Tag: bankruptcy attorney

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Wells Fargo Sends Statement to Consumers with Important Updates following Scandal

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Nearly two months after the Wells Fargo scandal was first revealed by the Consumer Financial Protection Bureau (CFPB), the bank has issued statements to customers with important updates about the steps the bank has taken to make amends.

The statement begins by apologizing to consumers stating that, “We are deeply committed to serving you and your financial needs, and in those instances, we did not live up to our commitment. This is inconsistent with our values and with the culture we work hard to maintain. It’s not who we are as a company.”

The statement goes on to say, “Here’s what we are already doing:”

  • Putting your interests first. We have eliminated product sales goals for our retail banking team and members who serve customers in our bank branches and call centers.
  • Proactively communicating with you. We now send a confirmation after you open a new consumer or small business checking, savings, or credit card account so you know what is happening and can tell us if anything we have confirmed is different than what you expected.
  • Full transparency. You can always see your active accounts any time when enrolled in Wells Fargo Online.
  • Fixing what went wrong. We have provided full refunds to customers we have already identified and we are broadening our scope of work to find customers we may have missed. If we have any doubt about whether one of your accounts was authorized, and any fees were incurred on that account, we will contact you and refund fees.

The statement issued by the bank is the result of a CFPB investigation which resulted in the Bureau fining the bank $185 million for unethical business practices. The CFPB found the bank had opened approximately two million unauthorized deposit and credit card accounts.

Click here to read a timeline of events of the Wells Fargo Scandal.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Related Resources:

http://www.bizjournals.com/atlanta/news/2016/10/22/wells-fargo-sends-customers-statement-about.html

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

U.S. Supreme Court Agrees to Hear Debt Collection Appeal

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The U.S. Supreme Court has decided to hear an appeal filed by Midland Funding, a subsidiary of Encore Capital Group, which was sued by an Alabama debtor named Aleida Johnson. Johnson entered into bankruptcy in 2014 and claims Midland Funding has sought payment of $1,879 in debt that Johnson had incurred more than a decade earlier. Alabama has a six-year statute of limitations for debt to be collected.

Supreme Court Justices will decide whether or not people can sue companies who have attempted to collect debts that they are not legally required to pay back due to their state’s statute of limitations.

It is common practice for some debt collection companies to attempt to collect on an old debt that is not legally recoverable under state law. However, if a debtor does not object to the payment, claims can be made against them when they enter into bankruptcy.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

Corinthian College Students Still Waiting for Financial Aid Help

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Eighteen months after Corinthian Colleges Inc. closed the doors of its remaining locations, Heald College, Wyotech and Everest University, tens of thousands of former students are still waiting to receive some form of relief from the student loan debt they incurred to attend the defunct college.

Nearly 80,000 CCI students are facing debt collection related to the loans they took out to attend the schools. Although the Department of Education’s has the ability to provide defense of repayment discharges, which is a process that would eliminate debt based on the college’s alleged fraudulent actions.

The former student’s attempts to obtain discharges have been filled with issues, most stemming from the fact that the process has seldom ever been used and never to the extent it is needed for CCI students.

Due to the alleged fraud, students may be eligible for loan forgiveness of any federal Direct Loans, according to the Department of Education. The investigation process involving federal prosecutors, attorneys general and other agencies is ongoing. However, they have found evidence of fraud by CCI involving the use of inflated job placement rates and pushing students into high cost loans.

A report compiled by the Department of Education found that there are 79,717 people who are eligible to apply for loan forgiveness, but are instead dealing with debt collectors. Of those former students, 30,000 have had tax refunds, tax credits and other benefits seized, while 4,000 have had their wages garnished.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all 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 website at www.miamibankruptcy.com.

Credit, Debt Relief, Timothy Kingcade Posts

IRS Warns Taxpayers of the Latest Tax Scam

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The IRS has issued a fraud alert, IR-2016-123, warning taxpayers to watch out for fake emails alleging to contain an IRS tax bill related to the Affordable Care Act just a few days before the October 15th tax filing deadline.

The IRS received numerous reports from across the country of scammers sending a fraudulent version of CP2000 notices for the tax year 2015 as an email attachment. The CP2000 is a notice commonly mailed to taxpayers through the U.S. Postal Service. It is never sent as part of an email.

Below are four indications that you have received a fake CP2000 notice:

  • The notices are being sent electronically, even though the IRS does not initiate contact with taxpayers by email or through social media platforms.
  • The CP2000 notices appear to be issued from an Austin, Texas address.
  • The underreported issue is related to the Affordable Care Act (ACA) requesting information regarding 2014 coverage.
  • The payment voucher lists the letter number as 105C.

 

According to the alert, the fraudulent CP2000 notices include a payment request that taxpayers mail a check made out to “I.R.S.” to the “Austin Processing Center” at a Post Office box address.

The IRS urges taxpayers and tax professionals who receive this scam email to forward it to phishing@irs.gov and then delete it from their account.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Foreclosures

Ditech Financial Fined $1.4 Million for Abusive Debt Collection Practices

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Last week Ditech Financial was ordered to pay the state of Massachusetts $1.4 million to settle charges that the company engaged in “abusive debt collection practices.” The company was allegedly using tactics such as excessive calling and failing to properly notify borrowers of their mortgage information, according to the state’s attorney general.

Ditech Financial, formerly known as Green Tree Servicing, agreed to an “assurance of discontinuance.” This means the debt collection agency will stop making excessive debt collection calls, according to Massachusetts Attorney General Maura Healey.

The order also requires Ditech to provide written notice to borrowers, regarding their right to receive detailed information about any debts the agency sought to collect. According to Healey’s office, Ditech has “routinely violated” state laws since 2012.

Ditech has agreed to change its procedures to prohibit calling borrowers in excess of the number permitted by the debt collection regulations and will implement technological controls to restrict outgoing collection calls when the limit is reached. The payout will be used to address the negative effects of foreclosure, debt collection and other consumer’s protection issues, according to the attorney generals’ office.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Wells Fargo’s Bogus Accounts, Echoes of Foreclosure Abuses

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Wells Fargo’s Chairman and Chief Executive, John Stumpf, sat through hearings with the Senate Committee on Banking, Housing and Urban Affairs on Capitol Hill last month. During the hearings, Stumpf was drilled about the bank’s years long practice of opening bogus accounts for customers and charging fees to do so.

Throughout the hearings, many members of the Senate Committee took an opportunity to scold Stumpf. Senator Jon Tester of Montana told Stumpf, “You have done something I’ve never seen in 10 years, you have united this committee – and not in a good way.”

Financial experts are now saying that Wells Fargo’s latest scandal where they opened fake accounts and charged unknowing customers fees to do so is similar to the some of the elements in the foreclosure scandal. For example, both scams consisted of improper fees and forgeries.

A major difference between the two is that Stumpf has apologized to customers who were affected in the “account opening charade,” however, no such apology was made after the foreclosure scandal.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

The IRS Selects Private Debt Collection Contractors

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The Internal Revenue Service (IRS) has chosen four private debt collection agencies to help them collect unpaid tax debts. The IRS is required to do so as a result of a provision in a highway funding bill that Congress passed last year. The controversial program is expected to start up next spring.

The four agencies chosen by the IRS to assist in collecting the debts include: CBE Group of Cedar Falls, Iowa, Conserve of Fairport, New York, Performant of Livermore, California and Pioneer of Horseheads, New York.

This will be the third time this program has been enacted. The first two times it was discontinued due to complaints of harassment from taxpayers and low success rates of collecting on debts. A recent increase in scammers posing as IRS employees has also raised some concern in bringing the program back.

In an attempt to cut down on scamming, the IRS said it will first issue a written notice that the unpaid debts are being turned over to a debt collector and then a second letter to confirm the transfer.

The debt collectors will be able to identify as contractors of the IRS and will be expected to follow the provisions of the Fair Debt Collection Practices Act.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com

Bankruptcy Law, Credit, Student Loans, Timothy Kingcade Posts

The Consumer Financial Protection Bureau Handled One Million Complaints in Five Years

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The Consumer Financial Protection Bureau (CFPB) recently published the September 2016 Monthly Complaint report. The report revealed that more than five years after opening its doors, the CFPB has handled more than one million complaints.

“Since opening our doors in 2011, we have handled over one million complaints from consumers about their problems with financial products and services. Not only have we achieved substantial relief for consumers, but hearing directly from consumers is fundamental to our mission. We can better protect all consumers because of what we learn from those who have submitted complaints and shared their experiences with us,” said CFPB Director Richard Cordray.

The CFPB was initially handling complaints regarding credit cards, upon opening its doors in July 2011. However, it later expanded to handle complaints in several other areas of finance, such as: mortgages, bank accounts and services, private student loans, vehicle and other consumers loans, credit reporting, money transfers, debt collection and payday loans.

Debt collection recently surpassed mortgages to become the top complaint the CFPB receives. Out of the one million complaints, the CFPB has received 244,008 mortgage complaints and 264,123 complaints regarding debt collection.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

11 Steps to Take When Bankruptcy is Your Best Option

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Many Americans have had difficulties keeping up with their debts and credit obligations since the Recession. If you have similar difficulties, filing for bankruptcy may be your best option.

Here are 11 steps you should take if you are filing for bankruptcy.

  1. Explore your options. Before filing for bankruptcy, it is best to educate yourself on what filing for bankruptcy means. For example, you need to determine if you need to file Chapter 7 bankruptcy or Chapter 13 bankruptcy. Most individuals file Chapter 7 bankruptcy, which means that you, as the debtor are relieved from some or all of your financial obligations.
  2. Complete the means test. This is a standard test that will compare your income to your debts to determine if you are eligible to file for Chapter 7 bankruptcy.
  3. Hire an experienced bankruptcy attorney. A bankruptcy attorney is invaluable to you during the bankruptcy process. Your attorney will explain your options, answer your questions, make informed recommendations and even fill out the forms for you and make sure they are filed correctly and on time.
  4. Pay the fees. When filing for bankruptcy, you will be responsible for legal fees and application fees. The application fees alone can cost between $300-$500 and once you include your attorney fees, you may spend around $2,000 total.
  5. Assemble your information. Gather and organize all of your financial information. This includes: your income, expenses, assets, debts and property exemptions. You need to have all of your financial information ranging over the past six months for the bankruptcy procedure. You have to list this information in order to have your debts discharged.
  6. Determine which debts are excusable. Although bankruptcy is considered a clean slate, there are debts you will still be responsible for after your bankruptcy proceedings. For example, you will most likely still be responsible for: student loans, child support and tax debts.
  7. Attend a credit-counseling program. Within six months before filing your petition, you will need to attend a credit-counseling program at a court-approved agency. The counseling can usually be completed online or over the phone.
  8. File the forms. One reason it is important to hire a bankruptcy attorney is so that they can help you fill out the necessary forms and can remind you of the deadline.
  9. Automatic Stay. Once you complete all of the paperwork and file it, you will be granted an automatic stay that prohibits almost all creditors from continuing collection actions against you.
  10. Attend the meeting. Oftentimes, Chapter 7 bankruptcies do not end up in court. However, you will need to attend a mandatory meeting known as a 341 meeting with the creditors and a court-appointed trustee. The trustee will ask questions pertaining to your finances and your petition.
  11. Post-Bankruptcy Obligations. Once you have successfully filed for bankruptcy, you will need to attend a post-bankruptcy credit counseling. This will help you successfully manage your finances and proceed forward so that you do not end up in a financial crisis again.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

 

Bankruptcy Law, Credit, Debt Relief

Senator Elizabeth Warren Calls for Tough New Laws for Wall Street Executives

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During a hearing of the U.S. Senate Committee for Banking, Housing, & Urban Affairs, Sen. Elizabeth Warren grilled Wells Fargo CEO, John Stumpf, over alleged fraud during his leadership of the company.

Wells Fargo recently agreed to pay $185 million as a part of a civil settlement after it was revealed that employees were using customer information to open fake accounts. The bank has since fired 5,300 employees over the fake accounts that resulted in $2.6 million in fees that affected customers. The fees have since been refunded, however, Sen. Warren stressed to the Senate Banking Committee that further measures need to be taken to hold executives of the bank personally accountable.

“You should resign. You should give back the money you took while the scam was going on,” Sen. Warren told Stumpf who reportedly earned $19.3 million last year.

Sen. Warren went on to tell the committee that laws should be put in place to hold corporate executives personally and criminally responsible for fraud.

She ended her interrogation by adding, “We need tough prosecutors who have the courage to go after people at the top. Until then, it will be business as usual and at giant banks like Wells Fargo, that seems to mean cheating as many customers, investors and employees as they possibly can.”

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.