Debt Relief, Medical Debt

How Coronavirus (COVID-19) Testing Could Trigger Medical Debt

The coronavirus has many people worrying about what will happen if they contract the virus. Now that the virus has spread to parts of the U.S., Americans are concerned about whether they should get tested for the coronavirus if they experience flu-like symptoms. Since this virus is relatively new and not completely understood, its testing may not be covered by private health insurance. Out-of-pocket medical costs can cost patients thousands of dollars, if the testing is not covered under their health insurance plan.

Florida businessman, Osmel Martinez Azcue reported experiencing flu-like symptoms after he returned from a trip to China in January. When he began experiencing the symptoms, Azcue went to the hospital to be tested for the virus. One of the tests he was offered at the hospital was a CT scan, which is one of the best methods used to detect the virus. He first went with the simple flu test to rule out the possibility that he was suffering from the common flu, which fortunately is what it turned out to be.  For him, the CT scan was not necessary.

Bankruptcy Law, Credit, Credit Card Debt, Timothy Kingcade Posts

Top Reason Americans Are Carrying an Average Credit Card Balance of Over $6,200

Credit card debt is a burden for many consumers. Most have a complicated relationship with their credit cards. On one hand, disciplined and modest use of a credit card to make certain purchases can help establish a good credit score. On the other hand, if the balance on a credit card is not paid in full each month, and on time, the balance can quickly spiral out of control.

According a recent study by CompareCards, American consumers are carrying an all-time high of $1.1 trillion in credit card and other types of revolving debt. This figure is up nearly 20 percent from where it was just ten years ago.

Credit Card Debt, Debt Collection, Debt Relief

U.S. Cities Seeing the Highest Increase in Millennial Debt

Consumer debt is increasing nationwide, affecting individuals in all types of economic and sociographic groups. However, millennials seem to be the generation hit the hardest. In fact, millennials living in certain U.S. cities are hurting the most when it comes to their debt, according to a recent study from LendingTree.

LendingTree found that individuals in the millennial generation, born between the years 1981 and 1996, carried large amounts of auto debt, as well as student loan debt. These two categories made up the biggest portion of non-mortgage debt carried by millennial consumers.

student loan debt, Student Loans

Keep Our Graduates Working Act Gathers Support in Florida

A new piece of legislation has been introduced in the Florida State Senate which would protect the professional licenses of student loan borrowers from being suspended or revoked in the event they fall into default on their loan obligations.

The measure is Senate Bill 356, also known as the “Keep Our Graduates Working Act.” The bill expressly prohibits a state authority from suspending or revoking an individual’s professional license, registration, permit or certificate due to the person falling into delinquency or default on his or her student loan obligations.

Bankruptcy Law, Debt Collection, Debt Relief

Student Loan Tax Refund Garnishment and What Borrowers Need to Know

Many student loan borrowers struggle to keep up with their federal student loan payments upon graduation, but defaulting on student loans can end up resulting in the loan servicer garnishing the borrower’s state and federal tax refunds. Here’s what borrower’s need to know about tax refund garnishment.

The Treasury Offset Program, established in 1986, overseen by the Bureau of Fiscal Service, gives departments within the federal government the ability to ask the Internal Revenue Service (IRS) to garnish tax refunds to collect on defaulted debt owed toward either state or federal government entities. This action is known as a tax offset. A tax offset does not mean that the borrower will lose all his or her refund. The government can choose to seize the entire refund or a portion of the refund, depending on how much debt is owed. If part of the refund pays off the debt owed, including fees and interest charges, whatever is left of the refund will then be forwarded to the borrower.

Debt Relief

U.S. Household Debt Jumps the Most in 12 Years

The total amount of household debt carried by American consumers increased by $601 billion in 2019, according to recent figures from the Federal Reserve.  This increase represents the largest annual jump seen since before the 2007 financial crisis, according to officials at the New York Federal Reserve.

While total household debt has increased by $601 billion, the total amount outstanding has now reached $14 trillion for the first time. The last time the nation has seen national household debt grow this much was in 2007. At the time, household debt jumped by just over $1 trillion.

Bankruptcy Law

Timing is Important When It Comes to Filing for Bankruptcy

When it comes to filing for bankruptcy, it is not always a matter of “if” but rather a matter of “when.” Depending on a person’s financial situation, it can pay to properly time out a bankruptcy filing. Whether it is the right time to file for bankruptcy can depend on several factors including whether someone is facing foreclosure, vehicle repossession, wage garnishment, or any of the following.

Mortgage Modification

When someone is facing foreclosure, a few different steps can be taken to delay or even prevent the process. One of these solutions is through a mortgage modification. Homeowners facing foreclosure should try this approach first before filing for bankruptcy.

Debt Relief, student loan debt, Student Loans

An Alarming Number of Student Borrowers Have Made No Progress on their Loan Balances

A disturbing number of student loan borrowers who began their repayment plans between 2010 and 2012 have made little to no progress towards reducing the principal balance owed on their student loans. According to a recent report from Moody’s Investor Services, 49 percent of student loan borrowers whose loan repayment plans began during that time have made no progress. Even worse, many of them have seen their balances grow.

This problem could be due to several factors, including poor job prospects and low salaries in their first jobs after graduation. Depending on the degree pursued by each borrower, it can be difficult, if not impossible, to find a viable job that will allow the borrower to make appropriate payments to pay down their student loan debt.

Credit Card Debt

The Worst Ways to Pay Off Credit Card Debt

Credit card debt is a major problem that plagues so many Americans, with the total amount of credit card debt estimated to be over $870 billion in total. According to data from Experian, the average credit card balance is $6,629. If you are struggling with credit card debt, certain behaviors can be counterproductive and make the problem worse when trying to pay down a credit card balance.

Skipping Payments.

One of the worst things a consumer can do is to skip a credit card payment, intending to pay it next month or forgetting completely. When it comes to debt- unfortunately, out of sight, out of mind does not work. Missing just one month’s payment can result in a sharp increase in interest rates, as well as late fees. The higher the interest rate is, the less likely it is that the cardholder will make any progress towards paying off the principal every month.

Bankruptcy Law

Miami Bankruptcy Attorney Timothy S. Kingcade Obtains Order Allowing Protections for Chapter 13 Bankruptcy Client

Bankruptcy Attorney Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken obtained an Order for his client in a Chapter 13 case (Case No. 20-10135-RAM), limiting the scope of permissible relief in a pending criminal contempt case. The Motion for Contempt seeks relief against Jeffrey Charlow and counsel, for proceeding with a criminal case pending against Kingcade’s client in Broward County, Florida.

The Criminal Contempt Case was initiated by an order entered by Judge Robert W. Lee in a civil case also pending against the client. The court determined continuation of the Criminal Contempt case was not a violation of the automatic stay, but imposed two important limitations protecting our client:  Judge Lee may not sentence our client to jail with an Order that expels the sentence if a fine is paid and payment will necessarily come from the property of the estate.