One of America’s most well known baked goods producers, Hostess, announced its plans to close a couple of weeks ago. Hostess failed to come to an agreement with its workers’ unions prompting the company to ask permission from the courts to liquidate its assets. Judge Robert Drain gave preliminary approval for the company to start selling assets such as its bakeries, brands and recipes.
Approximately 15,000 of the 18,500 employed by Hostess will likely be terminated in the coming days. Main operations for the company have been closed since Friday, November 16th. Investment bankers have said that possible buyers are inquiring various brands and facilities owned by Hostess. Hostess’ CEO said plans to sell off assets would move as quickly as possible. Judge Drain scheduled another hearing regarding a request for approval of bonuses for 19 executives to oversee the liquidation process, equaling $1.75 million.
To read more on this story visit: http://money.cnn.com/2012/11/21/news/companies/hostess-closing/index.html
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.
Tag: Bankruptcy
South Florida’s Unemployment Rates Drop to 2008 Lows
South Florida recently experienced its lowest rate of unemployment since 2008. The combined unemployment claims dropped eight percent during October from the previous year. However, South Florida experienced declining rates of as much as 25 percent during the beginning months of 2012. In Broward County, October’s first-time unemployment was down 12 percent from a previous three-month average. In Miami-Dade, October’s rate was down five percent from the previous year. Another positive sign for the economy is that job growth rates increased during the month of October.
Although the numbers are rising for the job market and unemployment filings are down, economists are disappointed the recovery is not at the speed it was during the end of 2011 and the start of 2012. Many believe the presidential election slowed down the job growth because companies were hesitant to hire during the campaigning process.
To read more on this story visit: http://www.miamiherald.com/2012/11/14/3097754/unemployment-claims-lowest-since.html
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.
Hostess Forced to Close its Doors
After failing to reach a deal with the baker’s union, Hostess’ CEO Greg Rayburn said, ‘this is it’ for the baked goods company on Friday, November 16th, 2012. Rayburn reassured Today that this was not a ploy to initiate a negotiation. The company has already suspended operations at its plants and layed off most of the 18,500 workers the company employs. Hostess has asked the court for permission to liquidate its assets, which includes 33 bakeries and 565 distribution centers.
Hostess is most famous for baked goods such as Twinkies, Ding Dongs, Ho Ho’s, Sno Balls, Donettes and the country’s best-selling brand of white bread, Wonder Bread. The company plans to sell its famous brands as part of their liquidation and will continue to sell already-baked products for several more days. The company was forced to permanently close three plants last Monday as a result of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) strikes. Later in the week, Rayburn said that Hostess did not have the “financial resources to weather an extended nationwide strike.”
To read more on this story visit: http://www.nbcnews.com/business/hostess-maker-twinkies-ding-dongs-says-closing-business-1C7112898
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.
America’s Job Gap is 9 Million
According to data from the Economic Policy Institute, America has added 5 million jobs since February 2010. However, the country is still 9 million jobs shy of pre-recession unemployment rates. Even though the gap is shrinking every year, economists say the job market’s conditions are still weak.
There are now 3.8 million fewer jobs now than in the pre-recession years and the working-age population has increased by 5.2 million workers in the past five years. In order to eliminate the gap, America would have to add 330,000 jobs per month for the next three years, which is twice the rate being added today. The current job growth rate would not close the gap until 2020.
To read more on this story visit: http://money.cnn.com/2012/11/09/news/economy/jobs-america/index.html?iid=HP_LN
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.
Sarasota Home Builder Files for Bankruptcy Protection
Jim Butler, president of Paradise Homes, filed for Chapter 7 bankruptcy protection last Thursday. Paradise Homes is one of the builders for Lakewood Ranch community in Sarasota, FL. The company is in various stages of building approximately a dozen new homes. Butler filed for protection for two of his companies, Extreme Remodelers of Sarasota LLC and Paradise Lifestyle Center LLC. Butler is expected to have assets and liabilities between $1 million and $10 million.
Some of the homeowners are likely to bring in qualified builders as completion contractors, according to Attorney Alan Tannenbaum who represents two homebuyers. According to a representative from another builder for Lakewood, many homeowners are angry at Paradise Homes. Aside from the dozen homes currently under construction, 18 others are yet to be started.
To read more on this story visit: http://www.heraldtribune.com/article/20121026/ARTICLE/121029699/-1/news?p=2&tc=pg
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
Tips to Becoming Financially Stable in Your 20s
Most young adults face financial stress after graduation. The job market continues to remain relatively stagnant and most graduates are drowning in insurmountable student loan debt. However, financial planners consider age 22 – 35 the best time to stabilize a financial future.
Below are 11 tips for young adults to achieve financial security:
1. Analyze your finances: If you find yourself living paycheck-to-paycheck you need to track where your money is going. Find a balance that allows you to pay your bills but enjoy your life. The best way to do this is to thoroughly examine your expenses.
2. Make your own job: When the economy is suffering, young people might have more success in entrepreneurial endeavors rather than struggling to find a job. If you have a hobby or something you enjoy doing, try to utilize it in a way that will generate cash flow.
3. Examine your debt: Take a look at the interest rates on any loans you currently have. It will help you in the long run by paying down the loan with the highest interest rate.
4. Rent vs. Buy: Consider your home a used asset as opposed to an investment. Also, consider that the housing market is still suffering. If you buy a home and need to relocate, ask yourself if you will be able to regain what you have invested. In places such as South Florida, costs associated with buying a home are so high renting might be the best option.
5. Find a mentor: Research financial planning. Remember that your situation is different than everyone else’s. It would benefit you to speak with a financial planner who can give you personalized advice.
6. Start saving: You can no longer depend on social security or retirement. Most people do not stay in the same job throughout their adult life. As a result, saving for retirement is now a necessity.
7. Take care of risks: Planning for the future involves more than just financial stability. You should make a will, draw up financial and health directives and buy disability and rental insurance.
8. Positive Relationships: It is always in your best interest to develop and maintain positive relationships. You never can never predict when, “who you know” will help you out down the road.
9. Investing: Sometimes for small investors, mutual funds are the best option because of lower overhead and decreased risk. You may also consider individual stocks, bonds and exchanged-traded funds because they are flexible and the fees are extremely low.
10. Set up a 401(k): If you decide to set up a Roth 401(k) you will see tax-free growth and few restrictions if you need to borrow against it for a down payment on a home.
11. Live frugally: If you are married, you should be saving part of one spouse’s salary. Try to do so before you have kids. Live beneath your means so that you are not dependent on two incomes, in case you do have children and one of you needs to stop working for a while.
To read more on this story visit: http://www.miamiherald.com/2012/06/08/v-fullstory/2685725/how-to-start-building.html
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.
Can Student Loan Debt Be Discharged through Bankruptcy?
Contrary to the 2005 ruling that prohibits student loan debt from being discharged through bankruptcy, there lies an exception to the rule. If ‘undue hardship’ can be proven, bankruptcy courts can discharge full or partial student loan debt. In 1987 the Brunner test was introduced to help establish the term ‘undue hardship.’ The test includes the following three conditions:
• The debtor cannot maintain a minimal standard of living if forced to repay the loans.
• The debtor must have additional circumstances that indicate this hardship is likely to continue throughout a significant portion of the repayment period.
• The debtor must have made good faith efforts to repay the loans.
The National Association of Consumer Bankruptcy Attorneys conducted a survey last year showing that 94 percent of attorneys reported that few to none of their clients would meet the undue hardship eligibility requirements. However, consumers that do meet the requirements have surprisingly high success rates of being discharged of their debt by the court system.
Many Americans carry student loan debt for the rest of their lives and sometimes it can later affect a consumer’s social security payments. In the last year student loan debt in the U.S. surpassed the $1 trillion mark and averaged around $17,000 in debt per person. In most cases where consumers have successfully proven undue hardship, there has been some type of health related condition hindering the person’s ability to obtain or keep a job.
To read more on this story visit: http://blogs.lawyers.com/2012/09/escape-student-loans-in-bankruptcy-in-extreme-circumstances/
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 is an Option to Help You, Not Hurt You
For many Americans, the thought of filing bankruptcy is a very scary thing. So scary in fact, that many of them miss out on the positive changes and financial freedom filing for bankruptcy protection can bring. The first thing that happens when a person files for bankruptcy is an automatic stay will go into effect for all of their bills, which forbids creditors from harassing debtors.
Perhaps the most common worry among Americans when it comes to filing bankruptcy is the long-term effects it will have on their credit score. Many believe it is impossible to ever have a decent credit score, again. This could not be further from the truth. Almost immediately after a person is discharged of their debt, there are many steps available to rebuild their credit score. The person filing for bankruptcy is most likely delinquent on bills and already their credit score has suffered. Filing for bankruptcy protection can actually be the easiest way to improve an already troubled credit score.
To read more on this story visit: http://www.miamibankruptcy.com/blog/2012/08/afraid-of-bankruptcys-impact-it-might-actually-improve-your-situation.shtml
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.
Mayor Fears Pensions May Bankrupt Titusville, FL
One of the many Florida cities facing financial hardship is Titusville, FL. Recently re-elected mayor, Jim Tulley, warned his city that without a reform of city employees’ pensions and other retirement programs, the city would ultimately go bankrupt. Workers unions, particularly representing police officers and firefighters, have been reluctant to agree to any form of restructuring of their pension plans after an earlier agreement promised them a better retirement, but lower pay.
As of October 2010, Titusville’s annual financial reports showed that unfunded liability in the Police Officers and Firefighter’s Retirement Trust had reached $25 million. The unfunded liability in the General Employee’s Retirement Trust had reached $19 million; not to mention, pension costs are going up. Other forms of retirement programs are costly as well, such as health insurance. The annual financial report showed the cost of other unfunded liability for retirees to be $44 million.
Titusville’s financial director, Bridgette Clements, said the city is not at immediate risk for defaulting, but must take precautionary actions for the future. Other cities throughout the country, such as Stockton, CA, have already gone bankrupt largely due to pricy pensions and other benefits for city employees.
After six months and no progress made in the negotiations, the city declared an impasse last week with police, firefighter and general employee unions. Mediators will now come in to help determine the best plan of pension reform for the city. The mayor said that without reform, the city’s residents will endure problems on a larger scale and the quality of life will go downhill.
To read more on this story visit: http://www.floridatoday.com/article/20120819/NEWS01/308190051/Mayor-Pensions-might-bankrupt-Titusville
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.
California State Bar Passes Rule to Suspend Delinquent Taxpayers’ Licenses
The California State Bar recently adopted a rule that reserves the right to suspend an attorney’s license to practice law in the State of California if the attorney owes a large delinquent tax liability. The rule only applies to attorneys who are on the list of 500 largest tax delinquents who owe more than $100,000 in back taxes. The California State Bar plans to serve notice of suspension as soon as the Board of Equalization (BOE) or the Franchise Tax Board (FTB) releases the list of names. The FTB releases a list of the 500 largest tax delinquents two times per year, in April and October.
The Bar will give attorneys a 90-day grace period. The attorneys will be able to make arrangements for current cases or settle with state taxing entities before their license suspension will go into affect. Suspension may also apply to other occupational licenses and drivers licenses. The California Family Code section has an existing code that suspends or denies professional or occupational licenses to delinquent child support payers.
To read more on this story visit: http://morganking.com/Tax_Exhibits_2011/B%26P%20494.5/B%26P%20494.5%20combined.pdf
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.