bankruptcy attorney Archives - Page 11 of 17

Bankruptcy Law, Credit, Timothy Kingcade Posts

Best Credit Cards to use after Bankruptcy

Posted on March 15, 2013by Admin

Believe it or not, getting a new credit card after filing for bankruptcy is one of the best ways to begin rebuilding your credit score. But how do you know which one is right for you? A secured credit card is a great way to start over. These are one of the few types of credit cards that tend to be easy to get if you’ve been through bankruptcy or other credit problems. In most cases, they are available as soon as your bankruptcy is discharged. You’ll place a security deposit with the issuer and get a major credit card you will use just like any other credit card.

To ensure you get the maximum benefit from your secured card, it is important you do three important things:

1.) Choose a card that reports your payment history each month to all three credit-reporting agencies.

2.) Make your payments on time, all of the time, NO EXCEPTIONS. A single late payment can cause your credit score to drop significantly.

3.) Keep your balance low. Only use 10%-15% of your available credit line.

If you are trying to rebuild credit after bankruptcy, you need to review your credit reports and scores frequently. Get your credit reports from AnnualCreditReport.com about three months after your case is discharged. Dispute any mistakes you find. Then use Credit.com’s Free Credit Report Card to check your credit score each month. If you have positive credit references reporting to the credit bureaus, you should see steady progress over time. One more tip, do not apply for additional credit until your bankruptcy is discharged. Taking on additional credit while you are still completing a bankruptcy can jeopardize your case.

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, Credit, Timothy Kingcade Posts

9 Ways to Teach Your Teenager About Money

Posted on March 11, 2013by Admin

One of the most valuable lessons you can teach your teenager is financial responsibility. Some schools across the country have installed financial literacy programs in their curricula, but many have not. Below are nine ways to teach your teenager about money management at home.

1. Start with a game. Websites such as PracticalMoneySkills.com and Learn4Good.com have games that can teach your teenager how to manage money. On Learn4Good.com, games such as “Record Shop Tycoon” or “Burger Restaurant” will teach your teen how to run a business. On PracticalMoneySkills.com, the “Financial Football” game consists of Q&A’s where a correct answer will allow the player to move on the football field.

2. Start a monthly budget. If you allow your teen a monthly allowance, it will teach them how to budget and save when they want something expensive. However, you should be prepared to say no if they spend all of their money in the first week.

3. Pay your teen to save. You should start a savings account for your teen and teach them to put 10 percent of their allowance, paycheck and gift money they receive in the account. You should offer to match their savings amount as an incentive for them to choose to save. It will be good practice if you have your teens do the research themselves to find an account with the lowest fees and highest interest rates.

4. Give them a clothing allowance. Each season or school term, provide your teen with a clothing allowance. Place the budgeted amount on a prepaid debit card to give your teen the power to figure out how to spend their clothing allowance effectively.

5. Take them to thrift shops. Teach your teens to appreciate vintage clothing for both style and savings. Thrift stores can also be great for gifts, books and DVDs.

6. Give them budgeting projects. If you are planning a vacation, ask your teen to research a hotel, travel expenses and activities to do while you are there. You can give them a budget and let them map out the vacation.

7. Encourage them to get a job. Once your teen turns 16 (or the legal working age in your state) encourage them to get a part-time job. Before their first paycheck arrives, help them plan to save a part of their paycheck. You should also help them determine where the rest of the check will go, such as towards car insurance or a cell phone bill.

8. Talk about college financing. As your teen nears high school graduation, talk to them about the average cost of college and your plans and expectations for financing their education.

9. Teach them about identity theft. Warn your teen about the dangers of identity theft when it comes to things such as online shopping. Teach them the importance of safeguarding their Social Security number, name and bank account information.

To read more on this story visit: http://www.dailyfinance.com/2013/03/05/financial-literacy-teen-money-education/

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, Credit, Timothy Kingcade Posts

Best Shopping Deals in March

Posted on March 5, 2013by Admin

March has always been a big shopping month, particularly for those looking for spring deals. Below is a list from Dealnews.com of the best products to buy this month.

PlayStation 3
Sony debuted the long-awaited PlayStation 4 in late February. In the past, prices on previous generation PlayStations have dropped between 60% and 64% just after the latest models were released. The prices of PlayStation 3 consoles are expected to do the same this month.

Chocolate
High-end chocolate shops, such as Godiva, are expected to have great deals on chocolates leftover from Valentine’s Day this month. Typically after a holiday, themed candy is discounted up to 50%.

Luggage
March is a great time of the year to buy travel gear. Last year, a number of stores had great luggage deals during March such as: Wal-Mart, eBags, Macy’s and Sears. These deals will likely last through spring.

Frozen Foods
March is National Frozen Foods Month. Although it was adopted as a marketing ploy, you will see special promotions from different food brands throughout the month on frozen foods.

Smartphones
In February, at Mobile World Congress, several phone manufacturers debuted new smartphones, turning 2012 models into previous-generation goods. This month will be a good time to buy last year’s smartphones at discounted prices.

Big-Screen TVs
TV deals were at all-time lows during February. These discounted prices are expected to continue into March.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

Why is the Flood of Bankruptcies Good for America?

Posted on February 28, 2013by Admin

America has been scrutinized in the past for its mechanisms for clearing its debts. However, the recent wave of bankruptcies and foreclosures are beginning to payoff in America with a recent growth in both consumer and business confidence. Although bankruptcy is a scary thought, America’s bankruptcy courts provide a clean slate for both creditors and debtors. Due to America’s bankruptcy and foreclosure systems, American’s have cut their total outstanding debt levels by more than $1 trillion since the housing crisis of 2008.

Many other countries, particularly European countries, do not operate in this way. In 2011, 1.36 million Americans filed for personal bankruptcy. That is approximately 450 per 100,000 people. A study compiled by a German debt management company showed that in Germany, France, Austria, Finland, the Netherlands and Spain approximately 96 per 100,000 people filed for personal bankruptcy. Unfortunately, these numbers are not the reflection of a better economic environment; it is because many Europeans do not have the option to have their debts cleared.

If you have any questions on this topic or 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, Credit, Timothy Kingcade Posts

One in Four Consumers Have Errors on Their Credit Reports

Posted on February 25, 2013by Admin

A study conducted by the Federal Trade Commission (FTC) showed that approximately 26 percent of consumers found errors on their credit reports. However, only about five percent of these study participants had errors on their credit report that was damaging to their credit score. The five percent with damaging errors on their credit score are more likely to be denied for loans or have higher interest rates, as a result of the errors. There has been controversy for many years regarding the accuracy of credit reports and the recent study by the FTC made valid points for both sides of the argument. The study followed 1,001 consumers as they checked their credit reports for errors. Those who did find errors were also followed as they disputed the errors. Once the errors were fixed, it tracked how the consumer’s credit score improved.

The best way to avoid damaging errors on your credit report is to keep a close eye on it. You can request a free report once a year from three major agencies: Experian, Equifax and TransUnion. If you find a mistake, you should dispute the error. Unfortunately only 19 percent of credit reports errors are disputed. However, disputing an error is relatively easy, if you use the online features that are available.

Bankruptcy Law, Credit, Timothy Kingcade Posts

12 Tax Breaks You Have Never Heard Of

Posted on February 20, 2013by Admin

Many Americans pay more in taxes than they are required, simply because they are unaware of the approximately 200 tax breaks in the system. The Government Accountability Office estimated that as many as two million taxpayers overpay by not itemizing their deductions. Many breaks target tiny constituencies and specific companies.

Here are 12 little known deductions and credits that you may not know about:

1. Charity Donations from your IRA: The early January fiscal cliff deal resuscitated an expired provision that allows people ages 70 ½ and older to donate up to $100,000 from their IRA to a qualified charity without paying taxes on the transfer.

2. Your Child’s Tuition or Medical Care: Parents or grandparents can pass along up to $5.12 million to their children or grandchildren over the course of their lifetime, (or $14,000) per year without incurring an inheritance tax. If parents want to give even more than that, they can get around those limits by paying for their children’s education or medical expenses.

3. Fostering a Pet: Foster pet owners can deduct expenses such as food, litter, vet bills, paper towels, etc. while waiting for the foster pet to be placed in a permanent home. Foster pet owners can even deduct mileage to the vet, in some cases.

4. Alternative Medical Treatments: The IRS allows alternative medicine including acupuncture, vitamins, herbal supplements and Christian Science to be deducted as medical care. Deductions extend to alternative forms of treatment as long as a medical practitioner prescribes them.

5. Private Mortgage Insurance: Another provision revived by the Fiscal Cliff deal allows taxpayers to deduct their premiums for private mortgage insurance. Many homeowners are unaware of this deduction, which can run from $50 to $220 a month on a loan of $250,000.

6. Moving Away for your First Job: One deduction that helps recent graduates is the one that allows you to deduct moving costs for your first full-time job. If you move at least 50 miles away from your old home, with at least 39 weeks of full-time work during your first year at a new employer, you qualify for this deduction.

7. Driving for Charity: If you do any driving related to charity work, it is deductible at 14 cents per mile. This deduction includes parking costs, along with other out-of-pocket expenses you incur during charity work.

8. Retirement Investments: Taxpayers with limited incomes can get a deduction and a tax credit for putting away money in retirement plans. Most who invest in a plan such as an IRA receive a deduction, however approximately 57 million households also qualify for a Savers Credit.

9. Whale Hunting with Alaskan Natives: Boat captains involved in subsistence hunting of endangered bowhead whales in Alaska can deduct up to $10,000 of their expenses. In order to qualify for this deduction, you must be hunting to provide food or materials for your family.

10. Stock Donations to Charity: If you donate stock rather than cash, you can receive a larger deduction on your donation. If you donate stock that has appreciated in value, you can write off the fair-market value and avoid the capital-gains tax on the stock sale.

11. Work Overseas: If you have worked overseas, the first $95,100 of your income is excluded from U.S. taxes. This deduction recognizes no distinction between low-tax and high-tax countries.

12. Harvest Your Investment Losses: If you sell an investment at a loss, such as a mutual fund, you can use the loss to offset either capital gains on other investments or their regular taxable income. Losses that you do not use now can be carried forward to offset gains future tax years.

To read more on this story visit: http://money.msn.com/taxes/12-tax-breaks-youve-never-heard-of

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

Coral Gables Apartment Board President Turns Building into a Prison

Posted on February 18, 2013by Admin

According to residents, the beautiful Coral Gables Apartment building, Waters Edge, has turned into a prison since the new board president took over last year. Jim Lowe was elected in April of 2012. The residents say that he harasses everyone. Lowe reportedly snaps pictures of supposed offenses and charges residents with substantial fees. In some cases, Lowe files lawsuits over funds owed by residents. In one case, Lowe charged a single mother of two a $1,000 fee for leaving her metal screen door open. In another instance with the same mother of two, he snapped a picture of her in the lobby eating a salad. He then proceeded to send her a copy of the photo with a note that said, “Not Allowed.”

According to Lowe, he is simply enforcing the condo’s long-standing rules. He claims that had he not stepped in, the apartment building would be broke by August. Lowe said that since his election, Waters Edge is now ahead on their bills and has new elevators and security cameras. Lowe admits that his style is abrasive but that he is saving the building hundreds of thousands of dollars, as a result.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

Slow Hiring – The Reason for Many Jobless Claims

Posted on February 14, 2013by Admin

Last week, unemployment claims fell slightly. However, jobless claims seem to be driven by slow hiring. According to the Labor Department, first-time jobless claims fell last week to 366,000 from 371,000 the previous week. First-time jobless claims are extremely important to the economy because they are considered a proxy for layoffs. Over the last month, jobless claims have bounced around, making the state of the job market recovery unclear to economists.

January’s early jobless claims plummeted to a five-year low, but have shot back up in the past few weeks. Currently they are hovering in the same range they have been for most of the last year, between 350,000 – 400,000 per week. According to an economist at BMO Capital Markets, businesses are still extremely cautious about hiring new employees. The Labor Department also records people who file continuing unemployment claims. During the week ending January 26th, 3.2 million people filed continuing unemployment claims.

To read more on this story visit: http://money.cnn.com/2013/02/07/news/economy/unemployment-benefits/index.html

Bankruptcy Law, Credit, Timothy Kingcade Posts

Nearly Half of South Florida’s Children Living in Poverty

Posted on February 13, 2013by Admin

A recent study done by the U.S. Census Bureau suggested that 44 percent of South Florida’s children are living in poverty. The study consisted of Broward, Palm Beach and Miami-Dade counties and showed that more than half a million children under the age of 18 live in low-income households. According to the National Center for Children in Poverty at Columbia University, a single mother with one child that makes an annual income of $30,260 or less is considered a low-income household.

South Florida was one of the hardest hit areas in the country during the recession. The median household income fell 14 percent in five years, according to Census data. The median household income in Broward and Palm Beach counties fell to approximately $48,900 in 2011. Also, the number of people on food stamps in Broward and Palm Beach counties has almost tripled since 2007. Families in South Florida have reportedly cut $10,000 out of their budget in the past two years. Younger parents have been hit the hardest since they typically earn less than older parents. South Florida’s poverty rates are consistent with the nation’s average, because approximately 45 percent of children under the age of 18, nationwide, are living in low-income households.

Bankruptcy Law, Timothy Kingcade Posts

U.S. Postal Service to Stop Saturday Deliveries – How it Will Affect You

Posted on February 12, 2013by Admin

The U.S. Postal Service announced last Wednesday that it would stop delivering letters on Saturdays, effective August 5, 2013. The Postal Service will still deliver packages on Saturdays and post office locations will remain open. However, mail in the form of letters will not be delivered to home addresses. Also, letters delivered to post office locations will no longer be processed on Saturdays.

Consumers will be urged to be more careful about paying their bills, if they typically pay them via mail. Credit card issuers have to set a payment deadline at least 21 days from the time they mail the cardholder’s statements. The new Postal Service hours might mean that consumers receive their statements two days later and must send in their payments two days earlier. Only approximately 23% of bill payments are made with a check according to a research firm called Fiserv. However, this percentage still accounts for billions of checks.