When someone decides to file for bankruptcy, one of the most important decisions they will make is who will represent them in court and guide them through the bankruptcy process. Finding the right attorney can take time, but it is important that the filer does his or her research before hiring a bankruptcy attorney.
Tag: Chapter 13 Bankruptcy
As Fed Increases Interest Rates, Credit Card Interest Rates Should Follow
Credit card interest rates are anticipated to increase after the Federal Reserve increased its benchmark interest rate an additional three-quarters of a point. For consumers who rely on credit cards to keep up with the increasing costs of gas, groceries, and other necessary expenses, this news does not come at a good time.
Protecting Your Home During a Bankruptcy Case
One of the biggest fears bankruptcy filers have before proceeding with a bankruptcy case is the fear of losing their home. Depending on the type of bankruptcy case being pursued and whether the home has already fallen into default or even foreclosure, it is possible for filers to keep their home during a bankruptcy case.
What to Expect Before, During and After Filing for Bankruptcy
The process of filing for bankruptcy can seem daunting and unclear for many filers. The uncertainty behind the process often drives the fear of the unknown, which keeps many people from pursuing a bankruptcy case. Pulling back the curtain and knowing what to expect when filing for bankruptcy can help clear up any myths or misconceptions surrounding bankruptcy.
Making the decision to pursue a bankruptcy case is often the thing that holds people back the most. It can be difficult for someone to admit that they need financial help offered through a bankruptcy case. Many see it as admitting failure, which could not be any further from the truth.
6 Steps to Returning to the Business World After Bankruptcy
After a bankruptcy case, the idea of returning to the business world can seem like a pipe dream or a near impossibility. While a bankruptcy case can certainly put a dent in an individual’s credit, it should not hinder that person from successfully starting a business or returning to an already-existing business.
The good news is succeeding in business after a bankruptcy can be and has been done. Many entrepreneurs have gone through personal bankruptcy and come back stronger and better. Several well-known companies, such as General Motors (GM) or Delta Airlines have filed for bankruptcy only to restructure their businesses and rebuild their brands successfully. The following tips can help an individual or business recover after filing bankruptcy.
Miami Bankruptcy Attorney Timothy S. Kingcade Named a Florida Super Lawyer 9 Consecutive Years
MIAMI (June 24, 2022)– Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken has been selected to the 2022 Florida Super Lawyers list. This is the ninth consecutive year Kingcade has been selected to the Florida Super Lawyers list (2014-2022) in the practice area of consumer bankruptcy. The recognition is awarded to only the top 5% of attorneys in the state.
Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 and Chapter 13 filings for the Southern District of Florida. As an experienced CPA and proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of their rights under the bankruptcy laws to restart, rebuild and recover.
What Debts Are Not Erased in Bankruptcy?
Not all debts can be discharged in a consumer bankruptcy case under the U.S. Bankruptcy Code. These debts will remain with the consumer even at the successful close of the Chapter 7 bankruptcy case. While these debts may remain with the consumer, many of his or her other consumer debts will not. The goal is that with the discharge of other debts, the consumer will have extra money to be able to pay down these non-dischargeable debts.
For the most part, the consumer debts that are discharged include credit card debt, medical bills, past utility bills, personal loans and in some cases student loan debt. Many of these non-dischargeable debts cannot be eliminated due to public policy interests, such as child support.
Do I need a lawyer to file bankruptcy in Florida?
Filing for bankruptcy can be an uncertain and intimidating process. Going through it alone can make the process that much more daunting. While an attorney is not a requirement for filing for bankruptcy, it certainly helps ensure that a bankruptcy case proceeds smoothly.
A bankruptcy attorney will meet with the client first during a consultation to discuss the person’s financial situation to determine whether he or she needs to file for bankruptcy. Occasionally, it can be in the client’s best interest to wait before filing, but he or she may not realize that until talking through the situation with an attorney.
Consumer Debt Reaches a Record-Breaking $15.6 Trillion
Consumer debt hit an all-time high at the end of 2021, reaching a total of $15.6 trillion. According to figures from the Federal Reserve New York district, this figure represents a year-over-year increase of $333 billion during the fourth quarter of 2021, as well as a $1 trillion increase for the entire year.
This quarterly consumer debt increase is the largest one seen since 2007. Looking at it from an annual perspective, this increase is the largest one since 2003.
Latest Bankruptcy Filings Mixed
August and September 2021 bankruptcy filings have been mixed. While certain types of bankruptcy cases have increased, others have gone down, according to data from Epiq’s AACER bankruptcy information services.
According to Epiq, overall bankruptcy filings for all chapters have declined by four percent, with 32,263 new filings made in August 2021 to 30,907 new filings reported in September 2021. Additionally, individual Chapter 7 filings decreased by nine percent between August and September.