Tag: Chapter 7 Bankruptcy

Bankruptcy Law, Credit, Timothy Kingcade Posts

What Debt is Dischargeable through Bankruptcy?

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Bankruptcy laws specify that only particular types of debts can be discharged through bankruptcy. Chapter 7 and Chapter 13 bankruptcy allow borrowers to eliminate their unsecured debts. Unsecured debts include items such as credit card debt, medical bills, utility bills, service bills, personal loans, payday loans and judgments. Secured debts which are backed by some form of collateral, like a house, and debts incurred through fraudulent activity, student loans, tax debts, child support and alimony are typically not dischargeable in bankruptcy.

When you hire Kingcade & Garcia, P.A. our attorneys will provide a complete evaluation and give you an honest and accurate assessment of your financial circumstances. We help clients analyze their finances and determine the best path to debt relief. This past year our firm handled more than 1,500 bankruptcy cases, bringing debt relief to individuals, families and business owners throughout South Florida. If you are struggling with insurmountable debt do not wait any longer, set up your FREE office consultation today by calling (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Florida consumers carry 3rd highest debt in country

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Over the past few months, we have heard a lot about Americans tightening their financial belts and using extra income to pay down debts. And for some, the post-holiday period is about paying off those Christmas bills. However, new numbers released by Equifax show that many consumers, especially those in Florida, are still carrying high credit card balances.

Equifax monitors credit throughout the country. The group’s recently released numbers indicate that consumers in Florida, California and Texas are maintaining higher credit card debt levels and people in other parts of the country. While these states face some of the toughest budget issues in the nation, so do their individual residents.

According to Equifax, Florida residents have $47.6 billion of collective credit card debt. This is the third highest total in the country. California ranks highest with $90.6 billion in debt, and Texas is number two with $48.8 billion in credit card debt. These states still have “a lot of debt to tackle,” as one senior vice president at Equifax put it.

Many individuals would like to pay down their credit card debt, but it seems that each month brings new financial challenges that stand in the day of reducing debt. When credit card debt becomes overwhelming, chapter 7 bankruptcy may be a good debt relief option. In this form of debt, consumers who cannot meet their financial obligations have an opportunity to discharge unsecured debt such as credit card bills.

CreditNet, “Many Americans still face serious credit card debt problems,” Thomas Astery, 28 Jan 2011

Bankruptcy Law, Credit, Timothy Kingcade Posts

Facing Challenges After Bankruptcy

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By the end of the year, more than 1.6 million people are expected to have filed for bankruptcy protection in 2010. Many of these consumers have been financially devastated by the recession and chose to start fresh in the new year by filing for Chapter 7 bankruptcy. While filing for bankruptcy provides debtors with relief from worry and debt, it is important to keep in mind that there may be small challenges in life after bankruptcy.
Those who chose to file for bankruptcy should find comfort in numbers. Not only is the bankruptcy rate the highest it has been since 2005, a wider range of individuals are choosing to file for bankruptcy protection. Many individuals filing for bankruptcy do not hold college degrees and earn less than $30,000 a year. However, this dynamic is quickly shifting. Last year, more than one-fifth of debtors filing for bankruptcy held a college degree, representing a 4.1 percentage-point increase from 2006. Also, according to the Institute for Financial Literacy, 9.1 percent of debtors seeking bankruptcy protection in 2009 earned more than $60,000. This is compared to 5.5 percent in 2006.
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.