Tag: Florida Bankruptcy

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Understanding the Bankruptcy Process in Florida

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Making the decision to file for bankruptcy is never an easy one. The steps taken during a bankruptcy case vary depending on the type of person or entity filing for bankruptcy. Once you decide to file for bankruptcy, it is important that you avoid mistakes that could impact your case or jeopardize your debts from being discharged.

Business filers are limited normally to a Chapter 11 bankruptcy, unless the business is a sole proprietorship. In this situation, the business may be able to proceed with a Chapter 7 or Chapter 13 bankruptcy. If the filer is an individual, depending on qualifications, he or she may be able to do either a Chapter 7 or Chapter 13 bankruptcy.

To qualify for a Chapter 7 bankruptcy case in Florida, the debtor needs to pass the means test. The means test takes into account your income, expenses and family size to determine whether you have enough disposable income to repay your debts. If the debtor does not pass the means test, the next option is a Chapter 13 bankruptcy, which is also known as a repayment or reorganization bankruptcy. In Chapter 13, the debtor works with the bankruptcy trustee on a three-to-five-year-long repayment plan whereby the debtor’s debts are negotiated down and consolidated into one single monthly payment. The debtor will normally get to keep all of his or her assets in this type of bankruptcy.

Many people fear that filing for bankruptcy will result in them losing everything they own. Do not believe this myth.  Many Chapter 7 cases are “no-asset” cases, which means that the debtor gives up no possessions due to the allotted bankruptcy exemptions.  Florida has one of the most generous homestead exemptions in the country. To use Florida’s exemptions, you must have resided in Florida for at least 730 days before filing your bankruptcy petition. To claim the full value of the homestead exemption in Florida, you must have owned the property for at least 1,215 days before the bankruptcy filing.

The state also allows the filer to exempt personal property up to $1,000, education savings and health savings, tax credits and refunds, and up to $1,000 in motor vehicle equity if the filers are married and filing jointly. Additionally, Florida allows for wages of the head of family to be exempt for up to $750 weekly or the greater of 75 percent or 30 times the minimum wage. Florida exemptions also cover different types of pensions and retirement funds, as well as annuities and insurance policies.

If a debtor passes the means test and is able to file a Chapter 7 bankruptcy case, the next question is whether the filer’s debt is dischargeable. For the most part, bankruptcy involves debt that is unsecured and not connected to collateral, such as medical bills or consumer credit card debt. Other debt, such as child support payments, tax debt and spousal support are not dischargeable. If the filer’s debt is mainly unsecured, Chapter 7 bankruptcy can be the better option for him or her to discharge the debt. If the filer’s debt is connected to another asset that the filer wishes to keep, a Chapter 13 filing may be the better option.

It helps to have the assistance of an experienced bankruptcy attorney to guide you through the process. A bankruptcy attorney can review the debtor’s situation, advise him or her on the best route to take with respect to bankruptcy and can ensure that all paperwork is completed correctly to avoid any unnecessary delays.

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If you have questions on this topic or are in financial crisis and considering filing for 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 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.

 

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Attorney Timothy S. Kingcade Obtains Successful Win for Bankruptcy Client

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Second Motion to Dismiss Granted & Hearing Cancelled due to lack of evidence to support the claims

Bankruptcy Attorney Timothy S. Kingcade, founding partner of Miami-based Kingcade Garcia McMaken successfully obtained an Order for his client in a Chapter 7 case, granting a Second Motion to Dismiss and cancelling a hearing scheduled for July 25, 2018.

“We are extremely pleased with the victory obtained for our client today. The allegations stated in the Complaint lacked sufficient evidence to support the claims. It was simply assumed that actions taken by Torres and PSI petroleum, LLC assigned liability to our client, without providing sufficient and specific allegations. The law was on our side in this case,” Kingcade said.

On March 5, 2018, the Plaintiffs in the case: Milan Gohil and GMC Law Firm, PLLC filed an adversary proceeding seeking a judgement against the Defendant. The complaint alleged three counts: (1.) False Pretenses, Fraud & Nondischargeability; (2.) False Financial Statements & Non-Dischargeability, and (3.) GMC Law Firm Claim for Attorney’s Fees. The Order Granting the First Motion to Dismiss included a provision that allowed the Plaintiffs to file an amended complaint, and on May 6, 2018 the Plaintiffs filed an Amended Complaint to Determine Dischargeability of Debt.  On May 18, 2018, Defendants filed the Second Motion to Dismiss stating the plaintiffs did not plead their claims for relief as required by law.

A court “weighing a motion to dismiss asks ‘not weather a plaintiff will ultimately prevail but whether the claimant is entitled to offer evidence to support the claims.’” (quoting Scheurer v. Rhodes). Federal Rule of Bankruptcy Procedure 7012, adopting Federal Rule of Civil Procedure 12, authorizes the court to dismiss a complaint that fails to state a claim upon which relief may be granted.

The Order directs the Second Motion to Dismiss be granted, all pending motions are denied as moot and the hearing on July 25, 2018 be cancelled.

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Miami-based Kingcade Garcia McMaken was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade Garcia McMaken specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

For more information visit, https://www.miamibankruptcy.com/.

 

 

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

What to do When Debt Collectors Call

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According to the Consumer Financial Protection Bureau (CFPB), collectors have reached out to one-third of all consumers over the past year in an attempt to recover a debt. Although there are many laws in place to protect consumers, the CFPB reported that approximately 25 percent of all grievances the agency has received are complaints about debt collection practices. The CFPB recently proposed new rules to better protect consumers against illegal or unethical debt collection practices.

The CFPB recommends these four measures you need to take when debt collectors call:

  1. Know your rights. Familiarize yourself with the Fair Debt Collection Practices Act (FDCPA), this will help you better understand your rights as a consumers and how you are protected by the CFPB. When a debt collector contacts you, make sure you tell them you are aware of your rights under the FDCPA.
  2. Verify everything. Under the FDCPA, debt collectors are legally require to follow up their call with a written notice detailing your debt. Make sure you ask for that information while you have them on the phone. You also need to verify the debt and the collector. Sometimes debt collectors try to collect “zombie debt” that is past the statute of limitations in your state.
  3. Take detailed notes. Write down every time the collector makes contact with you. In your notes include: the agency’s name, the number they called from or the email address used, the time of the call and the name of the representative you spoke with. Also write down any threats that are made or unethical tactics the collector used to get you to pay the debt.
  4. Complain to the CFPB. If you know your rights and you are aware that a debt collector has violated the FDCPA to try to collect debts, report the encounters to the CFPB.

 

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If you are in financial crisis and considering filing for 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.