Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Bankruptcy Attorney Timothy Kingcade Discusses Bankruptcy Trends with South Florida’s Sun-Sentinel

Bankruptcy attorney Timothy Kingcade was recently quoted in the Sun-Sentinel and talked bankruptcy trends with workplace reporter, Marcia Pounds. The story was published on September 2, 2011 and discussed how the number of South Florida consumers filing for bankruptcy fell nearly 21 percent, to 2,690 in August, from 3,387 that same month in 2010.

Timothy Kingcade attributes this trend to a stalled home foreclosure process and people being unable to afford to file bankruptcy. “I see so many people who have been unemployed for 18 months. They say, ‘I need to file, but I need a job first,’ he said.

To read more on the story, visit:
http://www.sun-sentinel.com/news/palm-beach/fl-bankruptcies-august-2011-20110902,0,7289393.story

Since 1996 Timothy Kingcade has been helping people from all walks of life build a better tomorrow by taking advantage of their rights under bankruptcy protection laws. To compliment Attorney Kingcade’s extensive experience in bankruptcy law, he is also a certified public accountant (CPA), which provides him with a unique understanding of how to handle tax-motivated bankruptcy cases against the IRS.

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. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Student Loans go Unpaid as Younger Workers Face Difficult Conditions in the Labor Market

According to data from the Federal Reserve Bank of New York, 11.2% of student loans were more than 90 days past due and the rate was steadily rising. Only credit cards had a higher rate of delinquency at 12.2%. Younger workers have continued to face the most difficult conditions in the labor market. Workers between 20 and 24 years old have a 14.6% unemployment rate, compared to the national average of 9.1% recorded in July.

Student loan debt outpaced credit card debt for the first time last year and is likely to top a trillion dollars this year as more students go to college and a growing number borrow money to do so. According to reports, two-thirds of bachelor’s degree recipients graduated with debt in 2008, compared with less than half in 1993.

Education policy experts expect that the mounting debt may have extensive implications for the current student borrower. Individuals finishing or leaving school with a lot of debt, may find their choices to be different than the generation before them. Things like buying a home, starting a family, a business, and saving for their own children’s college education may have to be put on hold for those with insurmountable student loan debt.

Students who borrow to attend for-profit colleges are especially likely to default. They make up about 12% of those enrolled in higher education, but almost half of those defaulting on student loans. According to the Department of Education, about a quarter of students at for-profit institutions defaulted on their student loans within three years of starting to repay them.
To read more on this topic visit:
http://blogs.wsj.com/economics/2011/08/16/more-student-loans-are-past-due/?KEYWORDS=student+loans
http://www.nytimes.com/2011/04/12/education/12college.html?_r=1

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Debt Relief Companies Bending the New FTC Rules

Debt settlement companies do not have the best reputations. Horror stories of consumers paying thousands of dollars while receiving no benefit from these companies run rampant. Still, progress was made in September, with the Federal Trade Commission (FTC) imposing new regulations on debt relief and consolidation companies. These rules sought to protect vulnerable consumers looking to avoid bankruptcy and relieve their mounting credit card debt.
Essentially, the rules prohibited debt settlement companies from misleading consumers through advertisements that made outlandish claims through telemarketing, such as touting the ability to drastically cut or eliminate debts. Another important rule bans these companies from charging any upfront fees. Therefore, they are unable to collect any money before they have negotiated debts on behalf of the consumers.
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.

Credit, Timothy Kingcade Posts

Consumers Avoid Credit Card Spending This Holiday Season

As many consumers remain unemployed and are filing for bankruptcy at record rates, finding the extra cash for holiday shopping could prove difficult.
As we mentioned previously, fewer consumers will be turning to credit cards to purchase their holiday gifts this year. Financial experts say this trend will result in less spending overall, as consumers tend to spend less when they use cash than they would if they use credit. The good news is that many retailers are attempting to offset this revenue by offering sales and promotions.  However, how will the move away from spending affect our fragile economy? Without a doubt, the decreased spending will slow economic recovery. Still, while these responsible financial habits may thwart economic recovery in the short-term, economists say the “spend less, save more” mentality will benefit the economy in the long run. For example, consumers who save often have more money to spend in retirement. This can be a good situation for both the consumer and the economy.
Still, the financial security of the future seems quite far off for some struggling families. Many will become overwhelmed with the costs associated with the holidays, including food, decorations, gifts and travel. A director of an organization which provides debt and foreclosure counseling urges these individuals to be honest about their situations. She recommends telling family and friends there is a budget for the holidays, saying most people understand the holiday season is not about money and material possessions.
Source: The Salt Lake Tribune “Retailers brace for shopping shift away from credit cards,” Lesley Mitchell, 20 November 2010