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Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

Slow Hiring – The Reason for Many Jobless Claims

Posted on February 14, 2013by Admin

Last week, unemployment claims fell slightly. However, jobless claims seem to be driven by slow hiring. According to the Labor Department, first-time jobless claims fell last week to 366,000 from 371,000 the previous week. First-time jobless claims are extremely important to the economy because they are considered a proxy for layoffs. Over the last month, jobless claims have bounced around, making the state of the job market recovery unclear to economists.

January’s early jobless claims plummeted to a five-year low, but have shot back up in the past few weeks. Currently they are hovering in the same range they have been for most of the last year, between 350,000 – 400,000 per week. According to an economist at BMO Capital Markets, businesses are still extremely cautious about hiring new employees. The Labor Department also records people who file continuing unemployment claims. During the week ending January 26th, 3.2 million people filed continuing unemployment claims.

To read more on this story visit: http://money.cnn.com/2013/02/07/news/economy/unemployment-benefits/index.html

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.

Bankruptcy Law, Timothy Kingcade Posts

U.S. Postal Service to Stop Saturday Deliveries – How it Will Affect You

Posted on February 12, 2013by Admin

The U.S. Postal Service announced last Wednesday that it would stop delivering letters on Saturdays, effective August 5, 2013. The Postal Service will still deliver packages on Saturdays and post office locations will remain open. However, mail in the form of letters will not be delivered to home addresses. Also, letters delivered to post office locations will no longer be processed on Saturdays.

Consumers will be urged to be more careful about paying their bills, if they typically pay them via mail. Credit card issuers have to set a payment deadline at least 21 days from the time they mail the cardholder’s statements. The new Postal Service hours might mean that consumers receive their statements two days later and must send in their payments two days earlier. Only approximately 23% of bill payments are made with a check according to a research firm called Fiserv. However, this percentage still accounts for billions of checks.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Senate Proposes Bankruptcy Option for Private Student Loan Debt

Posted on February 5, 2013by Admin

Last Wednesday, Sen. Dick Durbin unveiled a proposal that would give student loan debtors an option for bankruptcy. The proposal targets former students who have loans through private lenders such as Sallie Mae, Wells Fargo Corp. and Discover Financial Services. The proposed bill does not apply to federal education loans, which make up more than 80% of the $1 trillion in outstanding student loan debt.

Currently, Federal law prohibits private or federal student loans from being discharged in bankruptcy court, except in rare cases. Consumer advocates believe this to be the reason that many borrowers are unable to unload their student debt. In many cases, student loan debt is so high; there is little hope the borrowers will ever repay them. Other types of major consumer debt including mortgages, credit cards and auto loans are all dischargeable in bankruptcy court.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

6 Great Credit Cards to Rebuild after Bankruptcy

Posted on January 31, 2013by Admin

Many Americans are struggling to redeem their pre-recession credit scores. Whether you have recently filed for bankruptcy, been foreclosed on by your bank or simply struggled to pay your bills, rebuilding your credit score can be a long process. Below are six great credit cards to help you rebuild your credit score:

1. Navy Federal Credit Union nRewards Card: According to credit card expert Beverly Harzog, this is one of the best credit cards for rebuilding a credit score. You must be in the military or related to someone who is in the military to be eligible for this card. This card has no annual fee and the percentage rate is a variable 8.9%. It has a 25 day purchase grace period and it reports to the three major credit bureaus: Equifax, Experian and TransUnion.

2. Citi Secured MasterCard: With this card, you will earn a 1.01% annual yield because Citi invests your money in an 18-month certificate deposit of savings account. The annual fee is $29 per year, which is very low. This card is best for those who do not typically carry a balance because the variable APR is very high.

3. Capital One Secured MasterCard: This card also has a very high variable APR at 22.9%, but a low annual fee. A positive feature of this card is that the bank supplies cardholders with a credit-monitoring tool so that if you are struggling with your score, you can monitor it closely with this card.

4. Wells Fargo Secured Card: This card has a very low annual fee of $25, but it has a high APR of 18.99%. If you use this card responsibly, Wells Fargo will consider you for an unsecured credit card.

5. US Bank Secured Visa Card: Similar to Wells Fargo, this secured card can put you on the track to an unsecured credit card. Responsible card users can qualify for an unsecured card from US Bank in as little as 12 months.

6. Platinum Zero Visa Card from Applied Bank: Cardholders should be aware of the $9.95 monthly maintenance fee on this card. However, if you typically carry a balance on your card, this one is ideal for you. This card charges 0% interest on purchases and there is no credit check required.

To read more on this story visit: http://money.msn.com/credit-cards/6-great-cards-for-rebuilding-credit

Bankruptcy Law, Timothy Kingcade Posts

Casey Anthony Files for Bankruptcy in Florida

Posted on January 30, 2013by Admin

Casey Anthony filed for Chapter 7 bankruptcy protection last Friday in Florida. Anthony claimed approximately $1,100 in assets and $792,000 in liabilities. Her listed debts included: $500,000 for attorney fees and costs for her criminal defense lawyer during the trial; $145,660 for the Orange County Sheriff’s office for a judgment covering investigative fees and costs related to the case; $68,540 for the IRS for taxes, interest and penalties and $61,505 for the Florida Department of Law Enforcement for court costs. Her legal debt accumulated when she was on trial for the murder of her daughter, Caylee. Anthony was acquitted of killing Caylee in 2011, however she is currently unemployed, with no recent income.

Aside from her financial troubles, Anthony is also facing a defamation lawsuit. Among many other civil suits, the defamation suit was brought forth by Zenaida Fernandez-Gonzalez in the Orange County Circuit Court. Fernandez-Gonzalez claims that Anthony defamed her when she told the detectives that a baby sitter with the same name kidnapped Caylee in 2008.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Top 7 Financial Resolutions for 2013

Posted on January 1, 2013by Admin

Today marks the first day of 2013 and for many this is a time for making New Year’s resolutions. For some people, the resolution might be to improve their health or stop smoking, but for many this marks a time to make financial resolutions. To get your economic house in order, begin with these seven mantras:

1.) Start an emergency fund: Only one in four American households have an adequate emergency savings cushion. It’s recommended that the money be taken directly out of your paycheck or checking account so you will never miss it. The first priority should be building up three to six months’ worth of expenses in an emergency fund.
2.) Stop paying bank fees: As most people are aware, banks are trying to make up for lost revenue, so they charge on everything from monthly maintenance to overdraft protection. A May, 2012 Pew study reported that the average overdraft fee is $35, and said big banks charge an average of $117 per year. Opt for an online bank, a community bank, or a credit union—the only place you will find hassle-free, no-fee checking.
3.) Save for retirement: Whether you are 25 or 45, most people are not saving enough for retirement. Since the retirement contribution limits for IRA’s and workplace retirement programs both increase in 2013, there is room for everybody to save more for retirement this year than they did last year.
4.) Pay off your debt: According to a recent study by CardHub, credit card debt hovers around $6,700 per household. This does not include debt that people have defaulted on but are still responsible for. Pay down high-interest credit cards first, as less of the dollar will be going toward interest and more to the principal.
5.) Make a budget: People often shy away from this because they find it trivial or tedious, but it’s a necessity and will help you decipher between luxuries and necessities in your spending habits.
6.) Build your credit score: This is important, because the better your credit the more you can take advantage of rewards and zero percent introductory interest rates.
7.) Talk about money with your partner/family: Most people shy away from this because it can be uncomfortable. But it doesn’t have to be. Check in with your family members to see what plans they have in place to protect their heirs and assets. Make sure that your family is provided for in the unlikely event that you are injured.

To read more on this topic visit: http://abcnews.go.com/Business/top-financial-resolutions-2013/story?id=18026466

Bankruptcy Law, Credit, Timothy Kingcade Posts

Four Common Credit Card Mistakes

Posted on December 31, 2012by Admin

Credit cards are a great way to improve your credit score; however simple missteps in your credit card use can ruin your credit and leave you with unmanageable debt. Many people first encounter credit card trouble when they opt for short-term benefits and ignore the big picture. Cardholders are frequently enticed by flashy marketing campaigns and as a result, ignore the fine print terms of their cards.
Below are four common cardholder mistakes:
1. Credit card companies frequently offer signing bonus points to prospective cardholders. The majority of consumers do not read the fine print stating that a certain amount must be spent in a certain amount of time to receive these benefits. Consumers should be weary of increasing their spending to receive bonus points.
2. Credit card companies that use bonus points most likely have higher annual fees. A commonly used marketing tool is to waive this fee for the first year of card use. Consumers tend to disregard the fee since the first year is free and may not be able to afford it later.
3. If a cardholder is racking up interest on a card and having a hard time paying it off, it is not uncommon for them to transfer the balance to another card. Many consumers do so in order to receive a 0% introductory rate. In some cases, consumers skim the fine print and do not realize the interest on the card will be retroactive. Transferring balances from one card to another can also have a negative impact on consumers’ credit scores.
4. Department stores have been offering up discounts at the register in exchange for signing up for a store card for years. Oftentimes feeling rushed, it is common for consumers to overlook the fine print and sign off on inflated interest rates. Store card interest rates are rarely anything less than double digits; therefore consumers should forgo the discount!
To read more on this story visit: http://money.msn.com/credit-rating/4-costly-credit-card-missteps?page=2
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.

Bankruptcy Law, Timothy Kingcade Posts

Can Bankruptcy Eliminate Some of my Divorce Debt?

Posted on December 28, 2012by Admin

Many people who have gone through a divorce find themselves left with unmanageable debt. Bills that you once easily paid can be impossible for you to afford with only one income. An added stress is that you may also be required to pay alimony or child support. ‘Support’ payments can take a large amount of your monthly income. Unfortunately, these debts are not typically eliminated through any type of bankruptcy. However, if you are struggling to keep up with your other bills, bankruptcy may be the best option to help you get a handle on your other finances.
According to Section 523(a) of the Bankruptcy Code the following debts are non-dischargeable through bankruptcy:
• Certain types of taxes and particularly taxes where the debtor filed a fraudulent return.
• Debts which the debtor did not list in his/her bankruptcy papers
• Debts for a domestic support obligation arising from a divorce or other family law situation
• Property settlements arising from a divorce or other family law situation
• Most fines and penalties payable to a government unit
• Student loan debt
• Personal injury claims arising from the use of drugs or alcohol
• Criminal restitution
• Condominium or homeowner association assessments due after the debtor files for bankruptcy
Oftentimes debt that is shared between spouses will still be shared debt after a divorce. As a result, if one spouse files for bankruptcy, the creditors will expect the other spouse to fulfill the debt that was once shared. This can send the other spouse into bankruptcy as well. For this reason, couples are urged to file for bankruptcy before filing for divorce, in order to divide assets properly.
To read more on this topic visit: http://www.alllaw.com/articles/family/divorce/article62.asp
Or visit: http://bankruptcy.lawyers.com/consumer-bankruptcy/Personal-Bankruptcy-and-Divorce.html
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

TaxMasters Inc. is the Latest Tax Representation Firm to File for Bankruptcy

Posted on March 22, 2012by Admin

It was announced recently that another tax representation firm, Houston-based TaxMasters Inc., will file for bankruptcy. The company spent millions of dollars in TV advertising promising taxpayers’ resolution from their IRS debt, but was rarely able to deliver on its promise. Texas and Minnesota have both accused TaxMasters Inc. of “deceptive tax practices.”
TaxMasters Inc. is just the latest tax representation firm to file for bankruptcy. Months earlier, J.K. Harris filed for bankruptcy after a number of lawsuits were filed against it by multiple states’ attorneys general and taxpayers. Like TaxMasters, J.K. Harris also advertised the ability to relieve consumers of their tax debts to the IRS.
Another similar case was the one involving Roni Deutch, also known as the “Tax Lady,” based out of California. After a California attorney general filed a lawsuit against Deutch in 2010 citing similar allegations, Deutch eventually surrendered her license to practice law and filed for bankruptcy.
Americans struggling with debt owed to the IRS are not encouraged to utilize tax representation firms due to their history of charging outrageous fees and their lack of success. Instead, consumers and businesses with outstanding tax debt are encouraged to contact the Taxpayer Advocate Service sector of the IRS, or a certified lawyer or CPA. There are affordable payment plans available to those who owe $50,000 or more to the IRS and in some extreme cases; it is possible to receive an “offer in compromise,” due to extenuating circumstances.
To read more on this story visit: http://www.forbes.com/sites/janetnovack/2012/03/18/owe-the-irs-taxmasters-bankruptcy-shows-why-not-to-get-help-from-tv-pitchmen/.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. website at www.miamibankruptcy.com.

Credit, Timothy Kingcade Posts

8 Ways to tell if a Debt Collector is a Scammer

Posted on March 16, 2012by Admin

If someone calls to collect payment on a debt you were unaware of, it’s important to ask the following questions to ensure you are not getting scammed.
1.) Basic Information: Whether the collection caller is attempting to collect on a real debt or if it’s a scam, the caller is going to ask you questions. Make sure and ask some of your own. A real collector is going to provide you with the company name, address and phone number. Scammers will likely refuse to give you this information.
2.) Get Confirmation: A genuine debt collector has five days from the first phone call to send you written confirmation of the debt. That confirmation letter should be more than a demand to pay. It should also spell out some of your rights and include information on the collection agency, such as the company name, mailing address and phone number.
3.) Verify that the agency exists: Input the company name and/or phone number into an Internet search engine. Have there been any complaints against them? Confirm that the company is licensed or allowed to work in your state. Some scammers will claim to be from genuine collection firms or attorney’s offices. Contact your state attorney general’s office or department of consumer affairs and verify this- and most importantly, do NOT disclose any personal information to them.
4.) Pull your credit report: Credit reports provide a quick snapshot of your current debts. If someone calls and says you owe money and it is not listed on your credit report, it’s like to be a scam. Consumers should be checking their credit reports at least one a year. You can get each of your three reports free every year at AnnualCreditReport.com or by calling 877-322-8228.
5.) Check your state’s statute of limitations: If the statute of limitations has expired, the collector cannot make you pay. In addition, seven years after you went into default, the debt has to come off your credit report — even if it’s sold to collectors. No matter who owns it or when they bought it, it cannot be listed on your history or used to compute your credit score.
6.) Send for verification of the debt: After you’ve been contacted by a debt collector, you have 30 days to demand proof that it’s a real debt and that it belongs to you. If the debt isn’t an outright con, you want verification. As a return address, consider using a post office box or office address instead of your home address to protect your home address.
7.) Make sure you get real proof: The verification you receive could take many forms. It could be a copy of your contract with the original creditor, a copy of the charge-off statement or an invoice from the original creditor. Or it could simply be information about the debt, such as the original creditor’s name, the account number, charge-off amount and current balance. The collector should also be able to furnish at least the last four digits of your Social Security number.
8.) Determine if it’s yours—and theirs: When you receive the verification information, read it carefully. Check the billing address, the styling of your name, the middle name or initial listed and even designations like “Jr.” or “Sr.” If anything is off, it could be a case of mistaken identity or a scam. You also want to make sure the debt is being handled by the agency that contacted you.
To read more on this story visit: http://money.msn.com/debt-management/is-that-debt-collector-a-scammer-bankrate.aspx.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. 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.