debt Archives - Page 8 of 12 - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Bankruptcy Law, Credit, Timothy Kingcade Posts

South Floridians’ Average Credit Score Declines despite Paying Down Debt

Posted on May 14, 2013by Admin

Despite debt dropping in South Florida, credit scores have actually worsened from a year ago making it hard for consumers to capitalize on low interest rates and qualify for personal loans. According to CreditKarma.com, the average credit score in Broward and Miami-Dade fell to 646 in March after it had been at 658 a year earlier, even though credit card, mortgage and student loan balances improved during the same period. Credit Karma’s CEO, Kenneth Lin, attributes this to South Florida still experiencing fallout from being among the hardest-hit U.S. metro areas for foreclosures, short sales, bankruptcies and layoffs during the Great Recession.

Consumers being late even once in making a monthly credit card payment can hurt their credit score. Banks also could have inadvertently lowered many consumers’ scores when they cut credit card limits during and after the recession. Consumers also could have hurt themselves by closing accounts, which lowers their borrowing limit. Many young South Floridians with student loans are unfairly marked down because when their payments are deferred, they are scored as if they are delinquent in paying.

So what can consumers do to turn this trend around? Young people can apply for credit cards to have their on-time payments reported to improve their credit scores. You can also make sure the three credit reporting agencies- TransUnion, Experian and Equifax are free of errors. All South Floridians should check their credit reports once a year to make sure there are not any mistakes that can hurt their score.

Click here to read more about the average credit score decline despite South Floridians paying down their debt.

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.

Credit, Timothy Kingcade Posts

6 FREE Shopping Apps to Help You Save Money

Posted on May 8, 2013by Admin

Below are six FREE apps that will allow you to shop and save, while using your Smartphone:

1. RedLaser: This app is one of the best apps for comparing prices. It is available for Androids, iPhones and the Windows Phone 7. When you are in need of an appliance, pair of shoes or a cosmetics product, simply scan the product’s bar code with the RedLaser app and it will tell you the best available prices and the closest place near your location to find it! You can even choose the “BUY NOW” button and the app will take you directly to the website where you can purchase the item.

2. Slice: This app is great for tracking your online purchases. It is available for Androids and iPhones. The way this app works best is if you sync it with your Gmail or Yahoo account. The app will search through your inbox for online orders and track your purchases. The best feature on this app is that it will detect price drops and alert you on your recent purchases that have experienced a price drop. Some merchants will offer you adjustments, such as Kohl’s and Walmart.

3. AMEX Sync Your Card: This app is available for Androids and iPhones. It allows you to sync your card to your social media accounts where you can qualify for exclusive deals, credited to your statement. In most cases, you will need to post a tweet or check in on FourSquare to get these deals.

4. Decide.com: This is a great app to help you save when you are buying electronics. It is available for Androids, iPhones and iPads. This app will let you know whether you should buy now or wait for a price drop or model upgrade, based on historical data.

5. Coupon Sherpa: This is a coupon app for Androids or iPhones. This app allows you to choose from hundreds of coupons from major retailers and grocery stores from your phone. In most cases, you can show the coupon to your checkout person for the deal.

6. Key Ring: This app allows you to use your consumer loyalty to get deals. It is available for Androids, iPhones, iPads and Blackberrys. The Key Ring app allows you to flash your phone for your loyalty card, rather than carrying your plastic loyalty card on your keychain.

Click here to read more on how you can shop and SAVE!

Bankruptcy Law, Credit, Timothy Kingcade Posts

Credit Reports More Accurately Reporting Debts Discharged in Bankruptcy

Posted on May 6, 2013by Admin

As a result of a class-action lawsuit settlement, the three major credit-reporting bureaus have made efforts to properly update credit reports after consumers have filed for bankruptcy. When you file for personal bankruptcy protection and you have debts that are discharged as a result, your credit report is supposed to be updated to show that you no longer have those debts to pay. Although the bureaus are working to ensure consumers’ credit reports are more accurate, consumers should be aware that their discharged debts will not immediately disappear from their credit reports. Prior to the class-action lawsuit, the bureaus were frequently failing to update consumers’ reports, making it hard for them to be approved for credit after filing for bankruptcy. An incorrect credit report not only incorrectly reflects their debt-to-income ratio, but it also makes it hard for consumers to improve their credit score.

The class-action lawsuit started as multiple lawsuits in 2005 and 2006. The case said that the three major credit bureaus, Experian, Equifax and TransUnion, were issuing credit reports stating that consumers were delinquent on loans and other forms of debt that had been eliminated through bankruptcy. Some plaintiffs in the case claimed that the three credit bureaus did not look into the errors, even after they had filed a complaint. Although the lawsuit was thrown out in the appeals court, improvements to the bureaus’ bankruptcy reporting procedures were already underway. A $45 million financial settlement in the suit was approved by the trial court, but later thrown out by the appeals court because the court claimed some plaintiffs in the case stood to benefit more than others.

Click here to read more about credit reports more accurately reporting debts discharged in bankruptcy.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Don’t Let Your Credit Card Rewards Points go to Waste

Posted on May 3, 2013by Admin

Credit Card Rewards points are a major marketing factor for credit card companies; however, few people are actually cashing in on the points they earn. A recent study conducted by thepointsguy.com showed that nearly 73 percent of credit card holders enrolled in a rewards program or frequent traveler program do not know how many points they have accumulated. Below are some tips on the best ways to accumulate, track and maximize the points you earn.

• Shop Differently: One expert says he never buys anything online without first checking airlines’ shopping malls. You will find that items are the same prices and you can get bonus miles in addition to what you earn on your credit card. After you rack up some points, use them to upgrade your flight from coach to business or first-class.
• Minimize Programs, Maximize Rewards: Mike Sprouse of Sprouse Marketing says the best way to maximize your rewards programs is to keep them to a minimum. This will make it easier to track and accrue points. Sprouse says that most of the companies that offer rewards programs count on you never redeeming them and having points spread out over fewer programs will ensure your redemption opportunities are on your mind.
• No Credit Card? No Problem: Even if you opt out of using credit cards or credit cards that offer rewards programs, you can still cash in on points programs. For example, Southwest’s Rapid Dining Program allows you to earn points by eating somewhere or going to certain clubs. Do your research and find the points programs that work for you.

Click here to read more on tips to use your credit card rewards points.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Doctors Driven to Bankruptcy

Posted on May 2, 2013by Admin

This reads as an unlikely headline, but recently a number of doctors have been struggling to keep their medical practices financially sound. According to the American Bankruptcy Institute’s Health Care Committee, Chapter 11 bankruptcy filings by physician practices have recently spiked. In recent weeks, there were at least eight filings, which is unusual for the industry.

In many cases it is not major medical malpractice lawsuits leading doctors to file bankruptcy, it is the struggling economy that has been blamed for this growing trend. Patients are cutting back on doctor visits and elective procedures due to their own financial hardships. Doctors attribute their financial struggles to shrinking insurance reimbursements, changing regulations and the rising cots of malpractice insurance, drugs and other business necessities.

Click here to read more on doctors being driven to bankruptcy.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Six Ways to Control Your Spending Habits

Posted on April 25, 2013by Admin

Debt is often thought of in a negative light. However, when it is used wisely, it can provide you with an education, a home, a car and a better life. South Floridians have struggled with some of the most substantial debt in the country throughout the Recession. According to Experian, South Florida’s average credit card debt is the nation’s highest, approximately $4,555 per person.

Below are six ways to better control your spending habits:

1. Determine what you owe and the interest rate each creditor is charging you. After you get a clear picture of what you owe, you should pay off the largest debt or the highest interest rate debts first.
2. Avoid spending money on things you really want. Frequently monitor where your money is going. There is a free website called DoughHound.com you can use to help control your spending.
3. Set a debt-reduction goal. When you are able to reduce your debt, reward yourself. After, you can set a new, higher goal for yourself with a bigger reward.
4. Don’t tempt yourself. Try to avoid leaving an excess of money in your checking account. Instead, you should use your extra cash to pay down your debt.
5. Get support from your family and friends. It is best to look for support from others who share your debt reduction goals. Keep a distance from your friends and family who are big spenders.
6. Beware of debt settlement organizations that offer a lot of promises. Typically, they charge you a lot and deliver less than they promise. Also, stay away from debt consolidation loans.

Click here to read more about the 6 best ways to control your spending habits and reduce your debt.

Credit, Foreclosures, Timothy Kingcade Posts

Postcard Alerts of Foreclosure Cash Could Be Ignored

Posted on April 19, 2013by Admin

Beginning this month, hundreds of thousands of Floridians are expected to receive foreclosure-restitution checks through federal agreements with banks. The fear is that the letters might be mistaken for a scam or junk mail and will be thrown out. It is estimated that approximately $3.6 billion will be awarded to 4.2 homeowners nationwide who were facing foreclosure in 2009 and 2010. Those who are eligible for the cash should have received a postcard in late March alerting them that they would be receiving a check worth between $250 and $125,000. The postcards were sent out by Minneapolis-based Rust Consulting, the firm contracted by federal regulators to disburse the checks. Homeowners have been wary of the postcards and checks due to already being overwhelmed with foreclosure-related mailings.

The Office of the Comptroller of the Currency offered agreements with 13 financial institutions to compensate for foreclosure-related abuses and replace the Independent Foreclosure Review. Homeowners were asked to apply to have their foreclosure inspected and receive compensation based on the findings. However, few people signed up for the review. In November of last year, approximately 3.8 percent of Floridians who were sent letters about the program had applied. This proves that homeowners are so uneasy about anything foreclosure-related, they are willing to miss out on compensation for foreclosure abuse.

Click here to read more about the postcard alerts of foreclosure checks being sent to Floridians throughout the month of April.

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 website, Kingcade & Garcia, P.A.

Foreclosures, Timothy Kingcade Posts

New Foreclosure Bill – Good for Banks, Bad for Homeowners

Posted on April 18, 2013by Admin

A bill to speed up the Florida foreclosure process is headed to the House floor this legislative season. However, consumer advocate groups believe HB 87 will favor banks rather than homeowners. According to Rep. Cynthia Safford, ‘the bill diminishes the rights of homeowners and consumers.’ This bill is the Legislature’s third attempt in three years to address the backlog of foreclosures in Florida. A Senate companion bill is also moving through the committee process. This bill forces banks to disclose the correct documents and also shortens the statute of limitations for post-foreclosure lawsuits against homeowners.

Consumer advocates are pointing out some of the other provisions that are a bit more controversial. The bill states that homeowners cannot get their home back after a fraudulent foreclosure if it has been sold to another person. Another controversial point in the bill is that it would allow condominium associations to speed up the foreclosure process on homeowners who have not paid their dues. Florida has the largest foreclosure inventory than any other state in the nation. Currently there are more than 300,000 homes in the process of foreclosure. Additionally there are hundreds of thousands that are at risk of foreclosure.

Click here to read more on HB 87 and what it can mean for you.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Beware the Dangers of Payday Loans

Posted on April 17, 2013by Admin

Financial mistakes can have lasting effects that may take you years to recover from. Overspending on shopping trips, overusing credit cards and taking out payday loans are a few of the most common mistakes Americans make with their finances.

What is a Payday Loan?

Payday loans are also known as cash advances or paycheck advances. They are usually short-term loans that you must repay by the time you get your next paycheck. The lender charges you a fee, plus interest on the amount you borrow. Lenders do not typically run a full credit check for payday loans; another reason why they are becoming popular. Since the lender is taking a very large risk by loaning you the money, payday loans tend to have extremely high interest rates.

Disadvantages of Payday Loans

Some states do not allow payday loans at all. Of those that do, these states limit how high the annual percentage rate (APR) can be. Other states do not set restrictions on payday loan APRs. In these states, the APR can be anywhere from 300% to 900%. Although it is a very easy and fast way to get cash, you should be very careful when taking out a payday loan because you might end up paying more in interest than you originally borrowed.

When you take out a payday loan, you write a check for the amount borrowed plus a fee that will be cashed by the lender on your next payday. If you cannot repay it on that day, it rolls over to the following payday. Many borrowers get into trouble this way. If you continue to let the loan rollover, your debt substantially grows due to your inflated APR.

Alternatives to Payday Loans

Credit union loans – your local credit union may offer small, short-term loans to members.

Small bank loans – many small banks offer alternatives to those looking into payday loans.

Advances from employers – it may serve your best interest to ask for an advance from your employer instead of getting a loan that will accrue interest.

Borrow from family or friends – although it may put a strain on your relationship, this can be your best option because they will likely be lenient on the repayment date.

Click here to read more about the dangers of payday loans.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Many Americans Using their Tax Refund to Pay for Bankruptcy Protection

Posted on April 11, 2013by Admin

Many Americans are finding it difficult to come up with the money to file for bankruptcy protection. As a result, more than 200,000 families used their tax refunds in 2011 to pay for bankruptcy filing and legal fees, according to the National Bureau of Economic Research (NBER). Each year, personal bankruptcy filing rates spike in the first part of the year after Americans receive their tax refunds. The cost of filing for bankruptcy has jumped in recent years due to a reform in bankruptcy laws, just before the Recession. In 2005, the average cost of legal and administrative fees was $921 compared with the 2007 average of $1,477, according to reports from the U.S. Government Accountability Office.

Attorney fees make up the largest portion of the costs associated with filing for bankruptcy. Since the reform, attorneys are required to verify more information in a bankruptcy case than they did before 2005, which had a direct impact on the increase in attorney fees. The increase in bankruptcy filing fees has made it much harder for those who actually need to file for bankruptcy protection to afford it. Many who are in dire need of relief from their debt use their entire wages just to live and have little leftover for legal fees. The average tax refund is approximately $2,913 according to NBER, which is enough for many Americans to file for bankruptcy protection. The bankruptcy reform was initiated to deter abuse of the system. Since the laws have changed, fewer people have filed for bankruptcy. However, experts say that does not necessarily mean that the change has “curtailed abuse of the system.”

Click here to read more about using your tax refund to pay for your bankruptcy filing.