Tag: Bankruptcy Filings

Bankruptcy Law, Timothy Kingcade Posts

Study Finds People Diagnosed with Cancer More Likely to Declare Bankruptcy

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According to a recent study from Fred Hutchinson Cancer Research Center, people diagnosed with cancer are more than two-and-a-half times more likely to declare bankruptcy than those without cancer. Researchers also found that younger cancer patients had two- to five-fold higher bankruptcy rates compared to older patients, and that overall bankruptcy filings increased as time passed following diagnosis.

“This study found strong evidence of a link between cancer diagnosis and increased risk of bankruptcy,” the authors of the study wrote. “Although the risk of bankruptcy for cancer patients is relatively low in absolute terms, bankruptcy represents an extreme manifestation of what is probably a larger picture of economic hardship for cancer patients.” Medical debt is one of the main causes of filing for bankruptcy. In fact, it’s a contributing factor in more than half of all bankruptcy filings. This study raises important questions about the factors underlying the relationship between cancer and financial hardship.

Click here to read more about the study that links cancer diagnosis to an increased risk of filing for bankruptcy.

If you are in a financial crisis and are considering filing 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, Foreclosures, Timothy Kingcade Posts

Bankruptcy Filings Dramatically Decline in 2012

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The International News Agency, Reuters, has reported that U.S. bankruptcy filings for both consumers and businesses have dropped 14% during the first half of 2012 and are on track to reach the lowest rate since before the start of the recession in 2008.
According to statistics from Eqic Systems Inc., consumers filing for bankruptcy have fallen 13% from the first half of 2011 and businesses filing for bankruptcy have taken a 22% decline. Samuel Gerdano of the American Bankruptcy Institute attributes the decline of bankruptcy filings to new, lower interest rates. Others have attributed the decline in bankruptcy filings to the high fees charged by the courts and attorneys.
While bankruptcy filings are at a low point, several large companies have made headlines this year by filing for bankruptcy such as, Eastman Kodak Co., textbook publisher, Houghton Mifflin Harcourt Publishers Inc., and Hostess Brands Inc., the maker of Wonder Bread and Twinkies.
To read more on this story visit: http://www.chicagotribune.com/business/sns-rt-us-bankruptcy-stats-declinebre8640ub-20120705,0,6184420.story
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

Bankruptcy filings decrease as many Americans Struggle to afford the Filing Fee

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In recent years, filing for bankruptcy has become a luxury for people who have seen their debt snowball out of control due to events like job loss, foreclosure or medical emergency during the economic downturn. The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to recent research submitted to the National Bureau of Economic Research.
The cost of filing for bankruptcy has risen in recent years as a result of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, which aimed to reduce the number of bankruptcies taking place by adding more requirements to the filing process — including additional paperwork and the credit counseling and debtor education.
The research, conducted by a group of professors from Columbia University, the University of Chicago and Washington University in St. Louis, examined how bankruptcy filings spiked after people received their tax rebates in previous years. They estimate that another 200,000 consumers, who would otherwise not have enough money to file, will use their tax refunds to pay for bankruptcy this year.
Gerri Detweiler, director of consumer education for Credit.com warns consumer of ‘going it alone.’ “Make one mistake and your case is dismissed,” she said. “A dismissed bankruptcy hurts your credit just as badly as one you complete. So you are stuck with all of the downside without the fresh start.”
She also warns against ‘low-cost document preparation services’ claiming to help consumers fill out necessary documents. “It’s easy for consumers to think they’re getting sound legal advice even though the preparers aren’t lawyers,” she said.
To read more on this story visit: http://www.abcactionnews.com/dpp/money/money-some-seeking-bankruptcy-are-too-broke-to-file
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