Tag: bankruptcy laws

Bankruptcy Law

The Most Common Forms of Bankruptcy Fraud

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Bankruptcy laws require that the filer be honest and open about his or her financial situation, including disclosing all assets and debts. While no one wants to lose property to pay off creditors, some assets must be sold during the bankruptcy case to pay off the filer’s debts. If a filer actively tries to hide or fails to disclose information in hopes of keeping it from the bankruptcy court, this is called bankruptcy fraud and it can cause your case to be dismissed.

Hiding Assets

Concealing assets is one of the more common forms of bankruptcy fraud. Approximately 70 percent of all cases where some type of fraud was reported involved concealment of assets. It can involve the person simply leaving a certain asset off the list of those reported to the bankruptcy trustee. It can also involve hiding the asset through a fraudulent transfer, including giving the asset to someone else to keep it during the duration of the bankruptcy case, with the intent that the person holding the asset will return it after the case concludes. If this type of fraud is discovered, the filer and the person holding the asset could be held liable for bankruptcy fraud.

Bankruptcy Law, Credit, Timothy Kingcade Posts

What Debt is Dischargeable through Bankruptcy?

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Bankruptcy laws specify that only particular types of debts can be discharged through bankruptcy. Chapter 7 and Chapter 13 bankruptcy allow borrowers to eliminate their unsecured debts. Unsecured debts include items such as credit card debt, medical bills, utility bills, service bills, personal loans, payday loans and judgments. Secured debts which are backed by some form of collateral, like a house, and debts incurred through fraudulent activity, student loans, tax debts, child support and alimony are typically not dischargeable in bankruptcy.

When you hire Kingcade & Garcia, P.A. our attorneys will provide a complete evaluation and give you an honest and accurate assessment of your financial circumstances. We help clients analyze their finances and determine the best path to debt relief. This past year our firm handled more than 1,500 bankruptcy cases, bringing debt relief to individuals, families and business owners throughout South Florida. If you are struggling with insurmountable debt do not wait any longer, set up your FREE office consultation today by calling (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

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.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Filing for Bankruptcy Could Save your Home

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By the time a foreclosure notice arrives, many struggling homeowners figure they are out of options. However, there is one step many often overlook: filing for bankruptcy. The impact of filing for bankruptcy- especially on your chances of getting a loan- may not be as dire as many consumers assume. In fact, homeowners facing foreclosure may be able to improve their credit by filing for bankruptcy.

In the eyes of lenders, by filing for bankruptcy, you are making an attempt to pay back what is owed and keeping up with your payments. That help can make a big difference for homeowners struggling to deal with a lending industry which is overwhelmed by the mortgage mess.
Bankruptcy automatically stops the foreclosure process, giving the struggling homeowner and the court time to try and get back on track with your mortgage payments. Even if you fail to save your home, the consequences of a bankruptcy filing may be less severe than foreclosure. In fact, bankruptcy laws were established to provide an orderly process for people in financial trouble to reorganize their debts, start fresh and rebuild their lives.

Many of the individuals that come into my office are not living extravagant lifestyles; instead, they are forced to take drastic steps because of a change in circumstances, whether it’s the loss of a job or a divorce.  A bankruptcy filing will not guarantee that you will be able to keep your home. However, it does stop the foreclosure process and will buy you time while the court reviews your finances and attempts to work out a payment plan with lenders.

To read more on this story, visit:
http://www.msnbc.msn.com/id/41787682/ns/business-personal_finance/

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.