Kingcade Garcia McMaken, Timothy Kingcade Posts

Kristina Gonzalez Named Partner at Kingcade Garcia McMaken, P.A.

The Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken is pleased to announce the promotion of Kristina Gonzalez to the position of Partner with the firm.

“We are delighted to have Kristina become a Partner with the firm. Kristina is an exceptional bankruptcy lawyer and is the perfect fit to support our firm’s growth and positioning as the leading consumer bankruptcy law firm in Miami,” said Timothy S. Kingcade, the firm’s Managing Partner.

Ms. Gonzalez focuses her practice on Chapter 7 and Chapter 13 bankruptcies, foreclosure defense, and debt settlement. Kristina represents debtors throughout the bankruptcy process – initiating petitions, guiding debtors through meetings, depositions, and litigation with the trustee and advocating for debtors before the bankruptcy court.

Florida Super Lawyers

Miami Bankruptcy Attorney Timothy S. Kingcade Selected to Serve on the Super Lawyers Blue Ribbon Panel

Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken has been selected as a Blue Ribbon Panelist for Florida Super Lawyers. Only those in each practice area with the highest point totals are asked as part of the panel to evaluate the candidacy of fellow lawyers to enter the prestigious Super Lawyer rankings.

“It is an honor to be selected among the Blue Ribbon Panelists in the most comprehensive and independent review of exceptional lawyers. Being selected as a Super Lawyer the past seven years is an achievement in and of itself, but to know that Super Lawyers values my opinion in the evaluation of my peers receiving the title of Super Lawyer is a true privilege I graciously accept,” said Timothy S. Kingcade.

Debt Relief

How To Ensure Student Loan Debt Does Not Prevent You From Getting a Mortgage

With the cost of attending a university rising each year, more students are taking out student loans to pay for their education.  According to statistics from the Federal Reserve and New York Federal Reserve, more than 44 million American consumers owe a collective $1.6 trillion in student loan debt. Student borrowers oftentimes graduate with up to six figures in student loan debt. Certain steps can be taken to ensure that student loans do not prevent young adults from reaching important milestones, like homeownership.   

Income-to-Debt Ratio 

When being approved for a mortgage, the borrower’s income-to-debt ratio is an important figure considered by potential lenders. Two different ratios are used by potential lenders. One of them is called a front-end ratio, which looks at the loan applicant’s expected mortgage in comparison to his or her monthly income. The second ratio is called the back-end ratio. This figure reviews the applicant’s monthly expenses, including housing costs, car payments, student loan payments, and other monthly expenses, in comparison to the person’s monthly income. If the borrower’s debt far outweighs his or her income, it is unlikely that person will be approved for a mortgage. However, certain steps can be taken to help boost that ratio. If the potential borrower is carrying a high credit card balance, by paying that balance down, he or she can help boost chances of being approved for a mortgage. If the borrower can pay down the balance in full every month, then that debt will not even factor into his or her debt-to-income ratio.  

Bankruptcy Law

The Fear of Bankruptcy is What Keeps Many Consumers from Filing

The fear of the unknown is a powerful force. Unfortunately, the fear of filing for bankruptcy and the unknown keeps many from proceeding with a bankruptcy case, even when it is the best option.

It is for this reason that only a small portion of American consumers file for bankruptcy annually, even though many of them could benefit from either a Chapter 7 or Chapter 13 bankruptcy filing. While many different reasons exist for this failure to file, a misunderstanding of the process and fear of taking that first step keeps them from moving forward.    

Bankruptcy Law, COVID-19, Small Business Bankruptcy

Personal and Business Bankruptcies Increase in the Month of July

The number of individuals and businesses seeking bankruptcy protection increased last month, while the coronavirus (COVID-19) pandemic continues. Financial experts have predicted this jump for months since states began to shut down in mid-March.

According to the legal-services firm, Epiq Systems Inc., the number of businesses that have filed for Chapter 11 bankruptcy increased by 52 percent when compared to July 2019. Additionally, the number of personal bankruptcy cases have gone up. The number of personal bankruptcy filings are expected to increase, when the Covid-19 economic stimulus relief is cut or reduced.

Bankruptcy Law, Kingcade Garcia McMaken

How to Choose a Bankruptcy Lawyer

Making the decision to file for bankruptcy can be a difficult one, but choosing the right bankruptcy attorney to handle your case can be even harder.  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, Coronavirus, COVID-19

Bankruptcy and the Coronavirus: Help for Florida Small Businesses

The coronavirus (COVID-19) pandemic has been hard on businesses. During the shutdown, countless South Florida businesses were forced to shutter or adjust to a new normal, bringing in significantly less income than before. Many of these business owners have also been compelled to make some tough decisions, including the decision on whether to proceed with bankruptcy.

Bankruptcy can be beneficial for businesses that are struggling during this difficult time. The bankruptcy framework and the automatic stay that occurs immediately upon filing for bankruptcy offers relief that individuals and business owners desperately need.

Bankruptcy Law, Coronavirus, COVID-19, Debt Relief

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

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.

Coronavirus, COVID-19, Credit Card Debt, Debt Relief

How to Manage Credit Card Debt After Losing a Job

Many South Floridians are finding themselves out of work due to the coronavirus (COVID-19) pandemic. This loss of income can be devastating and make it difficult to continue paying monthly expenses, including credit card debt.

Before the crisis hit, credit card debt had reached an all-time high after the Federal Reserve reported that the fourth-quarter of 2019 credit card debt increased by $46 billion to $930 billion nationwide. It is expected that balances will only increase as Americans find themselves shut in with limited income being earned. Additionally, serious delinquencies were on the rise at the end of 2019, and these numbers are also expected to trend upward, specifically for consumers between the ages of 18 and 29.

Credit Card Debt, Debt Relief

Tips for Paying Down Holiday Credit Card Debt

Now that the holidays are over, consumers are about to receive a New Year’s “surprise” in the form of a credit card statement. Those who already had a substantial balance on their credit cards, the extra holiday spending has only added to those balances. According to a report from credit bureau, Experian, the average credit card balance has climbed to $6,629.

You are probably wondering the next steps to take to pay down holiday debt before the interest starts mounting. We recommend taking a realistic approach in paying down the balance over the course of the first quarter of the year. By calendaring and planning out the payments, the cardholder can visualize the end goal of paying off the debt.