Tag: Bankruptcy Lawyer

Credit Card Debt

How Much Credit Card Debt is Too Much?

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Surging inflation has left millions of Americans relying on credit cards to cover basic necessities, resulting in a sharp increase in defaults. Consumers owe a collective $1.14 trillion on their credit cards, according to the Federal Reserve.

While each consumer’s financial situation is different, there are ways to determine if your credit card debt is too high.  Consider your answers to the following questions:

  • Is your credit card debt impacting your financial and emotional health? Carrying large amounts of credit card debt can damage your credit score and cause you to experience financial and emotional stress. A good rule of thumb is to ensure your monthly payments are not more than 10 percent of your monthly income.
  • Are you paying only the minimum? Credit cards typically have low monthly minimum payments, but that doesn’t mean they are affordable just because you can cover that amount. If you are only able to make the minimum payment, that can be a sign you have too much credit card debt.
  • Is your credit card debt impacting your credit score? Credit cards can help your credit score- or hurt it, depending on how you use them. It is recommended that you keep your credit utilization below 30 percent. Having significant credit card debt can have a negative impact on your credit score. This can make other debts, like your mortgage and car payments more expensive.

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 in regard to income, assets, and expenses to file for Chapter 7 bankruptcy, which is determined by the bankruptcy means test.

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If you have questions on this topic or 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Filings, Bankruptcy Law, Chapter 11

Rudy Giuliani Files Bankruptcy After Being Ordered to Pay $150 Million in Defamation Lawsuit

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Former New York City mayor, Rudy Giuliani has filed Chapter 11 bankruptcy in federal court, just days after a jury ordered him to pay $148 million to two former Georgia election workers he falsely accused of fraud. The accusations were made following Donald Trump’s 2020 presidential election loss.

According to the filing, Giuliani listed debts between $100 million and $500 million, and assets worth up to $10 million. He also lists pending lawsuits, including three defamation cases over his statements after the 2020 election that haven’t yet gone to trial and could add to his debt if he’s ordered to pay damages.

Giuliani also listed nearly $1 million in unpaid taxes among his liabilities, as well as hundreds of thousands of dollars owed to lawyers and accountants.

Consumer News, Credit, Credit Card Debt

The Best Ways to Handle Your Credit During Inflation

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The cost of living has continued to rise throughout the first half of 2022, leaving many consumers struggling to make ends meet. It seems the cost of everything has skyrocketed, from groceries to gas. As a result, three in five American consumers say they are living paycheck to paycheck. Many of these individuals are relying on credit cards to pay for necessary expenses, but unfortunately, adding to their credit card debt only complicates financial problems.

Bankruptcy Law, Consumer Bankruptcy, Legal Awards

Miami Bankruptcy Attorney Timothy S. Kingcade Receives the Prestigious AVVO Clients’ Choice Award 2022 for the Ninth Consecutive Year

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Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy law firm of Kingcade Garcia McMaken has received the 2022 AVVO Clients’ Choice Award. To obtain this award, an attorney must receive five or more exceptional client reviews in the same year. Kingcade has been awarded the Clients’ Choice Award for the following years: 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2022.

One of attorney Kingcade’s clients had this to say on AVVO: I needed an attorney for bankruptcy and chose Attorney Timothy Kingcade of Kingcade Garcia McMaken, P.A. From start to finish, they were very helpful and answered all of my questions. I would definitely refer them to any of my friends that needed a bankruptcy attorney. All the staff was very knowledgeable of my needs. You will not be disappointed. This is a Class A firm.

Click here to read all of Miami Bankruptcy Attorney Timothy Kingcade’s client reviews on AVVO.  Timothy has also earned a “Superb” 10.0 AVVO rating in the area of bankruptcy law, the highest rating an attorney can receive.  The rating is calculated using a mathematical model, which takes into consideration the years an attorney has practiced law, their professional achievements, discipline history and industry recognitions.  The rating is completely objective and unbiased.  Attorneys cannot pay or petition the site to have their rating changed, which makes AVVO one of the most respected lawyer rating services in the country and an invaluable legal resource for consumers.

Attorney Timothy S. Kingcade is dedicated to helping people from all walks of life take advantage of their rights under bankruptcy protection to restart, rebuild and recover. Timothy is a certified public accountant (CPA), which allows him to better understand tax-motivated bankruptcy cases against the IRS. Timothy’s vast experience and expertise in the area of bankruptcy law allow him to know what bankruptcy trustees in the Southern District of Florida are looking for, preventing his clients from some of the pitfalls that can lead to the dismissal of a bankruptcy claim.

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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 each and 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.

Bankruptcy Law, Kingcade Garcia McMaken

What to Look for When Choosing a Bankruptcy Lawyer

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Making the decision to file for bankruptcy can be a difficult one, but having the right bankruptcy attorney in your corner can make the process a seamless one. It helps to do your research, not only online but in person, too. The following tips can help someone who is considering filing for bankruptcy choose the best attorney for the job.

Experience Matters

Many people will start their search on the Internet, looking online to find a bankruptcy attorney. Experience is one factor that should always be considered when choosing an attorney. Experience does not just mean years practicing law. It is important to find someone who has filed cases in bankruptcy court and handles bankruptcy matters regularly. It helps a great deal to find someone who focuses his or her practice solely on bankruptcy law and who handles the specific type of bankruptcy the filer is pursuing instead of a general practice attorney who handles a little bit of everything. Many attorneys will handle only Chapter 7 bankruptcy cases, while others will handle corporate bankruptcies, restructuring and reorganization.

Bankruptcy Law

Applying for a Mortgage After Bankruptcy

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One of the biggest worries that filers have when proceeding with a bankruptcy case is how the matter will affect their ability to obtain financing in the future, including a mortgage for a new home. While a bankruptcy case does impact a person’s credit score, all hope is not lost for eventually being able to purchase a home and obtain a mortgage. It depends a great deal on the success of the bankruptcy case and the consumer’s financial habits after the case is closed.

A Chapter 7 liquidation bankruptcy case is a much faster bankruptcy route that takes several months to finalize, while a Chapter 13 reorganization bankruptcy case can take between three to five years to finalize. A Chapter 7 bankruptcy case can stay on a person’s credit report for up to ten years from the date of filing, while a Chapter 13 bankruptcy case can stay on a person’s credit report for seven years from the date of filing or ten years if the bankruptcy is not completed or discharged.

Credit Card Debt, Debt Collection, Debt Relief

How to Continue Paying Debt While Unemployed During COVID-19

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The coronavirus (COVID-19) pandemic has caused countless Americans to lose their jobs. More than 30 million Americans have filed for unemployment in the wake of the outbreak. Paying for basic expenses can be difficult enough but paying down debt while unemployed can seem impossible.

However, with proper planning and by taking advantage of opportunities available during this time, it can make things a little easier. The first step is to evaluate all expenses coming out monthly and create a budget to see what payments can be made. Additionally, the Coronavirus Aid Relief and Economic Security Act (CARES) provides some relief, as well, that can make this process easier.

Bankruptcy Law, Coronavirus, COVID-19, Debt Relief

Coronavirus and the Changes it has had to the U.S. Bankruptcy Code

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The coronavirus pandemic has affected our country in so many ways. It has also affected the U.S. Bankruptcy Code, specifically through the recently passed $2.2 trillion Coronavirus Aid, Relief and Economic Security Act (CARES Act).

Within the CARES Act were revisions to parts of the U.S. Bankruptcy Code, meant to help small businesses and consumers during this difficult time. The CARES Act amended the Small Business Reorganization Act of 2019 (SBRA), which temporarily increased the debt threshold for filing for Chapter 11 Bankruptcy relief. The debt threshold increased from $2,725,625 to $7,500,000. After one year, the threshold will go back down to the original amount.

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.

Debt Relief, student loan debt, Student Loans, Timothy Kingcade Posts

Student Loan Debt Relief Scams to Watch Out For

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Student loan debt is an issue for many Americans, and for a great number of them, the situation has become a desperate one. This fact could be why so many borrowers are falling prey to student loan debt relief scams.

It is estimated that the national total student loan debt is well over $1.5 trillion. The average student loan borrower in 2018 is carrying just shy of $30,000 in loan debt, according to Student Loan Hero. This figure only represents what the average undergraduate student owes. For a graduate or professional degree, the borrower may end up with student loan debt well into six figures. With this much debt, borrowers can be paying on their loans for decades, which is why many of them jump at the opportunity, when presented, to get some sort of relief on their debt.  The problem is these “relief opportunities” end up being more trouble than they are worth.