Tag: debt relief

Bankruptcy Law, Credit, Debt Relief

Steps to Take if a Creditor Has Seized Your Bank Account

Posted on by Admin

If you owe a debt to a creditor or a collection agency, they can legally seize your bank account and take back what is owed. However, agencies are supposed to notify debtors about the lawsuit beforehand. Unfortunately, creditors can take everything in your bank account and leave you with nothing if it is the same amount or less than what is owed.

Although your options are limited, here are three of your best options at this point.

  1. File Bankruptcy. If a creditor seizes your account and you immediately file for bankruptcy, you may be able to recover some or all of the money that was in your account. In some states, you can “exempt” those funds that were seized from your bank and the creditor would be forced to return it.
  2. Contest the Lawsuit. You may be successful in contesting the lawsuit if you were not properly served.
  3. Stop using your Account. If the first two options fail, it may be in your best interest to avoid keeping funds in your bank account. Creditors may continue to seize your funds until the balance is paid in full.

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 attorneywho 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

Things Not To Do Before Filing Bankruptcy

Posted on by Admin

If you are considering filing for bankruptcy, the list of actions to avoid is just as important as the list of things to do before filing. If you do not avoid these simple decisions, it may prevent you from getting debt relief.

  • Do not transfer assets out of your name. Doing so raises huge red flags in bankruptcy court, particularly if the transferal of assets occurs right before bankruptcy filing. In some cases, hasty asset transfers may be illegal.
  • Do not use a credit card for large cash advances. Many filers choose to max out their credit cards before filing for bankruptcy because they fear losing credit later or they assume the debt will be discharged. However, if someone has no intention of paying money back, it is considered fraud.
  • Do not pay off a preferred creditor. Oftentimes, bankruptcy filers try to pay off debts with friends and family members before filing. However, bankruptcy court may make them give the money back so other creditors can get their share.
  • Do not make large purchases. It may seem like a good time to make large, expensive purchases since your debts are about to be discharged, however; the bankruptcy court may consider these purchases fraudulent.

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.

Credit, Debt Relief

3 Tips for Dealing with Credit Card Debt with Rising Rates

Posted on by Admin

The Federal Reserve announced earlier this year that it would begin withdrawing some of the trillions of dollars it has invested since the Recession began in 2008. Although the decision is a sign that the bank is confident in the continuation of economic growth, it also means that interest rates will continue to hike. At the recent policy meeting, central bank members decided to push the target range to 1.25 percent to 1.5 percent, raising the benchmark interest rate a quarter point. This means consumers’ credit card debt is becoming more and more expensive.

Below are three tips to help you reduce or eliminate your credit card interest before the Fed increases the rate again.

  1. Try a balance transfer from one credit card company to another. Typically, credit card companies will offer you competitive rates if you inquire about transferring a credit card balance. Companies often allow you to pay a low introductory rate for a specified number of months. Before completing a transfer, ask if there is a transfer fee, and make sure the transfer makes sense.
  2. Opt for a personal loan. In recent years, many consumers are taking out personal loans as an alternative to credit cards. Although the payments are typically higher, the loans have fixed terms of five years or less and force you to get out of debt much quicker. Another selling point of personal loans is that they have fixed interest rates, which means if the Federal Reserve raises interest rates, personal loan rates will not be affected.
  3. If all else fails, another alternative is calling your credit card company and simply asking for a lower rate. Your credit card company may not reduce your rate a significant amount, but every little bit helps in the long run.

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.

Related Resources:

https://www.forbes.com/sites/nickclements/2017/12/04/3-strategies-to-deal-with-credit-card-debt-in-a-rising-rate-environment/2/#3e811eed1b19

https://www.cnbc.com/2017/12/13/fed-hikes-rates-by-a-quarter-point.html 

https://www.nytimes.com/2017/09/20/business/economy/fed-bond-buying.html

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

4 Tech Tools to Help you Get Out and Stay Out of Debt

Posted on by Admin

According to the Federal Reserve Bank of New York, household debt has reached almost $13 trillion as of September 30, 2017. If you are hoping to get a handle on your debt in 2018, here are a few tech tools to help you reach your goal.

  1. Make a Payoff Plan: Unbury.Me

Unbury.Me is a free online tool that allows users to create an account, list all of their debt and map out a payment plan to suit their needs. The app allows users to either use the “avalanche” method, attacking the highest interest rate debt first, then moving to the second highest and so on or the “snowball” method, which focuses on the lowest balance first.

  1. Attack Debt Subconsciously: Qoins

Qoins rounds each of your purchases to the nearest dollar, then applying that cash to your student loan or credit card debt. Nearly $1 million in spare change has been saved since the app launched in January 2017. To sign up, you log in and link your financial account to begin saving.

  1. Meet Payoff Goals Via Savings Goals: Digit

A great strategy for paying off debt is being able to do so without having to think about it. Digit is an app that analyzes your spending habits to gauge the right amount of money to auto-save for your goals. It only transfers an amount it thinks you won’t notice and the cash is moved from your checking account to an in-app savings account. You can also set a goal amount for a certain debt and once you have saved that amount, it will notify and congratulate you.

  1. Avoid Future Debt by Rethinking Credit: Debitize

If your goal is to pay off credit card debt, it is a good idea to put your plastic in a drawer and lock away the key until you have reached your goal. If you have paid off your credit card debt or you are hoping to avoid accruing more debt, Debitize is an app that will help you avoid more credit card debt. The app enables users to think of credit more concretely by automatically withdrawing the funds to cover any purchase you make immediately – then paying off the balance on your behalf within a day or two. Users end up with a credit card balance of zero each month.

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

How to Shop Smart on Black Friday and Cyber Monday

Posted on by Admin

Whether you plan to shop online or hit the best black Friday deals, here are a few tips on how to shop smart this holiday season!

Do your homework now. It may seem like everyone has something on sale. However, research is key in finding the best deals. The first thing you need to do is make a list of the items you are hoping to purchase. Some retailers offer deep discounts on limited quantities or specific product models in order to lure in buyers. If you make a list, it may save you from buying something you don’t want, just because it is on sale. If you are looking for a specific item, check the price at multiple stores. Some retailers may be offering the same items for different sale prices.

Be tech savvy and take your time. Use the tools available on your smartphone, tablet or computer to track prices and make sure you are actually getting a bargain. Here are a few of the best apps and websites to help you save money on Black Friday.

  • CamelCamelCamel is available for Google’s Chrome and Mozilla’s Firefox web browsers. It tracks prices as they fluctuate on Amazon to make sure you are not leaping at a discount that is actually a small margin off a previously marked up price.
  • Invisible Hand is available for Chrome, Firefox and Apple’s Safari web browsers. It shows a discreet notification while you shop online that will alert you to a lower price at another retailer. It also has an iPhone app that you can use on the go.
  • Honey is another browser extension that automatically searches the web for coupon codes applicable to your purchases at online retailers before you check out. If it finds one, it will apply it to your cart to save you money.

Another option for online shoppers is to fill a cart, abandon it and then sometimes retailers will email you a coupon code or offer you free shipping on your order.

Don’t bother lining up. Unless you have a specific product in mind that has limited quantities, lining up all night is probably not worth it. Research suggests that almost any deal that you line up for on Black Friday will eventually be available online.

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, Foreclosures, Timothy Kingcade Posts

Richard Cordray Resigning As CFPB Director by December

Posted on by Admin

Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, recently announced in an email to his employees that he is resigning by the end of November. Cordray was nominated in 2012 by President Obama and was confirmed as the first official head of the CFPB the next year.

Under Cordray’s leadership, the CFPB supervised and enforced $11.8 billion in financial relief to consumers, including monetary compensation, principle reductions and canceled debt. The CFPB also spearheaded the lawsuit against Wells Fargo last year. The bank was ultimately forced to pay $185 million in fines after secretly opening phony accounts that were not approved by current customers.

Since President Trump has taken office, the CFPB has come under fire with some Republicans in Congress who believe the agency has too much power and no oversight. However, many in the democratic party such as Elizabeth Warren see Cordray as a tireless public servant. Warren said in a statement, “he held big banks accountable,” and “he will be missed.”

If you 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

Related Resources:

https://lendedu.com/news/richard-cordray-resigning-as-cfpb-director-by-december/

https://www.boston.com/news/politics/2017/11/15/heres-what-elizabeth-warren-said-about-the-expected-resignation-of-cfpb-director-richard-cordray

 

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Just How Often Do Debt Collectors Harass People? The Answer Might Surprise You

Posted on by Admin

According to the Consumer Financial Protection Bureau (CFPB), debt collectors are required to stop calling once an official request has been made to cease communication. However, approximately 75 percent of consumers who have asked for debt collection calls to stop say that the calls kept coming.

The CFPB released a report earlier this year that surveyed over 10,800 consumers in 2014 and 2015 about their recent experiences with debt collectors. They received approximately 2,000 responses that revealed that over one in four consumers have felt threatened by the debt collector that most recently contacted them. Although debt collection agencies are not allowed to abuse or harass consumers, many collectors do not play by the rules. Approximately 40 percent of consumers surveyed said they asked a creditor or debt collector to stop contacting them, however; only one out of four people reported the collector actually stopped.

Debt collection is a $13.7 billion industry in the U.S. and the most frequent topic of complaint fielded by the CFPB. Approximately 70 million people have been contacted by a creditor attempting to collect on a debt in the past year, according to the CFPB.

The CFPB recently issued proposed rules that would strengthen consumer protections by limiting how often debt collectors can contact consumers. The rules would also require these companies to get the details right and offer an easy dispute process.

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, Foreclosures

Life After Bankruptcy: Getting a Credit Card Again

Posted on by Admin

If you have recently filed for bankruptcy, you may be wondering about the possibility of getting a new credit card. Before you apply for a credit card, it is important to make sure you have a stable job and the ability to pay your other bills such as rent and utilities.

If bad financial decisions led to your bankruptcy, you may want to avoid getting a credit card for a while. However, if unexpected events such as a divorce or a job loss led to your money problems, you may be able to handle a credit card again.

Below are three important things to consider before filling out a credit card application:

  1. Timing is everything. Your bankruptcy must be discharged before you can get a credit card. Lenders will deny a line of credit during a bankruptcy proceeding because the account can be included in the bankruptcy. It takes approximately three months for debts to be discharged after the initial filing of a Chapter 7 bankruptcy. A Chapter 13 bankruptcy entails a three to five-year partial repayment plan and therefore takes much longer to be fully discharged.
  2. Weigh your options, good and bad. A recent bankruptcy will drag down your credit score for some time. As a result, you will likely receive credit card offerings from subprime lenders. Keep in mind that these credit cards typically come with higher interest rates and low limits. In addition, they typically require frequent fees that are much higher than most. A better option after a bankruptcy discharge is a secured credit card. This type of card is designed for consumers with bad or no credit. They are backed by a security you are required to put down. Secured cards have low limits and high interest rates but do not typically charge annual fees.
  3. Monitor your credit score. If you do get a secured card, do not spend more than 30 percent of the credit limit and pay off the balance every month. If you follow these two rules, your credit score should improve in time.

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, Debt Relief, Timothy Kingcade Posts

Key Differences Between Chapter 7 and Chapter 13 Bankruptcy

Posted on by Admin

There are two types of bankruptcy available to consumers who are struggling with insurmountable debt- Chapter 7 and Chapter 13 bankruptcy. Choosing the right one is critical to your success in eliminating your debt. Below is a comparison guide to help you best decide which bankruptcy is right for you.

Chapter 7 is a form of liquidation and it is often considered the most straightforward type of bankruptcy. Consumers are given a fresh start financially, oftentimes within three months of filing.  Contrary to the bankruptcy myths surrounding Chapter 7, it does not mean you will lose your home, your car and your retirement savings. In most Chapter 7 cases, filers do not have assets above the legal threshold, which is set by state law and therefore they do not have to give up anything.  If you are filing for Chapter 7 bankruptcy in Florida, you can use Florida bankruptcy exemptions to protect your property.

In addition, residents are provided unlimited exemptions for homestead, annuities, and the cash surrender value of a life insurance policy. The average Chapter 7 bankruptcy case lasts approximately three and a half months from filing to discharge. Approximately 96 percent of debtors who file under Chapter 7 receive a discharge of their debts.

When a debt is discharged, it is no longer legally owed. Unsecured debts such as credit cards and medical bills are typically dischargeable, with the exception of student loans. Secured debts such as mortgages or car loans are typically either relinquished or kept by continuing payments.

Chapter 13 restructures your debt into an affordable repayment plan. The debtor’s obligations are combined in one, regular payment calibrated to the debtor’s income.

Chapter 13 plans can last anywhere from three to five years, but most are five-year plans. Approximately 41 percent of debtors who filed under Chapter 13 received a discharge of their debts and another 10 percent first tiled under Chapter 13 and later converted to Chapter 7 and received a discharge that way.

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

What is Considered Harassment by a Debt Collector?

Posted on by Admin

According to the Fair Debt Collection Practices Act (FDCPA), debt collectors cannot harass, oppress or abuse consumers or anyone else they contact. Harassment by a debt collector can come in different forms.

Here are some examples of harassment:

  • Repetitious phone calls that are intended to annoy, abuse or harass you or any person answering the phone
  • The use of obscene or profane language
  • Threats or violence or harm
  • Publishing lists of people who refuse to pay their debts
  • Calling you without telling you who they are
  • Threats of arrest
  • Calling you before 8 a.m. and after 9 p.m.

If you have been harassed by a debt collector, you can sue for violations of the FDCPA. If you sue and win, the debt collector must pay your attorney’s fees and may also have to pay damages.

Debt collectors are also prohibited from using false, deceptive or misleading practices including misrepresentations about the debt.

Here are some examples of misrepresentations of debt:

  • The amount owed
  • That the person is an attorney if they are not
  • False threats to have you arrested
  • Threats to do things that cannot legally be done
  • Threats to do things that the debt collector has no intention of doing

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.

Related Resources:

https://www.consumerfinance.gov/ask-cfpb/what-is-harassment-by-a-debt-collector-en-336/

http://timothykingcade.com/?p=6622