Kingcade and Garcia Archives - FREE CONSULTATION

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Creditor Held in Contempt of Court for Violating Automatic Stay in Miami Bankruptcy Case

Posted on January 24, 2018by Admin

Kingcade & Garcia’s Motion Granted, Creditor Required to Cease and Desist all Eviction Proceedings Until Further Order of Court

MIAMI – (January 24, 2018) A Florida judge signed an order today holding creditor, IH5 Property Florida LP with GP IH5 Borrower GP LLC, more commonly known as Invitation Homes (www.invitationhomes.com) in contempt of court for intentional violation of the automatic stay. Miami bankruptcy attorney, Timothy S. Kingcade’s client filed a Chapter 7 petition on November 30, 2017. Despite having notice of the bankruptcy filing, on December 5, 2017, the creditor, Invitation Homes, proceeded to file an eviction action against the client. Attorney Kingcade filed a motion to hold the landlord in contempt of court for violating the automatic stay. The motion adequately showed that Isamar Alers of Invitation Homes had actual knowledge of the bankruptcy on November 30.

“The landlord in this case disregarded the automatic stay put in place that protects bankruptcy clients from harassing debt collector calls, wage garnishment and repossession of property. We are extremely pleased with this victory for our client today. This landlord was wrong and thought the laws of bankruptcy code did not apply to him,” Managing Partner, Timothy S. Kingcade said.

The Order directs creditor, Invitation Homes to immediately cease and desist all eviction proceedings until further order of court. The creditor is also required to pay attorney’s fees (on or before February 12, 2018) in the amount of $1,200 for Kingcade and Garcia having to bring forth the motion to enforce the automatic stay and protect the client.

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Miami-based Kingcade & Garcia, P.A. 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, P.A. 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

Step-by-Step Guide to Surviving the Equifax Data Breach

Posted on September 18, 2017by Admin

One of the largest data breaches in history has compromised the personal data of 143 million people. Equifax, a major credit bureau, lost control of customer data that included social security numbers, home addresses, credit card numbers, drivers’ license numbers and date of births. The company estimates roughly half of the U.S. population has been affected by the breach, and this sensitive data could have been exposed to hackers.

Equifax will not specifically tell you if you are a victim, but we have a guide for you and a quick recap of what you may have missed post Hurricane Irma.

The data breach could have started as early as May 2017, which means the data could have been exposed for more than three months. It is unclear what the hackers may have done with the data during those months.

Here is what you can do to protect yourself:

Check your credit reports. When looking through your reports, keep an eye out for any new accounts you did not open, late payments on debts you do not recognize and any other suspicious activity. You are guaranteed a free annual credit report from the three major bureaus. Click HERE to download your free credit report. You will not be held responsible for charges made on a fraudulent credit card. However, this must be reported in a timely manner.

Freeze your credit. Even if your credit comes back clean it is still early and one of the most reliable ways to prevent someone from opening up credit cards in your name is to place what is called a “credit freeze.” You can contact each of the three credit bureaus by calling:

Equifax: 1-800-349-9960
Experian: 1‑888‑397‑3742
TransUnion: 1-888-909-8872

Set up a fraud alert. When you set up a fraud alert, credit card companies will be required to verify your identity before opening an account. To activate a fraud alert, contact just one of the credit card bureaus and ask for an initial fraud alert. When the alert is set, it will be in effect for 90 days.

Be mindful of tax season. Identity thieves can use stolen social security numbers to file fraudulent tax returns and receive refunds. Many victims find out they are a victim of tax fraud after the IRS tells them their taxes have already been filed. One of the best ways to prevent this from happening is to file early.

If you have any 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, 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, Debt Relief, Timothy Kingcade Posts

What Debt Collectors Can and Cannot Do

Posted on September 7, 2017by Admin

The Fair Debt Collections Practices Act (FDCPA) limits the tactics that debt collectors can take to collect on a debt. Here are 10 things debt collectors can and cannot do.

5 Things Debt Collectors Cannot Do:

Come to your place of work. It is illegal for a debt collector to come to your workplace to collect on a debt. The FDCPA prohibits a debt collector publicizing your debts and showing up at your place of work to collect on a debt.
Harass you. Harassment can come in a variety of forms and include: repeated phone calls, threats of violence, publishing information about you, abusive or obscene language.
Arrest you for debt. You cannot be arrested for a debt you owe.
Purse you for a debt you do not owe. Incomplete or inaccurate documentation can lead to a debt collector pursuing the wrong person for payment. The issue is not uncommon, but it is illegal.
Call you at any time. It is illegal for debt collectors to call you before 8 a.m. and after 9 p.m. You can request that a debt collector stop calling you, but your obligation to pay still remains.

5 Things Debt Collectors Can Do:

Seek payment on an expired debt. Even debts that expired according to the statute of limitations can still be requested from debt collectors. These unsecured debts can include credit cards and medical bills. Remember: You cannot be sued for payment on these expired debts.
Pressure you. While debt collectors cannot threaten you, they can apply pressure to collect payment. Pressure can include daily calls, frequent letters or talk about pursuing a lawsuit for payment.
Sue you for payment on a debt. A debt collector can sue you for non-payment. These type lawsuits can result in wage garnishment, bank levies or both. It is best to consult with an experienced bankruptcy attorney before you are sued or there is a judgment entered against you in regard to an outstanding debt.
Sell your debt. A collector can resell debt it has not been able to collect on. So if one debt collector stops contacting you about a debt, do not be surprised if another starts.
Negotiate what you owe. Because debt collectors buy debts for sometimes pennies on the dollar, they have fairly large profit margins if they collect the original amount owed. This gives them more flexibility in negotiating payment. You may be able to negotiate a settlement for 25% or 30% of what you originally owed. Remember, to get the agreement in writing so you have proof that the amount paid was all that was required in the settlement.

Related Resources:

https://www.nerdwallet.com/blog/finance/things-debt-collectors-cannot-do/

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

Regulators able to get $192 million in Student Loan Debt Settlement from Aequitas

Posted on September 5, 2017by Admin

Aequitas Capital executives believed they had purchased a gold mine when they began buying student loans from Corinthian Colleges- instead, the debt proved to be the company’s downfall. Following the for-profit college’s decent into bankruptcy and liquidation; Aequitas also collapsed amid accusations the company’s top execs were running a Ponzi scheme.

However, Aequitas continued to collect payments on the debt- until now. The U.S. Consumer Financial Protection Bureau and several state attorneys general and the Aequitas receiver reached a deal in which about 41,000 former Corinthian students whose debt is held by Aequitas could get more than half- possibly all, of their debt eliminated.

In July 2015, Aequitas became a key ally and vital source of liquidity for Corinthian by buying massive amounts of student debt. By helping finance Corinthian’s in-house private loans, Aequitas enabled Corinthian to access billions in student loan money from the U.S. government.

The bureau recently filed a lawsuit against Aequitas as part of the settlement. It claims Aequitas employees privately expressed anxiety about the huge percentage of Corinthian students who were failing to make their loan payments. “With defaults this high, how can we defend our practices,” the unidentified employee wrote in a 2011 note.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all 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

Foreclosures Drop to Lowest Level in More than 10 Years

Posted on September 4, 2017by Admin

There were fewer loans in the month of July than any month in more than 10 years, according to a new report from Black Knight Financial Services. There were 398,000 properties in foreclosure pre-sale in July, which is down 12,000 from June and down more than 150,000 from the same time period last year, a decline of 28%.

The month of July also marked the first time that the number of loans in foreclosure was below 400,000 since February 2007. While foreclosures are down, loans in delinquency increased slightly month-over-month in July, but 2017’s total is still below last year’s numbers.

The number of properties that are 90 or more days past due, but not in foreclosure was 555,000 in July, which is still 140,000 lower than last year.

Black Knight’s report shows that there were 2.38 million properties that are 30 or more days past due or in foreclosure in July, which is up 42,000 from June, but down 452,000 from the previous year.

Click here to read more on this story.

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, Debt Relief, Student Loans, Timothy Kingcade Posts

Credit Card Debt a Growing Concern for College Students

Posted on August 30, 2017by Admin

A recent study conducted by Nellie Mae, the nation’s leading student finance firm, revealed that the average undergraduate carries a credit card balance of $2,169. According to the study, many students use their credit cards without knowing how the bills will even be paid off. It also showed that many students used credit cards to pay for tuition and books, instead of federal student loans that offer lower interest rates.

Four out of five college students amass nearly $1,000 a year in credit card debt. One cause of credit card debt is college students’ difficulty in adjusting to their newfound financial freedom. Parents and students need to come up with a budget for credit card spending before their child leaves for college. Make sure your college student knows not to use money they do not have, even for a one-time purchase.

Use resources available to keep them on the right path. You and your college student should sign-up for overdraft alerts on all accounts. Online alerts and apps on your Smartphone can help with this.

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.

Related Resources:

https://www.fastweb.com/personal-finance/articles/dealing-with-credit-card-debt

http://www.nbcdfw.com/news/local/Credit-card-debt-a-mounting-concern-for-college-students-441338263.html

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Tips to Remember When Applying for a Balance Transfer Credit Card

Posted on June 19, 2017by Admin

Some debt is unavoidable and not always a bad thing, like taking out a mortgage to purchase your new home. But if you are carrying a lot of high interest credit card debt, you may have trouble reaching certain financial goals. One of the most effective ways to pay off the credit card debt quickly is by transferring the balance over to an interest-free credit card.

Here are three helpful tips for using these cards.

Read the fine print. Do this carefully and find out what your credit limit will be. You will not be able to transfer more than the limit and if you exceed that limit, you will likely face a fee. Find out if there is a penalty, APR. That is when the credit card company increases your interest rate to 25 – sometimes 30% if you pay a single bill late or commit another violation of the terms & conditions (usually listed in the fine print).
Choose your card wisely. Balance transfer credit cards vary and typically offer initial interest rates at 0%, but beyond that there are some big differences. Remember, the 0% interest rate will only last between six and 12 months, after that a more standard interest rate will apply- and typically not a good one. In addition, a lot of balance-transfer cards will charge a balance transfer fee. The fee will typically be between 3% and 5% of the sum of what you are transferring. For example, if you are transferring $20,000 and paying a 4% balance transfer fee, it will cost you $800.
Pay off your debt within the “promotional” period. To make the most of your balance transfer, set a goal of paying off the debt before the 0% rate expires. This will require you curb your spending habits. Canceling your cable package and instead streaming movies and TV shows can save you $1,500 or more a year. Take your lunch to work three days a week, instead of eating out every day. Making small changes like this to your daily routine can really add up.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

The Surprising Debts Holding Many Americans Back

Posted on June 15, 2017by Admin

According to a recent survey, student loans and credit card bills are not the only debt holding many Americans back. Credit Sesame, a site consumers can use to check their credit score, analyzed more than 5,000 user accounts and found they had significant amounts of debt from medical expenses, utility bills and cell phone charges.

Consumers whose medical debt had gone into collections had an average of three accounts, with a combined total of $3,670 in collections. The average balance for customers who had cell phone bills in collections totaled $887 per account. Customers whose utility bills were in collections owe $368 on average per account, the study concluded.

Not surprisingly, having those bills in collections hurt consumers’ credit scores. The average credit score for someone whose medical debt is in collections is 552. Those who have delinquent cell phone accounts have average scores of 550. And those who have outstanding utility bills have a score of 542.

Lenders see applicants with lower credit scores as riskier than applicants with higher credit scores. They oftentimes make you pay for this risk by charging a higher interest rate. A poor credit score can affect your ability to rent an apartment, as landlords often check an applicant’s credit score before allowing you to sign a lease.

Utility companies may require you pay a deposit before setting up your service. Even certain jobs and employers can discriminate against applicants who have a less than perfect credit report. Certain jobs, particularly those in upper management or the finance industry, require a good credit history. Note: employers check your credit report and not your credit score. They are not necessarily checking for bad credit, but for items that could affect your job performance.

Click here to read more on this story.

Foreclosures, Timothy Kingcade Posts

How to Protect Yourself if Renting during a Foreclosure

Posted on June 14, 2017by Admin

Imagine paying your rent on time every month and learning that your landlord is not paying the mortgage. Many tenants find out too late that the home they are renting is in foreclosure. This has become a common problem, particularly in South Florida. If you find yourself in this situation, there are some immediate steps you can take to help protect yourself.

You received a letter from the lender’s attorney advising you about the pending foreclosure. You should call that attorney and ask the following questions:

When and where will the foreclosure sale take place?
Can you start making your rent payment directly to the lender, or place it in escrow?
If the lender purchases the property at the foreclosure sale, will they allow you to reside at the property? If so, for how long?

If you are interested in purchasing the property, at a foreclosure sale it is possible to get a good deal if you are the top bidder. However, before moving forward you should discuss it with your own attorney. A title search will need to be performed before the sale. You will need to know what your rights and obligations will be before purchasing the property.

Click here read more on this story.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

U.S. Credit Card Debt Expected to Surpass $1 Trillion this Year

Posted on June 13, 2017by Admin

According to a recent report from the Federal Reserve, credit card debt in the United States is $8,038 per household. That is $940.2 billion total- up from $885.4 billion at the same time last year.

This comes after a first-quarter debt reduction when people oftentimes use their end of year bonus to pay down credit card debt in the New Year. While this year’s Q1 payment was 14% higher than the previous year, it is still almost 9% behind the effort in 2015.

WalletHub is predicting an additional $60 billion in new credit card debt in 2017, which would easily push the United States over the $1 trillion mark.

Here are some tips to quickly pay off credit card debt.

2017 Credit Card Debt Study: Trends & Insights