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.
Tag: Bankruptcy
How Filing Bankruptcy Can Help you Avoid Foreclosure
If you are facing foreclosure, bankruptcy can be a powerful alternative to saving your home. Filing Chapter 7 or a Chapter 13 bankruptcy automatically places a stay on foreclosure of your property; provided that you include the house as part of your bankruptcy and that your home is your personal residence.
Upon filing a Chapter 7 or Chapter 13, the bankruptcy court automatically sends all of your creditors an order directing them to cease collection activity on your property. The “Order for Relief” legally postpones the foreclosure while the bankruptcy is pending, which can last approximately three to four months.
However, it’s important to remember that timing is everything. If you allow your foreclosure proceedings to continue beyond the point of no return and the foreclosure notice is already filed with the courts, the automatic stay means nothing and foreclosure will continue. You have to make sure that you file the bankruptcy before the foreclosure is filed and your auction date set. This is best accomplished by filing the bankruptcy after your first missed mortgage payment.
While the bankruptcy is pending, and the weight of paying other creditors is lifted, this is your opportunity to take your resources that do not go directly to immediate living expenses (i.e. – food, utilities, gas and transportation) and channel that money directly into a lump sum payment to satisfy the mortgage company. If you head into bankruptcy court with the resources to reinstate your loan, you will have avoided foreclosure.
To read more on this story, visit:
http://www.associatedcontent.com/article/8037099/how_bankruptcy_can_help_with_foreclosure.html?cat=3
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.
Rising Food Prices Push People Further Into Poverty
As global food prices reach record highs, the World Bank warns that further spikes could push more individuals and families into poverty. The organization that loans money to developing nations said its global food price index was up 36% in March from levels a year earlier. The increase was driven by sharp boosts in prices for corn, wheat, soybeans and other staples. The surge in global food prices has already driven 44 million people below the “extreme poverty line,” which the World Bank defines as living on just $1.25 a day.
According to the World Bank, an additional 10% increase in food prices would cause another 10 million people to fall below the poverty line, while a 30% spike would lead to 34 million more poor. Food prices have been on the rise since last year, as crops in many parts of the world were damaged by bad weather. Canada, Australia and Argentina were also hit with weather events that damaged crops in the second half of last year. More recently, food prices have been pushed higher by rising energy costs, as oil prices spiked above $100 a barrel. That has made producing and transporting agricultural goods more expensive.
There is however a plan that is being put into place to help alleviate the financial stress of putting a quality meal on the table. Officials from the Group of 20 (G-20) economic powers are scheduled to design a “code of conduct” on export bans, which many have blamed for exacerbating the increase in wheat prices. This proposed “code of conduct” would also do more to increase food production and help developing countries manage agricultural risks.
To read more on this story, visit:
http://money.cnn.com/2011/04/14/news/international/world_bank_food_prices/index.htm
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.
Filing for Bankruptcy Could Save your Home
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.
Former NFL star filed bankruptcy before committing suicide
There used to be a stigma about bankruptcy, but that stigma is long-since gone. In today’s economy, people from every walk of life have filed for bankruptcy to get relief from overwhelming debt. Now it has been announced that even former football stars have turned to bankruptcy.
On Thursday, Dave Duerson left a note behind asking that his brain be tested for chronic traumatic encephalopathy (CTE) before he committed suicide. The 50-year-old former NFL star was experiencing many personal struggles before his death, including financial problems. In September of last year, he filed for bankruptcy after a series of unfortunate financial struggles.
Just like many people, Duerson found himself unable to pay his credit card bill, mortgage and other debts. However, his road to bankruptcy was unique. After his football career, Duerson purchased multiple McDonald’s franchises. Later, he sold the restaurants to purchase a sausage company that supplied meat to McDonald’s.
The outlook was positive, and Duerson’s food company built a state-of-the-art meat production plant. However, the opening of the plant was delayed because of freezer problems. Those problems caused the bank to revoke his line of credit for the company.
Duerson took out a second mortgage on his home to get things started at the meat company. In the meantime, he sued the freezer company and was awarded a judgment for $34 million in 2004. But the freezer company has yet to pay him.
Now, the man was left with two mortgages on his home and mounting bills. The bankruptcy filing listed $34.6 million in assets, but much of that is made up of the judgment owed to him by the freezer company. He also listed nearly $15 million in liabilities. Those liabilities are owed to secured and unsecured creditors such as the mortgage lender, his former spouse, the State of Wisconsin and a bank that issued him a credit card.
This story is an example of how even a successful NFL star can find himself facing financial problems that are not entirely of his own making.
Source: Chicago Breaking Business, “Bears’ Duerson had pending personal bankruptcy,” Becky Yerak, 21 Feb 2011
More than 14 percent of Florida mortgages in foreclosure
It used to be that signing your mortgage documents was an exhilarating experience. New homebuyers eagerly agreed to the terms of the loan because they knew it was an important step towards becoming homeowners.
Now, most homebuyers (and lenders for that matter) sign those mortgage documents with trepidation. And in Florida, there is a good reason for their hesitation. According to the Mortgage Bankers Association, more than 14 percent of all mortgages in Florida are in foreclosure. That is the highest foreclosure rate in the country.
People who excitedly signed those mortgage papers only a few years ago are now having trouble making the payments. Perhaps they have lost their jobs, or maybe the adjustable rate mortgage became too high to pay. Or perhaps the homebuyers have encountered a different financial challenge as the Great Recession takes its toll on Floridians. Regardless of the reason, “more than 20 percent of all loans in Florida are somewhere past due or somewhere in foreclosure,” according to the vice president of the MBA.
There is another possible explanation for the rise in the percentage of Florida mortgages in foreclosure. The foreclosure process in Miami-Dade County now takes nearly twice as long as it took in 2007. Once a home enters foreclosure, it takes 742 days for the foreclosure to be completed. That means that as new homes enter foreclosure, more homes are still in the process.
For the 14 percent of homeowners in foreclosure and the 5 percent who are more than 90 days behind on mortgage payments, the future may seem bleak. However, they should know that there are legal options, especially before the foreclosure process begins. An experienced foreclosure defense or bankruptcy attorney can explain those options and help individuals make decisions that protect their assets.
Source: Miami Herald, “Florida’s foreclosure rate is nation’s highest,” Toluse Olorunnipa, 17 Feb 2011
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, P.A. website at www.miamibankruptcy.com.
Studies Show Older Unemployed Workers Still Suffering
Out of all of the demographic groups suffering from the current economic conditions, numbers conclude that older workers may have the toughest time adapting. Seniors have been hit the hardest by the recession, due largely to their skills being outdated and their age working against them, resulting in long term unemployment.
According to AARP, people over 55 who had lost their jobs saw their average duration of unemployment fall to 42.8 weeks in December, from 44.9 in November. Employers are often hesitant to hire applicants who have been out of work for more than a year because of stigma about unemployment. About 55.5% of all job seekers over 55 have been unemployed for 27 weeks or longer, says AARP. That’s compared with 42.4% of job seekers 55 and under.
Joblessness for older Americans could put a strain on already stressed social systems. The long-term unemployed run out of jobless benefits after 99 weeks. After that, many workers dip into retirement funds. Others apply for disability. Some apply to receive Social Security benefits early. Many seniors are left wondering, “What am I going to do the rest of my life?”
To read more on this story, please visit:
http://latimesblogs.latimes.com/money_co/2011/01/older-workers-recession.html
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. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Fannie Mae Introduces New Florida Foreclosure Prevention Program
By the time many people consider alternatives to foreclosure, the lender has already begun the foreclosure process. Options like negotiating with the lender become nearly impossible because the foreclosure process is completed before those negotiations have time to produce results.
This is why Fannie Mae has introduced a new program in Florida. The initiative is designed to give homeowners who are behind on their mortgage payments the opportunity to negotiate a lower monthly payment before the foreclosure process begins. While this program should not take the place of working with a bankruptcy attorney to make the best decisions, it may help people stay in their homes and avoid foreclosure.
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, P.A. website at www.miamibankruptcy.com.
Elderly Americans Increasingly Declaring Bankruptcy in Retirement
A new trend has emerged that has identified more elderly Americans struggling under the weight of credit card debt and medical bills, causing them to resort to bankruptcy in retirement. Recent statistical data has backed these findings up, reporting that Americans 65 and older who carry a balance on their credit cards owe an average of $10,235, up 26% from 2005. These older debtors who filed for bankruptcy owed a median of $22,562 to credit card companies. The study also revealed that while multiple factors, such as health problems and medical debts, contribute to elders’ financial stress, the dominant force appears to be the overwhelming burden of credit cards. From 1991 to 2007, the rate of personal bankruptcy filings among those ages 65 or older soared by 150%, according to AARP. At the time, the biggest jump in bankruptcy filings occurred among people aged 75 to 84. Their rate skyrocketed 433%.
The study also revealed that elder debtors carry 50% more credit card debt than younger debtors. The challenge for seniors, however, is that when they run into financial trouble their options are somewhat limited, compared to the younger generation. For example, unlike younger Americans who can obtain work, put in more hours on the job, or perhaps get a second job to make ends meet, those choices do not always exist for people age 65 and older. Additionally, there are some issues confronting seniors that the rest of the population generally does not have to face. One big issue: Financial abuse by family members. Research also revealed that many elderly Americans are going broke, not just because of their own spending and high health care costs, but because their assets are being depleted by relatives or close friends who feel entitled to get an expected inheritance.
To read more on this story, please visit:
http://www.walletpop.com/blog/2010/11/22/elderly-americans-increasingly-declaring-bankruptcy-in-retiremen/
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense 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.
Morality of Bankruptcy
Filing for bankruptcy has often been linked with a social stigma for many individuals, often causing those who are on the verge of filing, personal guilt, fear about the future, and morality struggles. But in fact, filing for bankruptcy can often be an economically wise choice for many Americans who have found themselves in financially overwhelming situations. A recent article in the Minneapolis Star-Tribune reported that over 60 percent of all Americans who file for bankruptcy have done so as a result of excessive medical bills. This comes as no surprise to anyone who has had difficulty qualifying for health insurance or was unable to afford their monthly premiums.
At my practice, I have seen a significant increase in the number of senior citizens filing for bankruptcy as a result of having to put their monthly prescriptions on credit cards. Many of these individuals are already on fixed financial budgets and Medicare/Medicaid applies only after a certain amount is covered out of pocket. The article also noted that the average Chapter 7 bankruptcy filer has an income of only $20,000 per year, which isn’t exactly a lot of money, and can easily disappear when one is faced with an unexpected financial burden. Job loss and divorce also play a huge role in bankruptcy filings. Along with medical costs, these two factors account for the vast majority (about 90 percent) of all bankruptcy filings.
The bottom line here is that bankruptcy exists to protect those who truly need its protections. Without it, the American economy would likely not flourish with as much innovation as it does today—thanks to the security that bankruptcy provides, entrepreneurs can take risks that they might not otherwise have.
Filing for bankruptcy is emotionally and mentally exhausting. The day you hire our firm, we will contact your creditors to stop the harassment. We offer free office consultations and will listen and evaluate your individual situation, taking immediate action to help get you back on your feet. If you need relief from creditors calling and are considering bankruptcy as an option contact our experienced and compassionate team of attorneys today for a free consultation at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. Web site at www.miamibankruptcy.info/.
