bankruptcy attorney Archives - Page 12 of 17

Bankruptcy Law, Credit, Timothy Kingcade Posts

Senate Proposes Bankruptcy Option for Private Student Loan Debt

Posted on February 5, 2013by Admin

Last Wednesday, Sen. Dick Durbin unveiled a proposal that would give student loan debtors an option for bankruptcy. The proposal targets former students who have loans through private lenders such as Sallie Mae, Wells Fargo Corp. and Discover Financial Services. The proposed bill does not apply to federal education loans, which make up more than 80% of the $1 trillion in outstanding student loan debt.

Currently, Federal law prohibits private or federal student loans from being discharged in bankruptcy court, except in rare cases. Consumer advocates believe this to be the reason that many borrowers are unable to unload their student debt. In many cases, student loan debt is so high; there is little hope the borrowers will ever repay them. Other types of major consumer debt including mortgages, credit cards and auto loans are all dischargeable in bankruptcy court.

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, Foreclosures, Timothy Kingcade Posts

6 Great Credit Cards to Rebuild after Bankruptcy

Posted on January 31, 2013by Admin

Many Americans are struggling to redeem their pre-recession credit scores. Whether you have recently filed for bankruptcy, been foreclosed on by your bank or simply struggled to pay your bills, rebuilding your credit score can be a long process. Below are six great credit cards to help you rebuild your credit score:

1. Navy Federal Credit Union nRewards Card: According to credit card expert Beverly Harzog, this is one of the best credit cards for rebuilding a credit score. You must be in the military or related to someone who is in the military to be eligible for this card. This card has no annual fee and the percentage rate is a variable 8.9%. It has a 25 day purchase grace period and it reports to the three major credit bureaus: Equifax, Experian and TransUnion.

2. Citi Secured MasterCard: With this card, you will earn a 1.01% annual yield because Citi invests your money in an 18-month certificate deposit of savings account. The annual fee is $29 per year, which is very low. This card is best for those who do not typically carry a balance because the variable APR is very high.

3. Capital One Secured MasterCard: This card also has a very high variable APR at 22.9%, but a low annual fee. A positive feature of this card is that the bank supplies cardholders with a credit-monitoring tool so that if you are struggling with your score, you can monitor it closely with this card.

4. Wells Fargo Secured Card: This card has a very low annual fee of $25, but it has a high APR of 18.99%. If you use this card responsibly, Wells Fargo will consider you for an unsecured credit card.

5. US Bank Secured Visa Card: Similar to Wells Fargo, this secured card can put you on the track to an unsecured credit card. Responsible card users can qualify for an unsecured card from US Bank in as little as 12 months.

6. Platinum Zero Visa Card from Applied Bank: Cardholders should be aware of the $9.95 monthly maintenance fee on this card. However, if you typically carry a balance on your card, this one is ideal for you. This card charges 0% interest on purchases and there is no credit check required.

To read more on this story visit: http://money.msn.com/credit-cards/6-great-cards-for-rebuilding-credit

Bankruptcy Law, Timothy Kingcade Posts

Casey Anthony Files for Bankruptcy in Florida

Posted on January 30, 2013by Admin

Casey Anthony filed for Chapter 7 bankruptcy protection last Friday in Florida. Anthony claimed approximately $1,100 in assets and $792,000 in liabilities. Her listed debts included: $500,000 for attorney fees and costs for her criminal defense lawyer during the trial; $145,660 for the Orange County Sheriff’s office for a judgment covering investigative fees and costs related to the case; $68,540 for the IRS for taxes, interest and penalties and $61,505 for the Florida Department of Law Enforcement for court costs. Her legal debt accumulated when she was on trial for the murder of her daughter, Caylee. Anthony was acquitted of killing Caylee in 2011, however she is currently unemployed, with no recent income.

Aside from her financial troubles, Anthony is also facing a defamation lawsuit. Among many other civil suits, the defamation suit was brought forth by Zenaida Fernandez-Gonzalez in the Orange County Circuit Court. Fernandez-Gonzalez claims that Anthony defamed her when she told the detectives that a baby sitter with the same name kidnapped Caylee in 2008.

Bankruptcy Law, Credit, Timothy Kingcade Posts

New Credit Card Transaction Fees in 40 States

Posted on January 29, 2013by Admin

As of Sunday, 40 states in the U.S. will now charge merchants and retailers a “checkout” surcharge fee of 4% on credit card transactions. The fees are a result of the $7.25 billion settlement last June between credit card issuers and merchants. Part of the settlement stated that credit card issuers would reduce merchant’s fees for eight months. Now that the agreement has expired, credit card issuers are charging merchants a higher percentage. As a result, some merchants are charging consumers between 1.5 and 4 percent of the total purchase on all credit card transactions in order to cover the increase on credit card processing costs.

Another part of the settlement allows merchants and retailers to charge tax on its customers. According to the National Retail Federation, the vast majority of retailers do not want to surcharge consumers. Many of them have joined a petition in favor of consumers’ interests. The petition claims that charging taxes would punish the consumers, rather than the credit card companies for their wrongdoings.

It is still illegal to charge the fee in the following ten states: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.

Bankruptcy Law, Credit, Timothy Kingcade Posts

6 Steps to Prep for your Tax Return

Posted on January 28, 2013by Admin

Below are six steps to help you get ahead on your taxes this year:

1. The first thing you should do is put together a list of social security numbers. You will need to include everyone’s number who will be on your tax return. If your child is 12 years old or older and does not have a social security number, you must apply for one.

2. Next, you will need to gather the documents that show the income you earned in 2012. This can include: a W-2 from your employer, a 1099-MISC if you made more than $600 from anyone for freelance work, a 1099-G if you collected unemployment, the interest on any savings accounts you have, etc.

3. You also need to locate your 2011 tax return. This can be very helpful when filing your 2012 tax return, unless your life has drastically changed. If you cannot find your tax return from last year, you can order a copy at http://www.irs.gov/Individuals/Order-a-Transcript.

4. Another step you can take to get ahead on your taxes is to figure out the deductions you can claim. There are many possibilities with tax deductions, therefore you should educate yourself and get your paperwork together, early. You will need documentation to prove any deductions you claim. Visit http://www.irs.gov/taxtopics/tc500.html to learn about deductions.

5. If you contributed to a charitable organization in 2012, you can deduct your donation from your taxes. The donation can be in the form of cash, property or stock and must have been to an organization, not a person or political campaign. Visit http://www.irs.gov/uac/Eight-Tips-for-Deducting-Charitable-Contributions to learn about charitable deductions.

6. Finally, you should plan your actual refund. The fastest way to get your refund is to file electronically and use direct deposit.

Credit, Timothy Kingcade Posts

6 Items You Will Pay Less for in 2013

Posted on January 23, 2013by Admin

Below are 6 pricy items that are expected to drop in 2013:

1. Used Cars: If you need a new car, consider purchasing a used car in 2013. Analysts project that used car prices will drop several hundred dollars this year. This drop is related to a spike in lease terminations resulting in extra inventory on used car lots.
2. Gas: Last year’s average gas price was $3.63 per gallon. In 2013, average gas prices are projected to drop to $3.43 according to the Department of Energy. A spike in fuel-efficient vehicles on the road will help keep gas prices lower this year.
3. Ultrabooks: Intel has predicted that laptops with “ultrabook” branding will see a major price drop in 2013. Ultrabooks are known for their slim, light exteriors and high-speed processors. Intel predicts these will retail for $599, approximately half of their normal cost, by the end of this year.
4. Vacation Packages: Vacationers can save more than $1,000 this year by booking their airfare and hotels together. Popular resorts in areas such as Hawaii and Mexico will offer major savings for those who book package deals.
5. Solar Energy Panels: Solar energy panels have become increasingly popular for those trying to heat swimming pools or large homes. Analysts expect these pricy items to decline by as much as 10% this year.
6. Flatscreen TVs: The prices of 50-plus-inch flatscreens are projected to drop nearly 11% during 2013. The bigger the TV, the bigger the price cut.

To read more on this story visit: http://money.cnn.com/gallery/pf/2013/01/22/pay-less-2013/6.html

Bankruptcy Law, Credit, Timothy Kingcade Posts

Hostess Selling Off Assets, Starting with Wonder Bread

Posted on January 18, 2013by Admin

Hostess has started the process of liquidating its assets, only two months after the popular baked goods company announced filing for bankruptcy. Last Friday, Flowers Foods announced it was purchasing Wonder Bread and three other bread brands from Hostess for $360 million. Flowers will also be purchasing the rye bread brand, Beefsteak, for $30 million. Flowers Foods owns Nature’s Own and Tastykake. Flowers Foods is waiting for approval from the bankruptcy court, after which, an auction will take place in several weeks. If Flowers is the winning bidder, the company can close the deal.

Hostess was forced into bankruptcy last November after its workers went on strike. The company and the union were unable to come to an agreement, forcing the company to close its doors. More than 18,000 employees lost their jobs and Hostess fans cleared out its stores’ shelves. Most believe that Hostess will have no problem selling off the majority of their brands. There is some indication that Flowers may have plans to make bids on other various snack brands owned by Hostess.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Rise in Unemployment in 2013

Posted on January 16, 2013by Admin

There has been a slight rise in claims for unemployment benefits just two weeks into the New Year. Economists say this is an indicator of the current state of the job market. During the first week of the year, approximately 371,000 people filed first-time unemployment claims, 4,000 more than the last week in December. Although the job market recovery has a long way to go, it has improved since the height of the recession when weekly unemployment claims surged above 600,000. There were roughly 12.2 million Americans jobless during December, meaning the unemployment rate for the month was 7.8%.

Unemployment claims seemed to have leveled off during 2012, ranging from 350,000 to 400,000 throughout most of the year. The U.S. economy has added an average of 150,000 jobs to the market each month throughout 2012; a rate that barely keeps up with the population growth each month. Economists say that if the market could reduce filings to 320,000 and 350,000 claims per week in 2013, this would greatly improve the economy. If claims were in this range, approximately 250,000 jobs would be added to the economy each month.

To read more on this story visit: http://money.cnn.com/2013/01/10/news/economy/unemployment-benefits/index.html

Bankruptcy Law, Timothy Kingcade Posts

Bankruptcy Filings Are Down

Posted on January 14, 2013by Admin

According to the National Bankruptcy Research Center (NBKRC), the November 2012 bankruptcy filing rates were down 10% from October 2012. Filings dropped from approximately 96,000 in October to 86,000 in November. However, this is a familiar trend, mostly due to the holiday season. A positive sign from the November report is that the annual filing rates have dropped. When compared with November 2011 reports, filings were down 15% in 2012.

During 2013, bankruptcy filing rates are at approximately one in every 220 adults or 4,600 per every million adults. Four states stand out with more than 70% of the national average including: Tennessee, Georgia, Nevada and Utah. There are six states with less than half of the national average including: Alaska, Washington D.C., South Carolina, Vermont, North Dakota and Hawaii.

The NBKRC report showed that filing rates in the far West have experienced a more extreme decline than anywhere else in the country. Nevada, Hawaii, Alaska, Arizona and California rates are all down by more than 22% from this time last year.

To read more on this story visit: https://www.nbkrc.com/November2012_News.aspx

Bankruptcy Law, Timothy Kingcade Posts

How Your Taxes Will Be Affected by the Fiscal Cliff Deal

Posted on January 11, 2013by Admin

The Fiscal Cliff deal will likely affect every taxpayer. Below are the effects it could have on your taxes:

1. Payroll Taxes: Wage earners will pay 6.2% in payroll tax on their first $113,700 in wages as opposed to the 4.2% rate that has been the payroll tax rate for the past two years.

2. Tax Rates: Individual taxes are going up for filers with incomes above $400,000 and couples above $450,000. Upper class taxpayers will pay 39.6% above the threshold. In the past, they paid 35% since 2001.

3. Investment Taxes: Capital gains and dividend tax rates for filers earning more than $400,000 or $450,000 for couples will increase from 15% to 20%. Taxpayers in the lowest bracket will pay 0% and all others will pay 15%.

4. Family Tax Breaks: President Obama’s Recovery Act has been extended for five years including:
a. American Opportunity Tax Credit: a partially refundable credit of up to $2,500 per year for four years for low-income families.
b. Child Tax Credit: Low-income parents can claim as much as $1,000 per child under 17.
c. Earned Income Tax Credit: provides a credit for working American with low- and moderate-incomes.
d. Expanded Dependent Care Credit: allows certain taxpayers to deduct up to 35% of expenses to a max of $6,000 for two children (permanently extended).

5. Itemized Deductions/Personal Exemption: Taxpayers who make $250,000 and above and couples who make $300,000 and above will soon be limited with the personal exemptions and itemized deductions they can take.

6. Alternative Minimum Tax: The income exemption level will be permanently adjusted for inflation.

7. Estate Taxes: The estate tax exemption will remain at $5.12 million and will be indexed to inflation going forward.

8. Marriage Penalty: Married couples will continue to receive a deduction that is twice that of individuals and income ranges for the 10% and 15% tax brackets are also doubled.

9. Debt Forgiveness: Homeowners who receive principal forgiveness or go through a short sale or foreclosure will not have to pay tax on the amount of debt forgiven. This will extend for one year.

10. Tax Breaks: Filers can continue to deduct state and local sales taxes. This deal extends to a bevy of tax breaks.

To read more on this story visit: http://economy.money.cnn.com/2013/01/02/taxes-fiscal-cliff/?iid=SF_PF_River

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.