It’s important to remember that not all debt is dischargeable in bankruptcy. Almost all credit card debts are dischargeable, but when it comes to cash advances ‘The Bankruptcy Code’ provides that any cash advance, or combination of cash advances totaling more than $875 obtained within 70 days of the bankruptcy filing date are presumed to be non-dischargeable.
This rule, contained in Bankruptcy Code section 523(a)(2)(C)(i)(II), was imposed by Congress because it felt that consumers who obtained significant cash advances relatively close to their filing date knew, or should have known that they would be seeking bankruptcy relief. It was also designed to prevent consumers from running out and taking cash advances shortly before filing bankruptcy with no intention of paying on the debt.
If you are considering filing for bankruptcy and have recently taken out a large cash advance, it’s important you discuss this with an experienced bankruptcy attorney which can advise you of all your of options. 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. website at www.miamibankruptcy.com.
Tag: bankruptcy attorney
Study Reveals a Growing Number of College Grads filing for Bankruptcy Protection
A new study done by the Institute for Financial Literacy reveals an increasing number of college graduates are filing for bankruptcy, challenging the notions that an advanced education is almost a guarantee for economic success. In 2006, degree holders accounted for 11.2 percent of bankruptcy protection filers, the study found. By 2010, their proportion rose to 13.6 percent.
Similar trends were observed for holders of two-year associate degrees and graduate degrees. In contrast, high school diploma holders or college dropouts logged a decline in bankruptcy protection applications. Data from the Department of Education showed that before students even leave their university some of them are already defaulting on their student loans. For the fiscal year that ended on Sept 30, 2010, student loan defaults went up to 8.8 percent from 7 percent the previous year. It comes as no surprise that there is a strong link between student default rates and joblessness rates.
To read more on the story visit: http://www.allheadlinenews.com/articles/90059838?Study%3A%20Growing%20number%20of%20college%20grads%20filing%20for%20bankruptcy%20protection
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. 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. website at www.miamibankruptcy.com.
Protests Spread Nationwide in Response to Corporate Greed and Poor Government Spending
Many Americans are fed up with the way our country is allocating its money in the midst of today’s economic crisis. In response, middle class, hard working individuals are taking their frustrations to the streets, holding rallies protesting corporate greed and social inequality. Demonstrators include unions, teachers, veterans, first responders, families, the unemployed and the underemployed. What’s known as the “Occupy Wall Street” movement has grown to more than 1,500 people in its second week in New York and is rapidly spreading across the country, with events popping up in Boston, Chicago and dozens of other cities nationwide.
The “99 percent,” as individuals involved in the movement refer to themselves as, are protesting against people who make $40,000 to $50,000 a year, who are struggling to make ends meet. The movement targets Wall Street- in particular big banks and corporations. One of the protestors explains their goal is to create national awareness of how state revenues are being funneled to big banks and corporations, instead of having these billions of dollars put toward job creation and creating solutions to the housing crisis.
To read more on the story visit:
http://abcnews.go.com/blogs/headlines/2011/10/occupy-wall-street-protests-spread-across-the-country-bloomberg-calls-them-misguided/
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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. website at www.miamibankruptcy.com.
Economic Conditions Push U.S. Poverty Rate to New Heights
It is estimated that 46.2 million people are now considered to be living in poverty, which is 2.6 million more than last year. New census data released for 2010 show that the poverty rate has risen 15.1%. That’s up from 14.3% in 2009. With the current economic conditions and many Americans out of work, these statistics are not surprising.
The U.S. government defines the poverty line as an income of $22,314 a year for a family of 4 or $11,139 for an individual. The poverty rate for adults 18-64 rose to 13.7% and the rate for children under 18 increased to 22% in 2010. This translates to 1 in 5 children in America living in poverty. The rate for women living below the poverty line is 16.2% and for men the rate is 14%. Race was also a factor in the study. The poverty rate was lowest for non-Hispanic whites at 9.9%. Blacks had the highest rate at 27.4%, followed by people of Hispanic origin at 26.6%. Asians had a poverty rate of 12.1%.
The income used to calculate poverty status includes earnings, workman’s compensation, unemployment insurance, Social Security, veteran’s payments, pensions, interest and dividends.
To read more on this topic visit:
http://www.local10.com/money/29167705/detail.html?treets=mia&tid=2653406101813&tml=mia_12pm&tmi=mia_12pm_1_11000509132011&ts=H
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Thirty-Two Plaintiffs File RICO Action against JPMorgan Chase Bank and Chase Home Finance, LLC
A Complaint has recently been filed in the Circuit Court of Palm Beach County, Florida against JPMorgan Chase Bank and Chase Home Finance, LLC. The 29-page Complaint alleges several causes of action including violations of the Florida RICO Act, and requests temporary and permanent injunctive relief on a national level to halt all Chase-related foreclosure activity in the eight separate states in which the Plaintiffs reside.
The Complaint alleges a pattern of criminal activity on the part of JPMorgan Chase Bank and Chase Home Finance in connection with the institution of both judicial and non-judicial foreclosures. These include but are not limited to the filing and recording of forged and fraudulent documents, fraudulent collection activities, intentional misuse of the MERS system, and the intentional misrepresentation in foreclosures across the United States. The four counts from the complaint include:
COUNT I: COMMON LAW FRAUD
COUNT II: CONSPIRACY TO DEFRAUD
COUNT III: VIOLATIONS OF FLORIDA CIVIL REMEDIES FOR CRIMINAL
PRACTICES ACT (FLORIDA RICO ACT)
COUNT IV: TEMPORARY AND PERMANENT INJUNCTIVE RELIEF
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. Since 1996 the attorneys at Kingcade & Garcia, P.A. have been helping people from all walks of life build a better tomorrow. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Bankruptcy Attorney Timothy Kingcade Discusses Bankruptcy Trends with South Florida’s Sun-Sentinel
Bankruptcy attorney Timothy Kingcade was recently quoted in the Sun-Sentinel and talked bankruptcy trends with workplace reporter, Marcia Pounds. The story was published on September 2, 2011 and discussed how the number of South Florida consumers filing for bankruptcy fell nearly 21 percent, to 2,690 in August, from 3,387 that same month in 2010.
Timothy Kingcade attributes this trend to a stalled home foreclosure process and people being unable to afford to file bankruptcy. “I see so many people who have been unemployed for 18 months. They say, ‘I need to file, but I need a job first,’ he said.
To read more on the story, visit:
http://www.sun-sentinel.com/news/palm-beach/fl-bankruptcies-august-2011-20110902,0,7289393.story
Since 1996 Timothy Kingcade has been helping people from all walks of life build a better tomorrow by taking advantage of their rights under bankruptcy protection laws. To compliment Attorney Kingcade’s extensive experience in bankruptcy law, he is also a certified public accountant (CPA), which provides him with a unique understanding of how to handle tax-motivated bankruptcy cases against the IRS.
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Five Tips to Help you get out of Debt
Between the first quarters of 2009 and 2010, consumers made $72 billion more in payments on their credit cards than in purchases. Many individuals are picking up second and third jobs to pay off surmounting debt; others are relying on balance transfers on high interest credit cards, garage sales, and even selling unused household items on Craigslist. Reducing consumer credit-card debt is a surefire way to eventually stimulate the economy.
Here are four tips to help you get out of debt:
1.) Track your income and spending: To find cash to pay down your debt, you must know exactly what’s coming in and what’s going out. Write down everything you spend for 30 to 60 days with a pen and paper, an Excel spreadsheet or online software.
2.) Get the details: Determine the difference that an extra $100 or $200 a month can make in your progress. Then focus on saving small amounts that day, week or month.
3.) Call your lenders: List your cards in order of interest rate, from highest to lowest, along with the amount of the debt and phone number of the lender. Then call and ask if they would be willing to reduce your interest rate by 10 percentage points, indicating that you’ve received more competitive offers in the mail. (Make sure the representative who answers is authorized to reduce the rate. If not, ask speak to someone who is.)
4.) Snowball it down: As soon as the card with the highest-interest rate is paid off, direct that payment to the next card until that one is paid off, and work your way down the line. Although some pundits suggest that paying off the smallest balance first will motivate you to keep paying your cards off, studies have shown that method isn’t as effective as paying in order of interest rate. You’ll get out of debt faster by paying off the highest-interest-rate debts first.
5.) Build a cushion: Once you’ve snowballed your way through the credit card debt, steer that monthly amount into a savings account until you have at least three months’ of cash to cover living expenses. That will prevent emergencies from sending you back into the debt cycle.
To read more on this topic visit:
http://www.creditandcollectionnews.com/viewer.php?url=http%3A%2F%2Fwww.dailyfinance.com%2F2011%2F08%2F17%2Fu-s-credit-card-debt-declines%2F
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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. website at www.miamibankruptcy.com.
5 Rising Costs to Watch Out for in 2011 as You Plan Your Budget
Budgeting: It is a word that is on everyone’s mind this year from federal and state government officials to individual households. Consumer confidence is at an extreme low during this economic recession as individuals attempt to get control of their finances, save money and reduce debt or even looking for ways to avoid filing for bankruptcy. “Consumers are not throwing caution to the wind since there are tremendous headwinds, such as a high and persistent unemployment rate, a poor housing market, tight credit conditions, and increasing energy costs,” explained one economist with IHS Global Insight. Although experts assure us that inflation is definitely under control, there are a few costs that will continue to rise in 2011 that will have a large affect on individuals. Five individual increases rise to the top of the list of everyday goods and services:
Food is one of the most essential needs in a household, but in 2009, the cost of groceries went up approximately 1.5 percent and is not expected to slow down. Major food producers have even begun raising food prices after dropping several discount options. Not only have food producers raised their prices, but 60 percent of restaurants surveyed by Nation’s Restaurant News said customers should expect a cost increase next time they visit.
You may have already noticed that it is getting more expensive to fill your car once again after the cost of gas seemed to waiver around a somewhat fixed point for a while. According to the Consumer Price Index, the overall cost of energy had already risen by 7.7 percent by the close of the year.
Citizens of every state should expect a change in taxes as state and government officials look to get their own budgets under control. One of the quickest ways is to increase taxes on products like cigarettes or even bottled water.
Major television and telephone service providers like AT&T are reportedly expecting to raise their monthly premiums.
And lastly, banks have had to restructure their business models as government regulations have forced them to find new ways to generate income. Several banks have already begun to consider raising fees associated with ATMs or checking accounts.
Source: The Wall Street Journal “The 7 things you’re paying more for than you think” Jennifer Waters 1/19/11
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. 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. website at www.miamibankruptcy.com.