Tag: Chapter 7 Miami bankruptcy attorney

Bankruptcy Law

What Is an Emergency Bankruptcy Filing and When Is it Used?

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An emergency bankruptcy filing is a streamlined process used in situations where the filer urgently needs to stop a creditor from collecting on a debt. It is often referred to as a skeleton bankruptcy filing because it is so simplified.

The filer receives the same benefits of the automatic stay that he or she would receive under a normal bankruptcy case, which puts an immediate halt to all collection activity. The emergency filing gives the same protection after completing certain online forms and submitting the remaining required documents later.

Credit Card Debt

Credit Card Debt Tops $1 Trillion

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Total credit card debt reached $1.03 trillion in the second quarter of 2023, according to the Federal Reserve Bank of New York.  That’s a 5% increase, or about $45 billion in consumer credit card debt. With student loan payments resuming in the fall, this can present challenges for borrowers going forward.

Not only are credit card balances higher, but more cardholders are also carrying debt from month-to-month, according to a separate Bankrate report, adding to the financial stress. Another rate hike by the Federal Reserve, which occurred last month, made the average credit card rate over 20%.

Foreclosure Defense, Foreclosures

Florida Second in the Nation for Evictions and Foreclosure Moves

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As the number of evictions and foreclosures have increased across the country, these types of legal actions have increased more in Florida. As a result, Florida now has the second highest rate in the country when it comes to evictions and foreclosures.

According to figures from ATTOM, American consumers are facing a significant increase in both evictions and foreclosures. They reported that a total of 324,237 foreclosures were in the court system in the U.S last year.

In 2022, a total of 204,000 American consumers reported that they were facing eviction or foreclosure in the U.S. During this year, the rate of evictions and foreclosures increased by 56 percent (56%).

Consumer Debt, Credit Score

Millions of Debt Collections Disappear from American Consumers’ Credit Reports

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Millions of debt collections disappeared from American consumers’ credit reports during the COVID-19 pandemic, according to reports from the Consumer Financial Protection Bureau (CFPB). Even though a large number of collections cases dropped off credit reports, overdue medical debt still remains a major consumer problem.

According to the CFPB, the total number of debt collection cases on consumer credit reports went from 261 million in 2018 to 175 million in 2022, dropping 33 percent (33%). Additionally, the number of consumers who had a debt collection on their credit report decreased by 20 percent (20%) between 2018 and 2022.

Legal Awards

Miami Bankruptcy Attorney Timothy S. Kingcade Receives the Prestigious AVVO Clients’ Choice Award 2023 for the 10th Consecutive Year

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AVVO Clients' Choice Award

MIAMI – (January 31, 2023) Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy law firm of Kingcade Garcia McMaken has received the 2023 AVVO Clients’ Choice Award. To obtain this award, an attorney must receive five or more exceptional client reviews in the same year. Kingcade has been awarded the Clients’ Choice Award 10 years in a row.

One of attorney Kingcade’s clients had this to say on AVVO:

The law firm is very much customer focused. In my case, I was referred by a previous client and the procedure to start working with them is easy and painless, they set an appointment and Mr. Kingcade himself interviewed me, precise, concise, and straight to the point. He made everything crystal clear. Then the information phase started, they asked for a list of documents and statements and gave me enough time to collect them all. In the end, the results were stellar. I can recommend Kingcade & Garcia from here to the moon. Excellent service! -J.G.A

Debt Collection

The Best Way to Dispute a Debt and Win

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Consumers facing debt collection often mistakenly assume that they have no choice but to pay the debt they are facing. This is in large part due to the communications they may be receiving from the debt collector. Debt collectors only receive payment from the original creditor when the consumer pays on the debt owed, which is why they will say and do anything possible to get the consumer to make payment. However, consumers do not always realize that they have the right to dispute a debt.

Successfully disputing a debt can be an intimidating concept, but it is possible to dispute the debt and win so long as the consumer knows what to say and what to ask when communicating with them.

Medical Debt

Major Credit Reporting Agencies to Remove Majority of Medical Debt from Consumers’ Credit Reports

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Beginning in July 2022, the three major credit reporting agencies, Equifax, Experian, and TransUnion, announced they will remove approximately 70 percent of medical collection debt from their credit reports.

Specifically, paid medical collection debt will be the debt no longer included on consumer’s credit reports. The hope behind these efforts is to allow consumers more time to address their medical debt with their healthcare providers and insurance companies prior to the debt being reported.

Consumer Debt, Consumer News

Survey Shows 1 in 5 Workers Run Out of Money Before Payday

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As the cost of living rises and inflation is at an all-time high, many American households have been pushed to the brink. According to a recent study from Salary Finance, 1 in 5 workers cannot make it from paycheck to paycheck.

As the cost of living continues to rise, many Americans are finding themselves struggling to make ends meet.  According to Salary Finance, approximately 20 percent of employees run out of money before their next paycheck. This is up five percent from the previous year.

student loan debt

A Divorce May Not Free You from your Ex-Spouse’s Student Loan Debt

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Most people assume that when they get a divorce, they will walk away free and clear from their spouse’s student loan debt. After all, it was the spouse who incurred the debt, so why should the other spouse be on the hook for this debt? Unfortunately, a divorce decree may not be enough to free someone from their ex-spouse’s student loan debt.

One reason a person might find themself responsible for their ex-spouse’s student loan debt has to do with joint consolidation. This federal program was short-lived, but many people took advantage of it while it was available. In fact, nearly 14,000 student loan borrowers participated in the joint consolidation program, which Congress ended in 2006. Joint consolidation allowed married couples to take their separate student loan debts and combine them into one monthly payment with a lower interest rate. However, once these debts are combined, it can be difficult to separate them in the event of a divorce.