Chapter 7 Miami bankruptcy attorney Archives - Page 12 of 12

A Consumer’s Rights When a Creditor Violates the Automatic Stay

Posted on February 15, 2018by Admin

The two most powerful tools in the bankruptcy code are the bankruptcy discharge and the automatic stay. U.S. bankruptcy law defines the automatic stay as an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from an individual who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code, the “stay” begins at the moment the bankruptcy petition is filed.

Automatic stay violations can be accidental or deliberate. Most of the time, it is the result of timing issues or lack of understanding of the law. When a bankruptcy case is filed, the automatic stay goes into effect immediately, but sometimes it can take a week or more for the creditor to find out about the case.

When timing is of the essence- for example, when trying to prevent a foreclosure from taking place, it is of extreme importance your attorney notify that particular creditor immediately after the case is filed.

It is not unlikely that you will continue receiving phone calls, collection letters or statements demanding payment in the mail. Even though these are violations of the automatic stay, in these situations it is best to direct all calls to your attorney. To prove the violation, you will have to show the court that the creditor acted willfully (i.e. – the creditor must know that the action it is taking is prohibited.)

We advise our clients to keep their filing information readily available, so they can provide the case number, name of the court in which the case is being filed, etc. to creditors who continue to call. If this is documented, and the calls continue, the creditors can be held accountable for violating the bankruptcy automatic stay.

Penalties for Violating the Automatic Stay

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. Damages can include out-of-pocket costs (e.g. – renting a vehicle to get to work if your car was repossessed); it can also include attorney’s fees and costs for having to bring the motion before the court, and even pain, suffering and mental anguish.

Our firm works to hold creditors accountable for violating the protections allotted by the U.S. bankruptcy laws. Just last month, 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.

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, 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.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

How long does bankruptcy stay on my credit report?

Posted on January 15, 2018by Admin

A common question you might have after filing for bankruptcy is how long will it remain on my credit report? When you file for bankruptcy, it is considered “public record” and is maintained by the court where the case was filed.

Under the federal Fair Credit Reporting Act, bankruptcies can be reported for 10 years from the filing date. The three major credit reporting agencies will remove Chapter 13 bankruptcies seven years from the date the case was filed. This type of bankruptcy involves paying some or all of the debt back over time.

Chapter 7 is a more straightforward bankruptcy and eliminates almost all unsecured debts, including credit card debt and medical bills allowing consumers to gain a fresh start financially. Chapter 7 bankruptcy can remain on a consumer’s credit report for up to 10 years.

However, there are ways to speed up the removal process. Removing a bankruptcy requires filing a separate dispute with each of the three major credit bureaus. This dispute can either be over inaccurate information in your credit report or an inquiry to the credit bureau about how your bankruptcy was verified. This process is lengthy, but it can be worth it.

While you are waiting for your bankruptcy to be removed from your credit report, make an effort to rebuild and improve your credit. It is a bankruptcy myth that you cannot rebuild your credit after filing for bankruptcy. Make sure you have accurate and positive credit information moving forward.

If you have any questions on this topic 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 website at www.miamibankruptcy.com.

Related Resources:

http://blog.credit.com/2013/04/when-can-i-get-a-bankruptcy-off-my-credit-report-65750/

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Filing for Bankruptcy: Important Things You Need to Know

Posted on October 31, 2017by Admin

For any individual or company contemplating filing for bankruptcy, the decision should not be taken lightly. It is important to understand what to expect once you initiate the process. Here are some important things you need to know before filing:

Types of bankruptcy. Chapter 7 and Chapter 13 are the two basic options individuals have when filing for bankruptcy. There are key differences between the two and choosing the right one is critical for the success of your bankruptcy case. Chapter 7 bankruptcy is a liquidation form of bankruptcy that can discharge all or most of your debts. Chapter 13 bankruptcy is a form of reorganization that involves creating a payment plan to pay back creditors over a period of time. This process can take between three and five years. Businesses can file for Chapter 7 bankruptcy, but at the end of the process the business will cease to exist. The most popular type of business bankruptcy is Chapter 11, which allows businesses to reorganize their debts and continue operating.

Bankruptcy is not free. Some people are surprised to hear this. As opposed to a straightforward Chapter 7 bankruptcy, the cost of filing Chapter 13 bankruptcy is typically more because it is stretched out over the course of several years. You cannot go wrong scheduling an appointment with an experienced bankruptcy attorney to discuss the best path for your financial future. Many offer FREE consultations and Saturday appointments to best assess your financial situation and provide guidance moving forward.

Bankruptcy does not eliminate all of your debts. Bankruptcy will discharge your unsecured debts, such as medical bills, payday loans, outstanding utility bills, and credit card debt, but it will not eliminate the following:

Student loans
Alimony
Child support
Taxes
Real estate liens

You will also have to attend something called a meeting of creditors before completion of the bankruptcy process. Creditors have one final opportunity to dispute the discharge of any debts that you owe.

When in doubt, meet with a professional. How do you know if filing for bankruptcy is right for you? It can be difficult to make this decision without consulting with an experienced bankruptcy attorney, first. Receiving this professional guidance can help ensure you will take the right financial steps, complete all of the proper forms and avoid doing anything that could disqualify you from getting your debts discharged.

Related Resources:

https://www.forbes.com/sites/larrymyler/2017/10/03/filing-for-bankruptcy-3-most-important-things-you-need-to-know/#81d8d257fe66

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Credit Stress? Here are 5 Ways to Negotiate with Your Credit Card Company

Posted on October 27, 2017by Admin

Opening up a credit card statement each month can be a daunting task. However, negotiating the terms of your debt with your credit card company is not as hard as you think. If you take the right steps, you will be surprised at how eager some banks and credit card issuers are to work with you.

Here are five things to keep in mind when negotiating with credit card companies.

Go right to the top. When you call your credit card company to negotiate the terms, ask to speak to a manager right away. Be polite and assure the representative there is not a problem. If the representative asks you if there is a way for them to help you, explain what you are trying to accomplish.
Request a due date change. An easy adjustment to make to your credit card terms is to simply change your payment due date. Most credit card companies are willing to move the date to help increase timely payments. If you consistently make late payments, it would be in your best interest to request a more suitable date.
Bargain for a lower interest rate. Have you been getting some competitive offers from other credit card companies? If so, you may be able to use the offers as a bargaining tool. Before you go to your credit card company, make sure you jot down all the perks, interest rates and other benefits that you would be getting if you switched cards. Your credit card company most likely will not want to lose you as a customer and will be willing to work with you.
Request a late payment fee waiver. If you have a responsible payment history with your company, they may be willing to waive late fees. If you consistently make late payments, they will likely suggest you sign up for automatic payments.
Negotiate to get the annual fee removed. Some credit card companies charge as much as $95 per year in annual fees in exchange for a few perks. When you signed up for your card, the annual fees may have worked in your favor because of the benefits you received as a cardholder. However, it may be time to reevaluate whether or not the benefits, such as cash back rewards and travel points, are outweighing the annual fees.

Click here to read more on this story.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Medical Debt the leading cause of Homelessness in South Florida

Posted on October 10, 2017by Admin

Even with Obamacare still intact, a number of Floridians remain without health insurance. Census surveys say that Florida has one of the highest uninsured populations in the nation, and of the top 25 metro areas, Miami ranks at the bottom three for healthcare coverage.

Medical debt now tops the list of reasons people become homeless in South Florida, according to a recent study. Drug addiction and mental health issues round out the top three.

The recent statistics come from addictions.com, where survey takers conducted in-person interviews with homeless people in South Florida this past July. Interviewees overwhelmingly attributed hospital bills they could not pay or an addiction they could not overcome to the fact they were living on the streets.

Broward County’s homeless population has grown 6 percent since last year. Of those surveyed, 42 percent said they had suffered a head injury and 33 percent said they had been beaten at one point while homeless.

In a number of states, the homeless have been helped by the expansion of Medicaid, and were able to receive healthcare for the first time in years. Not the case in Florida, where state leaders denied the expansion of the program to cover 650,000 low-income residents.

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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief

Record High Credit Card Debt Exceeds Previous Numbers Set Prior to the 2008 Recession

Posted on August 16, 2017by Admin

U.S. credit card debt is just over $1 trillion, exceeding the previous high set in April 2008 right before the Great Recession. The average amount of credit card debt per household is $9,600. That equals about 17% of the average U.S. household income. Since the average interest rate on a credit card is 16%, and about 24% for those with “less than perfect” credit, that debt grows between $1,600 and $2,300 each year.

A recent survey found millennials’ knowledge on credit card use troubling. A few millennials (6%) actually believe that missing a credit card payment would “improve” their credit rating. 17% said missing a card payment would have no effect on their score. Some 36% have maxed out credit cards and 48% carry card balances over to the next month, paying high interest rates and other monthly fees.

Click here to read more on this story.

If you have any questions on this topic 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, 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

New Payday Loan Regulations for Lenders

Posted on July 27, 2017by Admin

Online lenders are now required to advertise on at least one price comparison website and display “prominently” a link on their own website to a price comparison site. A cap on payday loan costs is also being enforced. The Competition and Markets Authority (CMA), say the new rules are a win for consumers and will allow them to compare loans more easily and establish the best value. Borrowers will also be provided a clear explanation of the fees and charges, making it easier to determine the costs of missing payments.

We never advise clients’ resort to taking out payday loans, as this are an extremely costly way to borrow money. We have identified alternatives to payday loans in another blog on this same topic.

Click here to read more about this story.

If you have any questions on this topic 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, 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Bankruptcy & Divorce: Which comes first?

Posted on July 14, 2017by Admin

Going through a divorce can be stressful enough, but when you pile on financial issues the effects can be overwhelming. Your financial situation can be greatly affected by a divorce, as divorce is commonly cited as the leading cause of bankruptcy. Here are some important facts you should know when it comes to bankruptcy and divorce.

Do not file for divorce and bankruptcy at the same time. This is for the sake of simplicity. People typically file bankruptcy before divorce for several reasons. Once you file for bankruptcy an “automatic stay” is put in place. This is a court order that prohibits creditors from contacting you and protects your property and assets. This hold is in effect throughout the bankruptcy process.
Chapter 7 bankruptcy is ideal for a quick divorce. One of the benefits of filing for Chapter 7 is the timeline. A Chapter 7 bankruptcy typically eliminates all dischargeable debts within three to six months, allowing you to file for divorce relatively soon after. In comparison, a Chapter 13 bankruptcy establishes a three- to five-year payment plan for you to pay off your debt, which can drag your divorce out longer.
Conditions of Bankruptcy. Abiding by the rules listed in the Bankruptcy Code is critical for having your debts discharged. A Chapter 7 discharge may be denied if the debtor:

Fails to provide requested tax documents;
Hides property for the purpose of defrauding creditors;
Destroys financial books or records;
Commits perjury in connection to the bankruptcy case;
Violates a court order;
Fails to complete the mandatory credit counseling course.

Bankruptcy and divorce are chances for you to make a fresh start for you and your family. However, both of these processes can be extremely complex and detailed in nature. You should consult with an experienced bankruptcy attorney and have a strong divorce attorney on your side who can guide you through the process and obtain the most successful outcome for you.

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, 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 website at www.miamibankruptcy.com.