Consumer Bankruptcy, Legal Awards

Miami Bankruptcy Attorney Timothy S. Kingcade Named a Florida Super Lawyer 8 Consecutive Years

Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken has been selected for inclusion in Florida Super Lawyers 2021, in the practice area of consumer bankruptcy. This is the eighth consecutive year Kingcade has been selected to the Florida Super Lawyers list (2014-2021). The prestigious honor is awarded to only five percent of lawyers in the state.

After receiving one of the highest point totals, Kingcade was also selected to be on the Florida Super Lawyers Blue Ribbon Panel. Only those in each practice area with the highest point totals are asked to be part of the panel to evaluate the candidacy of fellow lawyers to enter the prestigious Super Lawyer rankings.

Bankruptcy Law, Consumer Bankruptcy

The Cost of Filing Bankruptcy in 2021

Filing for bankruptcy comes with its own set of costs. It may seem counterintuitive that a person who is having difficulty paying his or her bills can pay extra costs to receive relief from his or her financial obligations. However, just because someone is not able to pay his or her bills should not prevent them from hiring an attorney to file their bankruptcy case. While “do it yourself” projects may be a good idea around the house, there are reasons to let a professional handle your bankruptcy filing.

Bankruptcy Law

Knowing When to File for Bankruptcy

Making the decision to file for bankruptcy is never an easy one. Many times, it can be difficult to know when the time is right or when it is better to wait.  

A bankruptcy case allows a consumer to receive a much-needed financial fresh start by discharging his or her outstanding consumer debts. The types of debts that are discharged in a bankruptcy case include credit card debt, mortgages, car loans, medical debt, and other unsecured loans.  

Bankruptcy Law

What is a ‘No Asset’ Chapter 7 Bankruptcy Case?

In a no-asset Chapter 7 bankruptcy case, the person filing for bankruptcy keeps all of their property because it falls within the exemptions provided under federal law or the law in their state.

With a Chapter 7 liquidation bankruptcy, a filer surrenders their assets to the bankruptcy estate, which uses them to pay off creditors. But in reality, this is only true of non-exempt property. Many of our cases, are in fact, ‘no asset’ cases. Bankruptcy law recognizes that filers need to retain some property so they can survive the process with something on which to build a future after bankruptcy.

Bankruptcy Law

How Will Filing For Bankruptcy Affect My Spouse?

Filing for bankruptcy when someone is married can be a joint process, or it can be done by only one spouse proceeding with the case. Ultimately, it depends on the type of debt and the financial situations for both spouses. For example, if one only spouse owes a specific debt or debts, then that spouse may be able to proceed on a bankruptcy alone, especially if the other spouse has good credit and very few other debts. Proceeding with a single bankruptcy case while married can be complicated, and in certain situations, it can adversely affect the non-filing spouse, but not always 

Joint Debts

In any marriage, parties bring in their own, individual debts, and debts are almost always incurred during the marriage, as well. One spouse may choose to take out a loan, not naming the other spouse on the debt, which means only the spouse whose name is on the debt is responsible for what is owed. If that spouse is not able to continue making payments on the debt, he or she can proceed with a bankruptcy to discharge that debt. If the debts listed in that bankruptcy case belong to the filing spouse alone and not the non-filing spouse, discharging the filer’s debts and liabilities should be a straightforward process. It becomes more complicated if any of the debts listed in the bankruptcy case belong to the non-filing spouse. In these situations, these joint debts will normally remain with the non-filing spouse. 

Bankruptcy Law

Tips to Keep in Mind Before Filing for Bankruptcy in Florida

Many people view bankruptcy as this great unknown and truly do not understand the process before filing. However, it helps to understand what is involved when filing for bankruptcy and what to expect during the process.

What Is Bankruptcy?

Bankruptcy is a legal proceeding that basically provides the filer a fresh financial start. While it does involve putting the filer’s financial situation in the hands of the bankruptcy court and bankruptcy trustee, it can give the person a chance to breathe and get back on his or her feet. Bankruptcy will put all collection proceedings and foreclosure cases at a stop through the automatic stay and will also stop creditors from continuing to contact the consumer.

Bankruptcy Law

Can I File for Bankruptcy and Still Keep My Car?

The fear of losing everything is a very real fear for many bankruptcy filers. However, this is one of the most common bankruptcy myths, and can keep individuals who are drowning financially from filing for bankruptcy. One concern many filers have is whether they will be able to keep their mode of transportation after filing for bankruptcy.

The good news is most filers will be able to keep their vehicles after filing for bankruptcy. Florida bankruptcy laws offer generous exemptions which allow individuals to keep various types of property, including their vehicle. Under the Florida Motor Vehicle Exemption, bankruptcy filers can exempt up to $1,000 in motor vehicle equity. This amount can be even more if a married couple is filing for bankruptcy jointly.

Bankruptcy Law

Important Factors to Keep in Mind When Filing for Bankruptcy

When filing for bankruptcy, certain factors should be kept in mind, including the type of bankruptcy being filed, property exemptions available to the filer, and the various laws and legal regulations that accompany filing for bankruptcy.

The type of bankruptcy being filed.

The most common types of consumer bankruptcy are Chapter 7 and Chapter 13 bankruptcies. A Chapter 7 bankruptcy allows filers to receive a total discharge of their qualifying debts and is an option used mostly by filers whose debts are particularly high compared to their level of income. To file for Chapter 7 bankruptcy, filers must qualify under the bankruptcy means test. Chapter 13 bankruptcy allows the consumer to enter a repayment plan to pay all or part of his or her debts over the course of three to five years.

Bankruptcy Law, Medical Debt

Why So Many Americans Over the Age of 55 are Filing for Bankruptcy.

Bankruptcy offers filers a fresh financial start, but for many bankruptcy petitioners, that start comes later in life. In the past three decades, the number of people over the age of 55 who have filed for bankruptcy has gone up significantly. This increase has many financial experts wondering why so many individuals nearing retirement are filing for bankruptcy.

According to a paper by Robert Lawless, the percentage of older Americans, specifically between the ages of 55 and 64, increased by 66 percent between the year 1991 and 2016. The number of bankruptcies filed by individuals between 65 and 74 increased by more than 200 percent between this time period. In fact, approximately 12 percent of all bankruptcy filers are over the age of 65.

Bankruptcy Law, Debt Relief

Miami Bankruptcy Attorney Timothy S. Kingcade is proud to announce the release of his new e-book

Miami Bankruptcy Attorney Timothy S. Kingcade is proud to announce the release of his new e-book, Restart Rebuild and Recover: Filing Bankruptcy in Florida.  FREE to download on TimothyKingcade.com and MiamiBankruptcy.com.

It is a must-read for anyone considering filing bankruptcy in Florida.

Here is what the book covers:

  • THE TOP 3 DANGERS OF FILING BANKRUPTCY WITHOUT EXPERIENCED LEGAL COUNSEL

DANGER 1: Beware of Filing Bankruptcy Pro Se

DANGER 2:  Beware of “Do-It-Yourself” Bankruptcy Kits in Florida

DANGER 3: Without experienced legal counsel, you may not receive the best advice on which type of bankruptcy is best for your particular situation – Chapter 7 or Chapter 13?

  • HOW TO PAY? We will show you how you can afford to hire experienced legal counsel and strategies to cover your legal fees.
  • CHARTING YOUR PATH TO A BRIGHTER FINANCIAL FUTURE We discuss what happens after you file and the steps you can take to rebuild your credit, your savings and your peace of mind.

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.