Chapter 7 Bankruptcy Archives - Page 13 of 28

Divorce & Bankruptcy – How They Are Connected

Posted on April 5, 2018by Admin

Medical bills, job loss and divorce are some of the main reasons people file for bankruptcy today. Financial problems can sometimes lead to divorce and as a result it is not uncommon for couples to decide to file bankruptcy right after they get divorced. Here are some things to consider.

Whether or not you decide to file for bankruptcy before or after your divorce depends on the following:

Which type of bankruptcy you file– If you file together, both of your incomes are used to qualify you for a Chapter 7, which may make you ineligible for this type of bankruptcy. An experienced bankruptcy attorney will help you determine which type of bankruptcy to file, a Chapter 7 or Chapter 13.
State exemption laws– All property you own is declared either exempt or non-exempt during a bankruptcy. Exempt property may be kept after the bankruptcy case has concluded. Florida has one of the most generous homestead exemptions in the country. Here are some of the most common bankruptcy exemptions in Florida.
State laws concerning division of property during a divorce could be at odds with what property is exempt in a bankruptcy. The items you fought to keep after your marriage comes to an end could be in jeopardy, again in subsequent bankruptcy proceedings.
The cost for filing a joint bankruptcy is the same as filing an individual one. This means you can save hundreds of dollars by filing together.
Work together if possible. Filing bankruptcy jointly implies that you can work together, something that may be difficult to do, but worth it in the end.

Click here to read more on this story.

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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Steps to Take if You Want to Buy a Home after Bankruptcy

Posted on March 21, 2018by Admin

After filing for bankruptcy, you are going to want to begin rebuilding your credit as soon as possible. You can start by checking your FREE annual credit report on AnnualCreditReport.com to get reports from the three major credit bureaus: Equifax, TransUnion and Experian.

Your report may show late and missed payments on credit cards, mortgages and credit accounts you may have opened or closed. Bankruptcy provides you with a clean slate, which means you have a second chance to pay your bills on-time and in full.

If your credit score is in the low 600s, your credit is still too low for most decent loans with good terms, but you can work quickly to get it back up in the mid-700s.

After bankruptcy, when accessing and utilizing credit again, keep your credit card balances relatively low compared to the card’s limit. For example, less than 30% is typically advised while using just 10% of the available credit is even better.

Once your credit score improves, you can then find the right mortgage lender, real estate agent, and the right attorney to move forward with the purchase of your new home.

Still not convinced? A testimonial from one of our clients in regards to their credit score after filing for bankruptcy.

My credit score said on all three reports 775, I couldn’t believe that I had such a great score before 10 years. Tim for me was the best move I have made for my situation. I have no regrets, I am glad the past is the past. – Bill T.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

What happens if a creditor tries to collect on a debt during my bankruptcy?

Posted on March 16, 2018by Admin

After you file for bankruptcy, creditors are not allowed to contact you regarding any debt you owe; they must deal only with your attorney. The protections allotted by the bankruptcy automatic stay prohibit all collection activity, including legal action, wage garnishment, even contact by phone or mail in an attempt to collect on a debt.

There are a few exceptions. For example, the automatic stay does not stop criminal cases, some child support actions, and certain eviction cases. The automatic stay also does not apply to debts incurred after the bankruptcy case was filed. Here’s how to determine if a creditor violated the automatic stay and what you can do if a creditor continues trying to collect a debt.

The penalties for violating the automatic stay depend on the nature of the violation and whether it was done with deliberate disregard for the bankruptcy filing. You have several options if a creditor continues to pursue a debt in violation of the automatic stay.

Tell the creditor about your bankruptcy. Most debt collectors will stop contacting you if you tell them this. Many times the debt collector is unaware of your case. For example, if a collector garnishes your wages after the bankruptcy case is filed, it must immediately return the money.

Notify the bankruptcy court. If the collection attempts continue, the next step is to notify the bankruptcy court. The court can sanction the collector for violating its automatic stay order.

File a lawsuit. If a debt collector continues to try and collect on the debt, it may not only be violating the automatic stay but also other state and federal laws including, the Fair Debt Collection Practices Act (FDCPA).

Our firm works to hold creditors accountable for violating the protections allotted by the U.S. bankruptcy laws. Recently, our firm’s motion was granted by a Florida judge in a case that held the creditor in contempt of court for violating the automatic stay in a Miami bankruptcy case. The Order directed the creditor to cease and desist all eviction proceedings until further order of the court. The creditor in this case was also required to pay attorneys’ fees for our firm having to bring forth the motion to enforce the automatic stay to protect our client.

If you are dealing with a creditor you think may have violated the automatic stay, contact your attorney immediately. An experienced Miami bankruptcy attorney will know whether the contact was innocent in nature or a willful violation worth pursuing.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Nearly 1 in 5 Americans Have Substantial Medical Debt

Posted on March 13, 2018by Admin

Medical debt is a leading cause of personal bankruptcy in the United States. Even if you recover from the illness, the medical debt can remain. This can be made even worse by constant calls from debt collectors. If you are struggling with medical debt, you are not alone. Nearly one in five Americans has delinquent medical debt on their credit reports.

Many times this medical debt can be bought and sold for pennies on the dollar. For example, a collection agency can spend ten dollars to purchase $1,000 worth of debt. Yet, the collectors will still attempt to get the full amount from people who owe the debt.

You may be tempted to ignore a medical debt lawsuit and hope it goes away, but this is one of the worst things you can do because the debt collector will automatically win by default. There are steps you can take if you are facing a medical debt lawsuit.

Click here to read more on this story.

Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney 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 McMaken, 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

New Data shows 43 Percent of Credit Card Holders Have More Than $15,000 in Debt

Posted on March 8, 2018by Admin

According to the Federal Reserve, credit card debt is the highest it has ever been in the U.S. In December, American’s had a total of $1.029 trillion in credit card debt. This means the average household had $8,732 in credit card debt. A survey conducted by Student Loan Hero reported that 43 percent of credit card holders surveyed had more than $15,000 in credit card debt and 58 percent had at least $6,000 of credit card debt for more than a year.

The Federal Reserve also reported that the average interest rates on credit cards are approximately 14.99 percent, which makes it much more difficult for Americans to pay off their debt.

Carrying a consistent credit card balance is detrimental to your financial well-being. One option that is often overlooked by cardholders is getting a credit card consolidation loan. According to Student Loan Hero, only 52 percent of cardholders that have more than $6,000 in credit card debt have consolidated.

Below are three ways credit card consolidation loans may help you.

They typically come with lower interest rates than credit cards do, meaning you are paying less in the long run.
Installment loans set firm repayment plans, unlike credit card companies. This means you are more likely to pay off your debt when making your minimum payment each month.
They combine your payments. This comes in handy if you have debts across multiple credit cards.

Click here to read more on this story.

Bankruptcy Law, Timothy Kingcade Posts

Miami Bankruptcy Attorney Timothy S. Kingcade Receives the Prestigious AVVO Clients’ Choice Award 2018

Posted on March 5, 2018by Admin

MIAMI – (March 5, 2018) Managing Shareholder, Timothy S. Kingcade of the Miami-based law firm of Kingcade Garcia McMaken (www.miamibankruptcy.com) was recently honored with the 2018 AVVO Clients’ Choice Award. In order to achieve this honor, an attorney must have received five or more exceptional client reviews for the same year.

One of attorney Kingcade’s recent clients had this to say on AVVO: “If you are going through a bankruptcy, I highly recommend Timothy Kingcade. He is by far the best in Florida. Mr. Kingcade handled my case with the utmost care and expertise. He is exceedingly proficient and well versed in the bankruptcy laws. He is truly a pro! Mr. Kingcade will ensure that the laws will work for you–so you can get a fresh new start! After Kingcade & Garcia worked my case, in a span of only a few years, my credit score has rebounded immensely. From dismal lows, it has rocketed to 680 and even 700+ and going higher. I never had my credit score so high! I could not have done it without Mr. Kingcade and his Firm. I owe him much gratitude for his excellent work. If you’re going through a bankruptcy, do yourself a favor and give him a call.”

You can click here to read all of Miami Bankruptcy Attorney Timothy Kingcade’s client reviews on AVVO. Timothy has also earned a “Superb” 10.0 AVVO rating in the area of bankruptcy law, the highest rating an attorney can receive. The rating is calculated using a mathematical model, which takes into consideration the years an attorney has practiced law, their professional achievements, discipline history and industry recognitions. The rating is completely objective and unbiased. Attorneys cannot pay or petition the site to have their rating changed, which makes AVVO one of the most respected lawyer rating services in country and an invaluable legal resource for consumers.

Attorney Timothy S. Kingcade has been dedicated to helping thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. Timothy is a certified public accountant (CPA), which allows him to better understand tax-motivated bankruptcy cases against the IRS. Timothy’s vast experience and expertise in the area of bankruptcy law allow him to know what bankruptcy trustees in the Southern District of Florida are looking for, preventing his clients from some of the pitfalls that can lead to the dismissal of a bankruptcy claim.

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Miami-based Kingcade Garcia McMaken, P.A. was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade Garcia McMaken P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

The Key Differences between Secured Debt and Unsecured Debt

Posted on March 1, 2018by Admin

There are two main types of debt, these include: Secured debt and unsecured debt. Knowing the difference between the two can help you prioritize paying off your debts and keep your assets. Secured debts are tied to an asset that is considered collateral for that debt. Lenders place a lien on the asset, giving them the right to repossess it if you stop making payments on the loan. Examples of secured debt include a car loan and a home mortgage. A title loan is also a type of secured debt.

When it comes to unsecured debts, lenders do not have rights to any collateral for the debt. If you fall behind on payments or stop paying all together, the lender can generally not take any of your assets for the debt. The lender can take other actions against you to collect on the debt. For example, file a lawsuit against you and ask the court to garnish your wages. Unsecured debt can include credit card debt, student loans and medical bills.

So how do you know which debts to prioritize? Secured debts, those tied to a specific piece of property, are typically the best choice to pay first. These payments are often harder to catch up on if you fall behind and you risk losing essential assets, like your home or vehicle. Here are some ways bankruptcy can affect your debts– both secured and unsecured.

Related Resources:

https://www.thebalance.com/the-difference-between-secured-and-unsecured-debts-960181

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

What Happens to Your Home When Filing for Bankruptcy?

Posted on February 28, 2018by Admin

When a person files for bankruptcy, a common concern is whether he or she will be able to keep their home. If you are filing for Chapter 7 bankruptcy in Florida, you can use Florida bankruptcy exemptions to protect your property. Residents are provided unlimited exemptions for homestead, annuities, and the cash surrender value of a life insurance policy.

Whether or not a person who is filing bankruptcy under Chapter 7 can keep their home depends on how much equity they have in the home, as well as what state he or she is filing in. Every state has a different homestead exemption level, which sets the amount of home equity an individual may exempt from the assets being sold to satisfy creditors under Chapter 7. As long as the equity in the home is less than the amount allowed by state law in his or her state, the person filing for bankruptcy may keep their home.

Florida has one of the most generous homestead exemptions in the country. To use Florida’s exemptions, you must have resided in Florida for at least 730 days before filing your bankruptcy petition. To claim the full value of the homestead exemption in Florida, you must have owned the property for at least 1,215 days before the bankruptcy filing. Here are some of the most common Florida bankruptcy exemptions.

If you have any questions on the topic of bankruptcy exemptions or are in a 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Related Resources: http://info.legalzoom.com/happens-home-one-files-bankruptcy-24028.html

Bankruptcy Law, Credit, Debt Relief

Why Credit Card Debt is Bad for Your Health

Posted on February 21, 2018by Admin

The economy is improving and with that comes consumer confidence, increased spending and rising credit card debt. But while household income has grown over the past decade, so has the cost of living. This has caused many consumers to access lines of credit and utilize more credit cards. Credit card debt hit its highest point ever in 2017, surpassing $1 trillion, according to the Federal Reserve.

Close to 2 in 5 consumers who have been in credit card debt say it has affected their overall happiness, according to a recent study by NerdWallet. One-third said it negatively affected their standard of living, and 1 in 5 said it negatively impacted their health. Still, the average American has about three credit cards and a total balance of $6,375, up nearly 3% from last year, according to Experian’s annual study on the state of credit and debt in America.

There are steps you can take to deal with credit card debt with rising interest rates. Don’t let your debt cost you another sleepless night. Sit down with an experienced Miami bankruptcy attorney to discuss your options in greater detail. The consultation is free, the relief is real. 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Auto Loans in Chapter 7 Bankruptcy- Can you keep your Vehicle?

Posted on February 13, 2018by Admin

If you are considering filing for Chapter 7 bankruptcy, you may be wondering whether you will be able to keep your vehicle. Fortunately, it is possible to keep your vehicle and file for bankruptcy- even if you are still financing it. People with car loans have three options under Chapter 7 – they can reaffirm the debt, redeem or surrender their vehicle.

If you choose to reaffirm your car loan, you agree to continue making payments on the loan. You will need to fill out a Chapter 7 Individual Debtor’s Statement of Intention that lists your secured debts. Continuing to make on-time payments on the auto loan after bankruptcy will help rebuild your credit score quickly as these payments will be reported to the credit agencies.

If you choose to redeem your car, this will mean coming up with the money to completely pay off the loan. This option is oftentimes the most difficult of the three.

Surrendering the car allows a borrower to return the car to the lender in bankruptcy. This is a viable option if you realize you are not able to make your monthly payments and the auto loan has become too burdensome or you are upside-down on your auto loan. This option can essentially give you a second chance with a less expensive, more affordable car payment.