Tag: debt

Bankruptcy Law, Credit, Timothy Kingcade Posts

“Dance Mom’s” Star Emerges from Bankruptcy

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It turns out that even celebrities can find themselves facing financial trouble. The popular “Dance Mom’s” star, Abby Lee Miller recently emerged from bankruptcy. The dance instructor, who owns a studio in Pittsburg, filed for bankruptcy on December 3, 2010, claiming assets of about $325,000, but owed more than $400,000.

According to legal documents, Miller got into financial trouble when she fell behind in real estate taxes and her property was nearing foreclosure. She also claimed that business had slowed down at her dance studio. Shortly after filing bankruptcy, the reality show “Dance Moms” which debuted in July, 2011, became her saving grace. Her case was officially discharged on New Year’s Eve and her lawyer confirms that all creditors were paid in full.

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If you are in a financial crisis and are considering filing 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, Timothy Kingcade Posts

Ways to Pay Down Holiday Debt Quickly

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With the New Year approaching, many of us are inspired to examine our finances and get our debt under control. Below are some ways to pay down debt you may have accrued over the holidays.

• Create a list. Make a list of holiday expenditures that were paid for with a credit card. Separate the list by credit card and prioritize the debt based on interest rates. Plan on paying the cards off with the highest interest rates, first.

• Stop using your credit cards. Leave the cards at home while you are out to avoid temptation. Even if you earn reward points by using them, stop putting expenditures on these until your finances are under control.

• Use your Christmas bonus check. If you received extra money from your place of employment for the holidays, put it towards your debt. Avoid the temptation to spend it on a luxury item or vacation.

• Sell unwanted gift cards. You can sell your unused gift cards for cash at an online marketplace and use this money to pay off holiday debt. Make sure you read the fine print on each site before doing this.

• Sell unwanted gifts or personal items. Take inventory of personal items and unwanted gifts to sell on sites like eBay or Craigslist. Take quality photos and write captivating descriptions to sell these items quickly.

• Save money by transferring balances. If you are eligible for any 0 percent interest credit card offers, consider transferring your holiday debt over to one of those cards. Make sure you know how much you will be paying in balance transfer fees.

• Make a weekly payment. Do not wait until you receive your statement in the mail. Be proactive in making your debt payment. Have a goal to make weekly payments, instead of monthly payments.

• Change your spending habits. Be prepared to cut back. Tighten your grocery budget and keep household expenditures low. Keep track of how much you are saving each week/month.

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If you are in a financial crisis and are considering filing 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, Timothy Kingcade Posts

Casey Anthony’s Debts Discharged in Bankruptcy

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Bankruptcy Judge K. Rodney has ruled that Casey Anthony’s debts will be discharged- except those relating to student loans and criminal fines. Anthony filed for bankruptcy in Florida earlier this year, claiming about $1,000 in assets and $792,000 in liabilities. Court papers list her as unemployed, with no recent income. Most of her liabilities are related to legal bills. Anthony has been in hiding since she was acquitted of murder in 2011 in the death her 2-year-old daughter, Caylee.

Texas Equusearch Mounted Search and Recovery will be allowed to have an unsecured claim of $75,000 in Anthony’s bankruptcy case under the terms of the settlement.

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If you are in a financial crisis and are considering filing 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.

Foreclosures, Timothy Kingcade Posts

Mortgage Forgiveness Debt Relief Act Set to Expire: Underwater Homeowners will likely Face New Tax Bill

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Beginning in January, homeowners with “underwater” mortgages will likely face a new tax bill if they sell their house, modify their mortgage or lose their home in foreclosure. The 2007 federal law that waived income taxes on unpaid mortgage debt is set to expire December 31, 2013.

Without the waiver, homeowners will be forced to pay income taxes on any mortgage amount forgiven by the lender, including foreclosure. Homeowners also will have to pay tax on mortgages that are unpaid because of a short sale or a loan modification, which lowers monthly payments. So this means that a typical homeowner who sells a house for $100,000 but still has a $200,000 mortgage could face a tax bill of $28,000.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Credit, Foreclosures, Timothy Kingcade Posts

Trend Alert: U.S. Mortgage Trouble Threatens

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Mortgage trouble threatens as U.S. borrowers are reportedly missing payments on home equity lines of credit taken out during the housing bubble. The loans are a problem now because many are hitting their 10-year anniversary, at which point borrowers usually are required to start paying down the principal on top of the interest, they have been paying all along.

This trend could deal another blow to the country’s biggest banks, as more than $221 billion of these loans from Bank of America Corp, Wells Fargo & Co, Citigroup Inc, and JPMorgan Chase & Co will hit this mark over the next four years. Approximately 40 percent of the home equity lines of credit are now outstanding. This shift could more than triple the average consumer’s monthly payment. Another problem, these loans usually carry floating interest rates.

For example, a consumer with a $30,000 home equity line of credit and an initial interest rate of 3.25 percent would see their required payment jumping to $293.16 from $81.25, analysts from Fitch Ratings calculate.

Banks aggressively marketed home equity lines of credit before the housing bubble burst. Big banks, including Bank of America Corp, Wells Fargo & Co, Citigroup Inc, and JPMorgan Chase & Co have more than $10 billion of these home equity lines of credit on their books each, and in some cases more than that.

That is why the loans are starting to be problematic: For home equity lines of credit made in 2003, missed payments have already started increasing. A high percentage of home equity lines of credit went to people with poor credit — more than 16 percent of the home equity loans made in 2006, for example, went to people with credit scores below 659, seen by many banks as the dividing line between prime and subprime.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Tips for Smart Holiday Spending: Part II

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With the holiday shopping rush officially here, we thought it was important to do a follow-up posting on our smart holiday spending series. We hope these tips will help you make smart financial decisions this holiday season and help plan financially for the New Year.

1.) Create a realistic and affordable budget. Decide on an amount you are willing to spend per person and do not exceed it.

2.) Shop with cash and use a ledger. This will keep you in touch with your spending; you could even spend up to 20 percent less.

3.) Avoid impulse buying and last-minute shopping.

4.) Pay off any holiday debt as soon as possible, so you do not accrue additional interest. This is especially important with store credit cards.

5.) Think outside the box. Consider gift alternatives like a breakfast, lunch or just a day together. Handmade gifts are also cost effective.

6.) In the New Year, start saving the amount you spent this year on holiday gifts and open a separate account for next year’s holiday expenditures.

7.) Comparative shop and take advantage of Christmas discounts immediately after the season. This is the best time to purchase gifts for the following year.

If you are in a financial crisis and are considering filing 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.

Related Resources: http://www.mpnnow.com/article/20131207/NEWS/131209958/?tag=2

Bankruptcy Law, Credit, Timothy Kingcade Posts

Tips to keep your Holiday Spending in Check this year

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With the holidays upon us, below are some simple tips to avoid overspending this year.

1.) Set a budget you cannot exceed. Instead of using debit or credit cards to make your purchases this year, rely on cash only to buy gifts. Once the green is gone, you’re done! If you are not comfortable carrying cash, put the allotted money on a pre-paid card, such as the American Express Prepaid card, which charges no purchase, activation or maintenance fees.

2.) Surf the web smart. A recent study done by the California Institute of Technology revealed that customers are willing to pay about 50% more for products in stores than online. Dealnews.com is a great website that shows the day’s best prices on specific types of items.

3.) Give more gift cards. With gift cards you spend exactly the amount you intend. Sites such as GiftCardGranny.com and PlasticJungle.com sell gift cards from popular retailers at a discount.

4.) Reorganize your list. If you feel overwhelmed because you have to buy presents for every niece, cousin and uncle. Consider setting up a gift exchange, so that each person buys one gift with a set dollar amount. At the website Elfster.com you can invite others to a “Secret Santa” exchange. This site will then make gift assignments at random.

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The holidays can be a stressful time, particularly financially. The financial obligations that accompany the holiday season can result in people spending more money than they could afford. If you are in a financial crisis and are considering filing 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, Timothy Kingcade Posts

Big Decision on Detroit Bankruptcy Coming December 3, 2013

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A judge will announce December 3, 2013 whether Detroit is eligible to fix its finances through bankruptcy. This is considered the most important decision since the largest public filing in U.S. history last summer. Judge Steven Rhodes issued a brief order on Monday saying that he will rule from the bench on December 3rd and issue a written opinion later. Rhodes presided over a nine-day trial that ended November 8.

Unions and pensions funds claim Detroit is not eligible to file for bankruptcy because it failed to hold good-faith negotiations prior to the filing in July. The city claims that it did enough. A bankruptcy decision will mean the case would turn to how Detroit can fix $18 billion in debt.

The city’s emergency manager, Kevyn Orr, has warned of chaos if Detroit is not permitted to file bankruptcy. Creditors who were owed money at the time of filing could sue for payment and the long-term debt will continue to accumulate.

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If you are in a financial crisis and are considering filing 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, Timothy Kingcade Posts

Aaron Carter Files Chapter 7 Bankruptcy

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Aaron Carter, younger brother of Backstreet Boys singer Nick Carter has recently filed for Chapter 7 bankruptcy. According to TMZ, he filed for Chapter 7 protection last month with assets of a little more than $8,000 and debts of more than $2.2 million, 1.37 million of that is money owed to the IRS for income taxes ranging from 2003 to 2006. Court documents also show he owes more than $31,000 to American Express and $9,000 for a tour bus.

He lists his assets as laptops, furs, jewelry and a dog (which is reportedly worth nothing). A representative for Carter states that the bankruptcy is a “positive thing.” “It’s him doing what he needs to do to move forward.”

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If you are in a financial crisis and are considering filing 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, Timothy Kingcade Posts

Protecting your Credit Score when Canceling a Credit Card

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Your credit score can vary from day to day and it is not an exact science. There are dozens of different models out there, the most popular being the FICO score- ranging from 300 to 850. When you need a good credit score, for example, when purchasing your dream home, your credit score becomes very important. If you have a credit score of 730, many mortgage brokers will give you their best rates. If you have a credit score over 740, it’s not going to make much difference- you are already getting the best rates available.

If you are applying for a mortgage, hold off on closing the credit card, until after your loan closes. Closing an account does not only affects your debt-to-credit-limit ratio; it can also adversely affect your credit score if the card you close is your oldest card, because length of credit history is seen as a good thing. The best way to permanently improve both your finances and your credit score is to get the debt-to-credit ratio to zero.

Click here to read more on protecting your credit score when canceling a credit card.

If you are in a financial crisis and are considering filing 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.