client, which is now valued at only $189,343. However, he is determined to ensure that the correct party forecloses on the home.
To read more on this story visit: http://www.palmbeachpost.com/money/foreclosures/foreclosure-case-on-despite-glitch-confusion-2358300.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.
Tips to Obtain Your Best Credit Score Possible
Early in 2012 credit card issuers became more selective about who they issued cards to. According to Mintel Comperemedia, credit card issue rates dropped about 30% during the first quarter of 2012 in comparison to the previous year. Although the issue rates are decreasing, there has been an increase in incentives for cardholders and potential cardholders. For example, American Express is offering $150 cash back if a cardholder spends $1,000 or more in the first three months of holding the Blue Cash Preferred card. Another incentive from Chase requires a cardholder to spend only $500 in the first three months with a reward of $100 cash back. Offers from credit card issuers are expected to multiply during the summer months.
Below are some helpful hints to improve and maintain a good credit score:
1. As long as you manage them well, the more credit cards you hold, the better. Many people think if you are not using a card frequently, the best thing to do is cancel it. However, the more cards you hold, the more responsible you seem to lenders. It is very important to your credit score to always pay your credit card bills and all other bills on time.
2. Do not max out your credit cards. Many credit analysts have said in the past the best way to improve your credit score is to never use more than 30% of your available credit. Fair Isaac said that Americans’ with the highest credit scores rarely use more than 10 – 20 percent of their available credit per card.
3. Even those who are in debt should hold at least two cards. Even cardholders who have two credit cards are sometimes viewed as having a “thin file.” Most experts in the field suggest for everyone two carry anywhere from three to five cards.
4. Do not apply for credit cards any more frequently than six months apart. Applying for a credit card can lower your score up to 25 points; therefore it is never a good idea to apply for cards too close together. When inquiring for a new card, this information stays on your record for two years and can impact your score for one year. Those who apply for multiple cards in a short time frame are perceived as having financial problems.
5. If you want to close a credit card account, the best way is to pay off the card and not use it for a long period of time and eventually the card issuer will close the account.
To read more on this story visit: http://online.wsj.com/article/SB10001424052702303877604577380263570426758.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.
GM Relieved from Paying Federal Income Taxes for Years to Come
General Motors received a government bailout in 2009 of approximately $49.5 billion. After generating a reported $13 billion in profit since 2009, $7.6 billion was made in 2011; however General Motors paid no income taxes for 2011. The spokesman for GM disclosed that GM would not have to pay income taxes for “many more years.”
In 2009, GM received the government bailout after filing for bankruptcy and recording about $18 billion in losses. According to the U.S. Treasury Department, GM must record at least a $1 billion profit for at least 18 straight quarters before they will be expected to pay federal income taxes, again. GM is still paying a worldwide tax and state taxes. GM’s limited liability partner, the Chrysler Group, is taking advantage of the partnership and not paying federal income taxes, either.
Ford Motor Co. has also avoided paying federal income taxes due to profit losses of up to $30 billion in previous years. Auto manufacturers are not the only major corporations receiving huge tax breaks from the government. AIG and Citibank have also received government bailouts after major profit losses.
To read more on this story visit: http://www.torquenews.com/1081/despite-massive-profits-gm-pays-zero-federal-income-taxes
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.
Consumer Bureau to Propose New Rules for Mortgage Servicers
The Consumer Financial Protection Bureau plans to propose a straightforward approach to loan administration that should benefit consumers and servicers, which are the firms that loan owners hire to collect payments, disburse taxes and insurance, and chase after delinquent borrowers.
The Bureau hopes to finalize the new rules by this summer and have them take effect by January 2013. However, it is likely that mortgage servicers will be given another year to incorporate the rules into their companies’ practices, which means the actual changes might not be seen until January of 2014.
Below is a list of the new rules that will be set in place by the Bureau:
• Mandatory issuing of monthly statements that are understandable to the loan holders. Mortgage servicers would be required to issue broken down loan statements each month that are detailed and easy for loan holders to understand.
• Required interest rate fluctuation warnings. A statement must be issued on what the current rate will be and the options for the loan holders if they are unable to afford the new rates.
• Mortgage servicers must give notice before purchasing “force-placed” insurance on the property.
• It will be required that the property has fire insurance and in some cases where it is not, the servicer must purchase its own as collateral on the property.
• Servicers will be forced to credit accounts immediately as they are paid by the loan holders. This has been required as a result of many consumer complaints that servicers are holding onto the payments for so long that an additional late fee is tacked on, costing consumers more unnecessary money.
• Servicers would be forced to practice with fewer errors made. Customer service from mortgage servicers will be more accessible and available if the consumer believes a mistake has been made on their account.
To read more on this story visit: http://www.latimes.com/business/realestate/la-fi-lew-20120506,0,7793027.story
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.
Bank of America Gets a BIG Surprise at their Front Door
The residents of a Liberty City neighborhood recently came together to clean up an abandoned property and later in the day planned on delivering the collected trash to a Bank of America branch. According to the Miami Workers Center, the home is owned by the Bank of America. Trenise Bryant, a member of the Miami Workers Center who organized the clean-up said, ”Banks maintain foreclosed properties in white neighborhoods why can’t they do the same in black communities?’ It’s bad enough these big banks put families out of their homes, now they just let the houses sit there bringing down the property value for everyone else in the neighborhood.”
To read more on this story visit: http://photoblog.msnbc.msn.com/_news/2012/05/03/11526492-protesters-in-miami-clean-garbage-from-foreclosed-homes-and-dump-it-at-bank?fb_action_ids=359465957435303%2C3864095560290&fb_action_types=news.reads&fb_ref=type%3Aread%2Cuser%3A1RchtAP5LJ9kvYUWzTJKGr9yz-8&fb_source=other_multiline
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 filings decrease as many Americans Struggle to afford the Filing Fee
In recent years, filing for bankruptcy has become a luxury for people who have seen their debt snowball out of control due to events like job loss, foreclosure or medical emergency during the economic downturn. The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to recent research submitted to the National Bureau of Economic Research.
The cost of filing for bankruptcy has risen in recent years as a result of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, which aimed to reduce the number of bankruptcies taking place by adding more requirements to the filing process — including additional paperwork and the credit counseling and debtor education.
The research, conducted by a group of professors from Columbia University, the University of Chicago and Washington University in St. Louis, examined how bankruptcy filings spiked after people received their tax rebates in previous years. They estimate that another 200,000 consumers, who would otherwise not have enough money to file, will use their tax refunds to pay for bankruptcy this year.
Gerri Detweiler, director of consumer education for Credit.com warns consumer of ‘going it alone.’ “Make one mistake and your case is dismissed,” she said. “A dismissed bankruptcy hurts your credit just as badly as one you complete. So you are stuck with all of the downside without the fresh start.”
She also warns against ‘low-cost document preparation services’ claiming to help consumers fill out necessary documents. “It’s easy for consumers to think they’re getting sound legal advice even though the preparers aren’t lawyers,” she said.
To read more on this story visit: http://www.abcactionnews.com/dpp/money/money-some-seeking-bankruptcy-are-too-broke-to-file
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 Debt Reaches the $1 Trillion Mark
As student loan debt in America continues to grow, college graduates continue to have trouble finding jobs and paying off their debt. Instead, many graduates are enrolling in further schooling, which is deferring their repayment but deepening their debt. Student loan debt has now reached the $1 trillion mark, surpassing auto-loan and credit card debt.
This year, the average amount of student loan debt per borrower averaged about $25,000, that’s a 25% increase from 10 years ago. However, it is not just young adults suffering from student loan debt. A recent study revealed that the baby boomer generation (60+ years) owes about $36 billion in student loans. The Federal Reserve Bank of New York reported that about one-third of student loan payments are at least 30 days delinquent, nationwide. Not to mention, since new bankruptcy laws in 2005 were passed, the majority of student loan debts are unable to be discharged through bankruptcy.
President Obama has openly voiced his concern about the student loan debt crisis, proposing many ideas before Congress to aid struggling borrowers. Although Obama has shown his concern, he still promotes the importance of a higher education. Many Republican candidates find his ideas about modifying student loan repayment, creating ways to make repayment easier, and student loans in general to be a burden to the government. Former Senator, Rick Santorum announced his belief that rather than promote higher education and utilization of student loan programs, the focus should be on promoting blue collar jobs that do not require a college education.
To read more on this story visit: http://www.nacba.org/News/NACBANews/tabid/87/articleType/ArticleView/articleId/277/Associated-Press-Explosion-in-Student-Loan-Debt-Reaching-Crisis-Proportions-But-Largely-Flying-Under-Radar.aspx
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
Children are the Most Innocent Victims Affected by the Housing Crisis
A reported 2.3 million children have become victims of foreclosed homes to date. According to Julia B. Isaacs of Brookings Institutions, there are 3 million more children who are at risk of being forced out of their family homes due to foreclosure. Isaacs also reported that of those 2.3 million children, approximately one out of every ten has faced difficulties and negative effects due to the foreclosure of their family home.
In many cases, the problems arise from the relocation that follows the foreclosure. Studies prove that children who are relocated tend to have lower scores on math and reading assessment tests. Children’s relationships with their parents and family members are also negatively affected because of the financial stress. Analysts have also seen a direct correlation between relocation of children and health problems (such as doctor and emergency room visits). Children who are in areas with higher foreclosure rates also tend to have more exposure to high crime rates. Isaacs reported that the rates of affected children are the highest in Nevada, Florida, Arizona, California and Michigan.
To read more on this story visit: http://www.huffingtonpost.com/anna-cuevas/23-million-children-are-v_b_1447223.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