Tag: bankruptcy attorneys

Florida Super Lawyers, Legal Awards

Miami Bankruptcy Attorney Timothy S. Kingcade Named a Florida Super Lawyer 11 Consecutive Years

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Super Lawyer 11 Years

MIAMI (June 24, 2024) – Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken has been selected to the 2024 Florida Super Lawyers list. This is the eleventh consecutive year Kingcade has been selected to the Florida Super Lawyers list (2013-2024) in the practice area of consumer bankruptcy. The recognition is awarded to the top 5% of attorneys in the state.

Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 and Chapter 13 filings for the Southern District of Florida.  As an experienced CPA and proven bankruptcy attorney, Kingcade knows how to help his clients take full advantage of their rights under the bankruptcy laws to restart, rebuild and recover.

Super Lawyers is a listing of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement, representing the top 5 percent of Florida lawyers. The annual selections are made using a patented multiphase process which results in a credible, comprehensive, and diverse listing of exceptional attorneys. Attorneys are nominated by their peers, evaluated by a research team, and reviewed by a blue-ribbon panel before being selected for the final list. The Super Lawyers list is published nationwide in Super Lawyers Magazines and in leading city and regional magazines and newspapers across the country.

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Miami-based Kingcade Garcia McMaken, P.A. was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade Garcia McMaken, P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

Credit Card Debt

How is Credit Card Debt Handled in Bankruptcy?

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Credit card debt is treated as an unsecured debt in bankruptcy. Unsecured debt is debt that is not secured by any collateral. For example, a mortgage would be a secured debt guaranteed by your home; an auto loan would be a secured debt guaranteed by your car. Unsecured debts, like credit cards, medical bills, and personal loans can be easily discharged in bankruptcy.

Most consumer bankruptcy cases do not include any assets, and there is no property that can be liquidated to pay off creditors. Any funds from liquidated assets are paid to creditors based on priority. Credit card companies and other unsecured creditors are usually last on the list.

If you file Chapter 13 bankruptcy, your repayment plan will be approved if it repays most or all your creditors over a three-to-five-year period. But that doesn’t mean all creditors will be repaid, some not at all. Creditors are repaid according to priority in Chapter 13.

As bankruptcy attorneys, we see credit card debt as one of the most common problems facing those with serious financial challenges. Filing for bankruptcy is a viable option for those struggling with insurmountable credit card debt. Chapter 7 is the fastest form of consumer bankruptcy and forgives most unsecured debts like credit card debt, medical bills, and personal loans. There are certain qualifications a consumer must meet regarding income, assets, and expenses to file for Chapter 7 bankruptcy, which is determined by the bankruptcy means test.

SOURCE: Credit Card Debt Under Bankruptcy Law | Bankruptcy Law Center | Justia

Credit Card Debt

Four Ways to Get out of Credit Card Debt

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Credit cards are among the most expensive ways to borrow- especially these days. The Federal Reserve’s war on inflation, marked by interest rate hikes, has lifted credit card rates to record highs. According to a recent NerdWallet American Household Credit Card Debt Study, the average amount of revolving credit card debt owed per American household is $7,486. Getting out of this debt can be difficult, but it is not impossible with proper planning. The following strategies are proven to be successful when getting out of credit card debt.

Determine a Payment Strategy

The first step to paying down credit card debt is to determine what type of payment strategy would work best for the consumer.  Paying more than the minimum monthly payment posted is always the best place to start since the monthly minimum payment is normally only two percent of the balance and pays more for interest accrued every month than the principal owed.

Consumer Debt, Credit Card Debt

Debt is Hitting Home for Many in South Florida as Interest Rates Continue to Rise

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More consumers are racking up credit card debt at a pace not seen in decades as interest rates rise and inflation continues to pervade the economy. Many consumers in South Florida are struggling to manage this debt and as a result are in a vicious cycle that they cannot seem to escape.

Total credit card debt was on the rise towards the end of 2022. According to TransUnion, the average credit card user carried a balance of $5,805 over the last three months of 2022. This number is up 11 percent (11%) from 2021.

Debt Relief

Make a Resolution to Eliminate Your Debt in the New Year

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Some of the most common New Year’s resolutions involve improving one’s physical health through diet and exercise, cutting out bad habits, and losing weight.  Other popular New Year’s resolutions involve improving one’s financial health, getting finances in order, and eliminating debt.

Credit card debt, medical expenses, and the rising cost of living is weighing on many South Florida residents, causing more to fall behind on their monthly bills.

Credit Card Debt

Credit Card Debt Worse for those with High Income

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Credit card debt in the U.S. has reached a high of $830 billion, making a six percent jump since last year. Next to personal loans, credit card debt is the second-fastest growing category of debt, according to a recent Experian report. It is reported that the average American consumer carries a balance of $6,200 on his or her credit card. With balances that high, it can be quite difficult for the average consumer to pay off his or her debt.

It turns out that the consumers who are carrying the most credit card debt are those with a net worth of over $100,000 or more, according to a recent study from Bankrate.  Adults who carried net worth between $100,000 and $199,999 are the most likely to carry credit card debt, followed by individuals with net worth between $200,000 and $1 million. People who had a net worth over $1 million had the least amount of credit card debt.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Gamblers in Debt have Luck on their side as a result of New Bankruptcy Laws

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In the past, bankruptcy courts have found gambling debts as non-dischargeable. However, due to recent changes in the law, gambling debts owed to a casino can be eligible for debt discharge through bankruptcy. Gamblers often get trapped in a vicious cycle, taking cash advances in the hope that future earnings will pay them off. Gambling can be a slippery slope and can lead to addiction and financial devastation. However, gamblers have some luck on their side if they take advantage of the current bankruptcy laws, as a Chapter 7 bankruptcy filing can eliminate gambling debts.
At Kingcade & Garcia, we understand the need for a legal means of escaping overwhelming debt. What if you could eliminate your gambling debts and take a huge step toward taking control of your finances and your life? By taking advantage of our free consultations and speaking with our experienced team of bankruptcy attorneys, you can.
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. 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.