Bankruptcy Law

What Happens When You File for Bankruptcy? 

The bankruptcy process is meant to give consumers who are struggling financially a fresh start. However, many consumers hold off due to the fear of filing for bankruptcy, even if it is the best option. Bankruptcy cases have both positive aspects, as well as negative ones, that go along with beginning and successfully finalizing a case. It is important to understand how a bankruptcy case works before moving forward with filing so that the person filing knows what to expect.  

Automatic Stay 

One of the most positive aspects of proceeding with a consumer bankruptcy case is the automatic stay that accompanies the filing. As soon as a Chapter 7 or Chapter 13 bankruptcy case is initiated, an automatic stay of all collection efforts against the filer is issued. What this means is the consumer’s creditors are temporarily blocked from moving forward on collecting any outstanding debt. This stay also stops wage garnishments, foreclosures, or completion of legal collections cases. The purpose of the automatic stay is to give the consumer a chance to work with the bankruptcy trustee on determining how various debts should be handled. A creditor can file a request to continue collection even though an automatic stay has been issued, but they can only continue if the request is granted.  

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

Applying for a Mortgage After Bankruptcy

One of the biggest worries that filers have when proceeding with a bankruptcy case is how the matter will affect their ability to obtain financing in the future, including a mortgage for a new home. While a bankruptcy case does impact a person’s credit score, all hope is not lost for eventually being able to purchase a home and obtain a mortgage. It depends a great deal on the success of the bankruptcy case and the consumer’s financial habits after the case is closed.

A Chapter 7 liquidation bankruptcy case is a much faster bankruptcy route that takes several months to finalize, while a Chapter 13 reorganization bankruptcy case can take between three to five years to finalize. A Chapter 7 bankruptcy case can stay on a person’s credit report for up to ten years from the date of filing, while a Chapter 13 bankruptcy case can stay on a person’s credit report for seven years from the date of filing or ten years if the bankruptcy is not completed or discharged.

Bankruptcy Law, Lawyers in the News

Bankruptcy Attorney Timothy S. Kingcade Interviewed by The Miami Herald

With about one out of every nine Miami-Dade workers — and nearly one out of every six in Broward — still out of a job due to the coronavirus pandemic, a question lingers in South Florida: How long can the region stave off an even worse economic disaster?

After a rough start, Florida’s unemployment system has come online to furnish tens of thousands of local workers with as much as $875 per week in unemployment insurance — the state’s standard $275, plus an extra $600 through the emergency U.S. CARES Act passed in March. But Florida’s unemployment insurance lasts only 12 weeks. And the extra $600 from Congress is set to expire July 31. Greater Miami ranks as one of the hardest hit metros in the country, thanks to its reliance on a tourism industry that has instantly dried up.

Florida Super Lawyers, Kingcade Garcia McMaken

Miami Bankruptcy Attorney Timothy S. Kingcade Named a Florida Super Lawyer 7 Consecutive Years

MIAMI – Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken has been selected for inclusion in Florida Super Lawyers 2020, in the practice area of consumer bankruptcy. This is the seventh consecutive year Kingcade has been selected to the Florida Super Lawyers list (2014-2020). The designation means that he is a top-rated attorney as recognized by peers. The prestigious honor is awarded to only five percent of lawyers in the state.

Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 and Chapter 13 filings for the Southern District of Florida.  As an experienced CPA and proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of their rights under the bankruptcy laws to restart, rebuild and recover.

Florida Super Lawyers, Kingcade Garcia McMaken

Attorney Kristina Gonzalez of Kingcade Garcia McMaken Selected as a 2020 “Rising Star” by Florida Super Lawyers

MIAMI – Attorney Kristina Gonzalez of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken has been selected for inclusion in Florida Super Lawyers 2020 as a Rising Star in the practice area of consumer bankruptcy.

The list recognizes the top up-and-coming attorneys in the State of Florida. A select group of 2.5 percent of attorneys are named to the prestigious Rising Stars list.

Bankruptcy Law, Credit, Credit Card Debt, Timothy Kingcade Posts

Top Reason Americans Are Carrying an Average Credit Card Balance of Over $6,200

Credit card debt is a burden for many consumers. Most have a complicated relationship with their credit cards. On one hand, disciplined and modest use of a credit card to make certain purchases can help establish a good credit score. On the other hand, if the balance on a credit card is not paid in full each month, and on time, the balance can quickly spiral out of control.

According a recent study by CompareCards, American consumers are carrying an all-time high of $1.1 trillion in credit card and other types of revolving debt. This figure is up nearly 20 percent from where it was just ten years ago.

Bankruptcy Law

Steps to Take Prior to Filing for Bankruptcy

Before filing for bankruptcy, certain steps can be taken in advance to make the process go much smoother. No matter what financial situation a filer may be in prior to pursuing bankruptcy, it always helps to come up with a plan to protect his or her assets and make sure that the filer receives the highest level of debt relief possible. This planning can be done individually by the filer, but it is often best to sit down with a bankruptcy attorney to receive proper advice on what to do.

Stop Using Credit Cards.

One of the main reasons why many people end up filing for bankruptcy is due to credit card debt or other debt to pay for daily expenses. As soon as someone decides to file for bankruptcy, it is always recommended that he or she immediately ceases using their credit cards. Bankruptcy courts will view creating more debt when the person knows that it will never be repaid as a form of bankruptcy fraud.

Bankruptcy Law

Miami Bankruptcy Attorney Timothy S. Kingcade Receives the Prestigious AVVO Clients’ Choice Award for 2020

MIAMI – (January 16, 2019) Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy law firm of Kingcade Garcia McMaken has received the 2020 AVVO Clients’ Choice Award. To obtain this award, an attorney must receive five or more exceptional client reviews in the same year.  This is the sixth consecutive year Kingcade has been honored with this award.

One of attorney Kingcade’s clients had this to say on AVVO: Mr. Timothy Kingcade is not only a living encyclopedia in matters of bankruptcy law, but he cares for you on a personal level. He was very detailed in explaining every step of the way what I had to expect as we entered this legal process and made me feel like family, and the rest of the team were always there to support me whenever I needed help. I definitely recommend his law firm; believe me they are the best!!!