Tag: Bankruptcy

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

New Mortgage Rules Aim to Stop Wrongful Foreclosures

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Last week the Consumer Financial Protection Bureau (CFPB) approved new rules that will help prevent borrowers from being improperly foreclosed on by their mortgage lenders. The recently approved rules build on the current regulations that were created in the aftermath of the housing bust. The original rules required mortgage lenders to grant certain foreclosure protections to a struggling borrower once over the life of the loan. The new rules will require mortgage lenders to provide protections more than once, offering them to borrowers who make current payments after they have worked out an agreement to avoid foreclosure.

“This change will be particularly helpful for borrowers who obtain a permanent loan modification and later suffer an unrelated hardship – such as the loss of a job or the death of a family member – that could otherwise cause them to face foreclosure,” the CFPB said in a statement outlining the new rules.

In addition, the rules expand surviving family members’ protections and require mortgage lenders to give borrowers who have filed bankruptcy information about possible options. The rules also prohibit servicers from taking legal steps once borrowers have completed loss mitigation applications.

The rules come after a June report from the CFPB revealed that some servicers were giving homeowners wrong or outdated information or no information at all.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

 

 

 

Bankruptcy Law, Credit, Debt Relief, Florida Bar, Timothy Kingcade Posts

8 Things Debt Collectors Won’t Tell You

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Debt collectors often use extreme and dishonest measures to try to collect on debts. However, there are a number of things that they are not likely to tell you, and knowing these things can make all the difference in resolving your debts.

Below are eight things debt collectors are not telling you:

  1. Some of their threats carry no weight. Oftentimes, debt collectors use empty threats such as, “We are going to inform your creditor that you are refusing to pay this bill.” However, your creditor already knows you are not paying the bill, which is why the bill was sent to a collection agency.
  2. If you tell them not to call during work hours, they must comply. According to the Fair Debt Collection Practices Act, debt collectors cannot continue to call you while you are at work, if you tell them not to. However, the 2011 Annual Report to Congress about the Fair Debt Collection Practices Act complaints proved that 17,008 complaints were filed in 2010 related to debt collection calls to consumers at work. This number is up from 11,991 complaints the previous year.
  3. They cannot talk about your debts to others. Debt collectors are only allowed to discuss your debt with you, a co-signer, your spouse or your attorney. According to the Fair Debt Collection Practices Act, debt collectors can only contact “third parties” to locate you.
  4. Your debt may be stale. Each state has its own statute of limitations that makes debt of certain ages not collectible. However, some debt collectors continue to target borrowers to collect on old debts.
  5. Debt collectors are under pressure to collect, just like you are to pay. Most collectors work on sliding scale commissions. This means that the quicker they collect money from debtors, the higher their commission.
  6. They cannot go after your possessions unless they sue you. Debt collectors must sue you before they can go after your property, including money in your bank account. Even threatening to sue you to collect a debt may be illegal if the collector has no intention of doing so.
  7. Paying off this debt will not boost your credit ratings. When a debt is sent to collections, it will remain on your credit report for seven and a half years from the date you fell behind with the original creditor. Collectors will often tell you they will “update your credit report to paid in full status.” However, the change will not likely affect your credit report.
  8. You probably do not have to pay your deceased relative’s debt. You are generally not responsible for the debts of relatives who have died unless you were a co-signer of the debt or the debt belonged to your spouse who died.

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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

Household Credit Card Debt Still on the Rise

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Financial experts believe the average household credit card debt will reach the “tipping point” of financial sustainability by the end of 2016. During the first quarter of 2016, Americans paid down approximately $26.8 billion in credit card debt; however, this is the lowest amount paid down in one quarter since 2008. By the end of 2015, credit card debt had reached $917.7 billion, up $71 billion from 2014. Analysts predict that national credit card debt will exceed $1 trillion dollars by the end of 2016.

A study conducted by CardHub found that the average American household’s credit card balance was more than $7,500. The amount is approximately $831 less than what the study considers the “tipping point” of financial sustainability.

Another study conducted by Dun & Bradstreet found that on average, people spend 12 to 18 percent more when they use a credit card, rather than cash.

The number of cards the average American uses is also on the rise. In 2015, data from Experian revealed that the average number of cards borrowers had was 2.24 cards per person, up from 2.18 cards per person in 2014.

One of the factors financial experts attribute to the rise in credit card debt is the lack of emergency funds. Many Americans are using credit cards for unexpected expenses without reducing their expenses, rather than using credit cards as a substitute for cash.

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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, Florida Bar, Timothy Kingcade Posts

5 New Rules Can Protect You From Extreme Debt Collection Practices

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The Consumer Financial Protection Bureau (CFPB) has taken many steps to protect borrowers from illegal debt collection practices. However, debt collectors continue to use extreme measures to try to collect on debt. The Director of the CFPB, Richard Cordray said, “We continue to hear about serious problems with debt collection – debiting accounts without authorization, calling at all hours of the day or night, threats of arrest or criminal prosecution or threats of physical harm to consumers and even their pets.”

As a result, the CFPB has proposed a new set of rules that will further monitor debt collectors’ practices and prohibit them from harassing and tricking consumers. Below are five of the new rules that will protect consumers from abusive debt collection practices.

  1. According to the CFPB, approximately one-third of all consumers who are contacted by debt collectors said the attempt to collect was for the wrong amount. This occurs because debts are often sold to debt collectors with limited and inaccurate or incomplete information about the consumers and their debts. However, new proposed rules would force debt collectors to “scrub” their files and make sure they have the correct consumer and debt information before contacting the borrower.
  2. The CFPB’s new proposal would also prohibit debt collectors from contacting consumers more than six times per week. Some debt collectors contact consumers multiple times per day, causing a major disruption to their daily lives. The new limits would also give consumers the right to tell collectors not to call on a particular phone line or at a particular time of the day, such as during work hours.
  3. Another new rule would force debt collectors to disclose more information to consumers regarding their debt. This rule gives consumers the opportunity to defend themselves against illegal practices and enable them to spot a debt collection scam. The same rule would also force collectors to tell consumers if their debt is too old to initiate legal action.
  4. Debt collectors would also be forced to provide consumers with a debt report if they disputed a debt via written notice. Until the debt report is provided to the consumer the collectors would not be permitted to actively pursue debt collection.
  5. Finally, the new rules would also prevent debt collectors from transferring debt without responding to debt disputes. If the debt is transferred before the dispute, the next collector would not be able to pursue the debt until a response is submitted.

 

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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.

Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

6 Things College Grads Should Be Doing About Their Student Loans

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On average, college graduates have approximately $37,000 in student loan debt, according to Cappex.com. Most student loan companies allow students a grace period after graduation of six months to one year before they start requiring payments. However, it is important to get your student loans in order immediately after graduation so that you know what to expect down the road.

Below are six things recent grads should be doing to prepare for their student loan repayment.

  1. Get organized. Most students graduate with anywhere between eight and ten separate student loans. As a result, many tend to lose track of their total loan amount by the time they graduate. If you have only taken out loans through the federal government, you can find everything you need to know on the National Student Loan Database System website. This site will simplify your loans in terms of breaking down exactly how much you owe and when you took out each loan. However, if you have also taken out private student loans, it is best to check your credit report. This will show you the status of each loan, the date you opened it and your remaining balances. Also, make sure you note the interest rates for each individual loan.
  2. Determine the Best Monthly Payment for You. Now that you know how much you owe, it is time to determine how much you can afford to pay each month. If you do not select a repayment option, your lender will put you on a standard 10-year repayment plan. When deciding how much you can afford to pay each month, it is best to select highest payment you can afford. This will potentially save you thousands in interest. However, if it means you cannot afford to put money into a retirement fund or a savings account, opt for a lower payment.
  3. Stay on Top of Your Payments. Although student loans take longer to default than other debts, it will negatively impact your credit store if you miss a few payments.
  4. Be Strategic in Paying Off Your Loans. If you have extra money to put toward your student loans, put it toward the loan with the highest interest rate. Also, if you pay extra one month, contact the company to be sure they put the additional amount toward the principal balance. Otherwise, they may treat it as the next month’s payment.
  5. Consider Consolidation. Before you consolidate your loans, make sure you take your interest rates into account. If you have some loans with higher interest rates than others, it might not be the best move to consolidate. If you combine your loans and pay extra some months, you can no longer put the additional amount toward the loan with the higher interest rate.
  6. Educate Yourself on Deferment and Forbearance. Deferment refers to the period when your payments are placed on temporary hold. Sometimes interest does not accrue during the deferment period. Deferment is typically available to students who have enrolled in grad school, are unemployed or experiencing economic hardship. On the other hand, forbearance is what you apply for if you are ineligible for a deferment. This is a time period, typically 12 months, when interest is accrued and added to the principal balance.

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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.

Bankruptcy Law, Debt Relief, Florida Bar, Timothy Kingcade Posts

The Bankruptcy Means Test: What is it? Why is it Important?

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The bankruptcy means test determines whether or not you are eligible to file for debt forgiveness through Chapter 7 bankruptcy. The test uses factors such as: income, expenses and family size to determine who can afford to repay their debts through reorganization and who cannot. Most who take the means test, pass it and are considered clear to file Chapter 7 bankruptcy. However, those who are ineligible for Chapter 7 have the option to file Chapter 13, which will restructure and reorganize debts.

How the Test Works

There are two steps involved in determining whether or not you have enough disposable income to pay off your debts. An experienced bankruptcy attorney will assist you in filling out and filing your paperwork with the bankruptcy court. Most debtors who file for Chapter 7 bankruptcy are struggling with consumer debt such as credit card or medical debt.

Step One

The first step in the bankruptcy means test will compare your household income with the average income in your state. In Florida, the median income for a household with one earner is $43,136. The median income for a household with two earners is $53,654. The means test is based on your financial situation over the past six months; therefore you will need to gather all of your documentation about your income during this time period. Keep in mind the court will consider any recent changes in your income such as: losing your job or starting a new job. If your median income over the past six months falls below your state’s average, you automatically qualify to file for Chapter 7 bankruptcy.

Step Two

If you are not automatically qualified to file for Chapter 7 bankruptcy based on your household income, you will need to move on to step two in the bankruptcy means test. As a part of this step, you must gather all of your documentation that lists your “allowable expenses” over the past six months. These expenses can include any of the following: rent, groceries, clothing and medical costs. What is left over is considered disposable income. In this portion of the means test, it is important to be thorough and not leave out any “allowable expenses.” It is also crucial to know your local “allowable expense” standards in addition to national standards. Make sure you consult with your attorney to fully understand what are considered allowable expenses in Florida.

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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, Timothy Kingcade Posts

Bankruptcy Judge Rules that Bitcoin is Property, Not Convertible Currency

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On February 19, 2016, a Northern District of California bankruptcy judge ruled in In re Hashfast Technologies LLC that, for purposes of valuation under the fraudulent transfer provisions of the U.S. Bankruptcy Code, Bitcoin is not the equivalent of U.S. dollars.

The case involved an adversarial proceeding brought by the bankruptcy trustee against a medical doctor who had been paid 3000 Bitcoin in 2013 by Hashfast Technologies LLC to promote Hashfast’s Bitcoin business. Evidence showed that, although the 3000 Bitcoin had an approximate value of $360,000 when “paid” to the defendant in 2013, it had since appreciated to a present day value of $1.2 million.

Hashfast filed for bankruptcy in May 2014, and the trustee sued to avoid the Bitcoin transfer under the fraudulent transfer provisions of the Code. The dispute that led to the ruling was how the Bitcoin should be valued for purposes of recovery to the estate should the transfer be successfully avoided. Was Bitcoin property (to be valued at its current value) or currency (to be valued as of the time it was transferred)?

Under Section 550(a) of the Code, if a transfer is successfully avoided, the trustee is entitled to recover “the property transferred, or, if the court so orders, the value of such property.” Thus, the trustee argued that the Bitcoin were property and that the estate was entitled to recover either the 3,000 Bitcoin or their current appreciated value of $1.2 million. The defendant in turn argued that Bitcoin were not property for purposes of Section 550(a), but rather the equivalent of their lower U.S. dollar value.

The judge concluded that Bitcoin were “clearly property.” He ruled that “[t]he court does not need to decide whether bitcoin are currency or commodities for purposes of the fraudulent transfer provisions of the bankruptcy code. Rather, it is sufficient to determine that, despite defendant’s arguments to the contrary, bitcoin are not United States dollars. If and when the Liquidating Trustee prevails and avoids the subject transfer of bitcoin to defendant, the court will decide whether, under 11 U.S.C. § 550(a), he may recover the bitcoin (property) transferred or their value, and if the latter, valued as of what date.”

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If you are in financial crisis and considering filing for bankruptcy, 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.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Rapper 50 Cent Ordered to Appear in Bankruptcy Court after Instagramming Cash

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Curtis J. Jackson III better known as rapper, 50 Cent has been ordered back to bankruptcy court following a string of posts to his Instagram and Twitter accounts flaunting numerous piles of cash.

Jackson first filed for bankruptcy in July of last year. Since October, he has posted several pictures of himself with dozens of stacks of $100 bills on his Instagram account. In one post, he lined the stacks of bills up to spell out the word “broke,” seemingly to mock his bankruptcy filing.

Last Thursday, U.S. Bankruptcy Judge Ann M. Nevins told the rapper’s attorney, “I’m concerned about allegations of nondisclosure or a lack of transparency in the case.  There’s a purpose of having a bankruptcy process be transparent, and part of that purpose is to inspire confidence in the process. When that process becomes very public, the need for transparency, I believe, is even higher,” said Nevins.

Jackson’s attorney later issued a statement saying that his client would show up to court and answer all of the court’s questions. The statement also said, “Mr. Jackson has been forthcoming and transparent with all creditors.”

The issue was brought up in court papers filed in January by headphone maker Sleek Audio, SunTrust Bank and 50 Cent’s ex-girlfriend Lastonia Leviston, who claim the rapper owes them a combined $29 million. They also said he has posted videos of performances that he has probably gotten paid for and has not disclosed to the court. They also pointed out that the rapper never admitted he owned property in Africa, contrary to a post on his Twitter account.

This should come as a warning to anyone who plans to hide assets from the bankruptcy court and their attorney. Bankruptcy trustees are experts at finding undisclosed money, property, vehicles, jewelry, antiques, and collectibles. If you are caught trying to hide assets, the consequences are big. Your discharge will be denied, and you will be unable to discharge the debts you listed in a subsequent bankruptcy filing. In addition, the potential penalty for bankruptcy crimes include fines and imprisonment of up to five years.

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If you have any 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, 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, Timothy Kingcade Posts

Former NFL Running Back Clinton Portis Files for Bankruptcy

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Clinton Portis, former Washington Redskins and Denver Broncos running back, who made more than $40 million during his NFL career, has filed for bankruptcy.  With that amount, most of us would be set for life, but Portis is flat broke.  This shouldn’t come as a huge surprise, since studies have shown that a high percentage of NFL players declare bankruptcy after their game days are over.  A Sports Illustrated (SI) article from 2009 indicated that after two years of retirement, a whopping 78 percent of former NFL players went bankrupt or suffered financial stress due to joblessness or divorce.  Taken in total, almost 16 percent of the players studied declared bankruptcy during the first twelve years of retirement.

The federal bankruptcy filing showed Portis owes nearly $5 million to creditors, including $500,000 to his own mother. Portis, 34, also lists debts of $500,000 to Entertainment Tonight correspondent and former sideline reporter Nischelle Turner, $412,000 in “domestic support obligations” to four different women, and $175,000 in car loans, according to court records.

But Portis’ biggest debt is owed to a mortgage company.  The debt is listed as a “mortgage deficiency” of $1,023,020. Portis also owes the IRS $390,000, an amount he is disputing. The MGM Grand Hotel and Casino has also won a judgment of $287,178 against Portis.

Some of the running back’s failed business ventures attributed to his bankruptcy filing, which included sinking $8 million into a casino that went belly-up, and putting $2 million into a ‘wealth management’ firm that was later termed a Ponzi scheme.

Portis rushed more than 1,200 yards during his nine-season NFL career.  He finished with 9,923 rushing yards and 80 total touchdowns.  Portis’ final NFL game was with the Redskins in November 2010.  A hearing is scheduled for Portis’ bankruptcy case on February 4, 2016 at the U.S. Courthouse in Gainesville, FL.

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If you are in financial crisis and considering filing for bankruptcy, 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.

Related Resources: http://www.cbsnews.com/news/1-in-6-nfl-players-go-bankrupt/

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Three Times Bankruptcy is the Right Decision

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Bankruptcy can have significant consequences to your credit score, but sometimes the hit can be worth it if it means getting out from under a mountain of debt and gaining a fresh financial start.  Filing for bankruptcy should not be taken lightly, but if paying down the debt would leave you with no money to put food on the table and pay the mortgage, filing for bankruptcy makes sense.

Here are some additional circumstances when it makes sense to file for bankruptcy.

Your liabilities are more than your assets. Bankruptcy is often the best option when debtors owe so much that their liabilities far outweigh the value of their assets.  In such cases, it’s often impossible to ever get caught up.

Negotiations didn’t work. Before filing for bankruptcy, it’s a good idea to try and negotiate with your creditors.  There is a possibility they will settle the debt for less money than you owe if you can prove that you are struggling financially.  But if your creditors are unwilling to negotiate with you, the only other option may be to file for bankruptcy protection.

A job loss, medical emergency or other financial disaster has eliminated your ability to generate monthly income.  Medical bills are the number one cause of U.S. bankruptcy filings.  Even having health insurance does not shield consumers from overwhelming medical debt.  Bills and debt can pile up quickly without the monthly income, leaving consumers with no way out.

If you are in financial crisis and considering filing for bankruptcy, 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.

Related Resources:

http://www.csmonitor.com/Business/Saving-Money/2015/1116/Three-times-bankruptcy-is-the-right-decision