Kingcade and Garcia Archives - Page 5 of 23

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Miami Bankruptcy Attorney Timothy S. Kingcade Receives Prestigious AVVO Clients’ Choice Award 2017

Posted on April 11, 2017by Admin

Managing Shareholder, Timothy S. Kingcade of the Miami-based law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) was recently honored with the 2017 AVVO Clients’ Choice Award. In order to achieve this honor, an attorney must have received five or more exceptional client reviews for the same year.

One of attorney Kingcade’s recent clients had this to say on AVVO: “I went to Kingcade & Garcia for information about a pending home foreclosure. After assessing my finances, Mr. Kingcade suggested bankruptcy options to protect my home. I appreciate the fact that he has a background in accounting and law. This allows him and his team to see the big “picture” in what is best regarding the order in which divorce, bankruptcy, and foreclosure options should be filed. Kingcade is very knowledgeable regarding taxes and other financial issues. He was able to help me with restoring my credit, advising with my divorce to protect my assets, and directed me in the right direction to save my house. I have already recommended his office to 2 other friends going through similar experiences.”

Attorney Timothy S. Kingcade founded the law firm Kingcade & Garcia, P.A. in 1996. He has been dedicated to helping thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. Timothy is also a certified public accountant (CPA), which allows him to better understand tax-motivated bankruptcy cases against the IRS. Timothy’s vast experience and expertise in the area of bankruptcy law allow him to know what bankruptcy trustees in the Southern District of Florida are looking for, preventing his clients from some of the pitfalls that can lead to the dismissal of a bankruptcy claim.

Miami-based Kingcade & Garcia, P.A. was established by managing partner and attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense. The firm is committed to providing personalized service to each and every client. The office environment and the service provided are centered on a culture of superior client care. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Man Used 31 Credit Cards in Poorly Planned Financial Scheme

Posted on April 10, 2017by Admin

Federal officials say 28-year-old Janzaybe Khan, was living the good life in an illegal $165,000 spending spree until his luck ran out. He used 31 credit cards and spent more than $59,000 on gift cards, precious metals and cash advances.

Some of the proceeds were transferred into Khan’s bank account, while others were transferred to various individuals, according to the U.S. District Attorney’s Connecticut office. Court documents reveal Khan was able to qualify for and utilize 31 credit cards by falsely stating his income, assets, address and employment history.

After maxing out his credit cards, Khan filed for Chapter 7 bankruptcy and attempted to discharge all of his credit card debt.

In his bankruptcy filing with the court, Khan falsely stated that the majority of his debt was the result of gambling losses. Khan also made a number of false statements under oath during an examination by the U.S. Trustee in his bankruptcy case. The U.S. Bankruptcy Court refused to discharge Khan’s debts.

Instead, Khan was arrested on a criminal complaint charging him with bank fraud, conspiracy to commit bank fraud, and making a false oath and false statement under penalty of perjury in a bankruptcy case. The complaint alleges that the financial institutions that issued Khan’s credit cards incurred losses of more than $165,000 as a result of the scheme.

Bank fraud and conspiracy to commit bank fraud each carry a maximum sentence of 30 years imprisonment.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, 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.

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

Delinquencies on Timeshare Rentals Reveal Another Sign of Consumer Debt Weakness

Posted on March 10, 2017by Admin

Americans are getting more behind on their timeshare rental payments, according to Fitch Ratings. Approximately 3.75 percent of timeshare borrowers were behind on their bills in the fourth quarter, up from 3.37 percent in the same period a year earlier, and the highest level since the end of 2011, according to the report.

According to Fitch, the defaults are evidence that loan companies are becoming less strict when financing to customers. These companies are also writing off more loans. The default rate rose to 0.70 percent in the fourth quarter from 0.61 percent in the same period a year earlier.

Other pockets of weakness include online consumer loans and subprime auto loans, which we have touched on in previous blogs. These rising delinquencies come as Americans have increased their debt at the fastest pace in three years.

U.S. household debt increased by $226 billion in the last three months of 2016, bringing total consumer debt to $12.58 trillion. The numbers, which include mortgages, student loans, auto loans and credit card debt, are dangerously close to the $12.68 trillion high-water mark in 2008.

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Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Lawmakers Fight to Close Robocall Debt Collection Loophole

Posted on March 9, 2017by Admin

Federal lawmakers are attempting to close a recently opened loophole that allows the federal government to automate unwanted, even incorrect debt collection calls to consumers. This all started in late 2015, when an addition to a budget bill amended the existing telecommunications law allowing robocalls “made solely to collect a debt owed to or guaranteed by the United States.”

Sen. Ed Markey (MA) is attempting to put an end to this with the HANGUP Act of 2017, which would close the debt-collection loophole opened by the 2015 budget bill.

The proposed legislation goes a step further,“walking back” the FCC’s July 2016 “Broadnet” decision, in which the Commission ruled that anyone in the federal government, including contractors, could send out robocalls, so long as the automated calls explicitly involve government business.

Senator Markey argues that the intention of the Telephone Consumer Protection Act, which limits the use of robocalls, is clear: “consumers should not be subject to unwanted robocalls and robotexts on their phones. But recent carveouts by Congress and the FCC allow government contractors to robocall and robotext consumers without their affirmative express consent…No one wants to be interrupted during family mealtime or when helping children with homework.”

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

How changes to bankruptcy laws could affect your student loan debt

Posted on March 8, 2017by Admin

Student loan debt continues to be a serious burden for many Americans, despite various repayment options available to borrowers. Even with income-base repayment plans for federal student loans, borrowers who graduated in 2016 have an average of $37,172 in loans to repay over the course of their lifetime.

Recently, democratic lawmakers proposed changes to legislation that would provide student loan borrowers the ability to discharge their loans in bankruptcy. Under the current law, borrowers can only have their student loans discharged if they prove they have experienced an undue hardship, which is near impossible.

The proposed amendment would allow borrowers to include their student loan debt in a bankruptcy filing if the lender servicing the loan failed to offer a debt relief option. The federal government offers Pay As You Earn (PAYE), which gives borrowers the opportunity to cap student loan payments based on a percentage of their monthly income. After 20 years, the remaining balance of that borrower’s student loan debt is forgiven under the program.

If private student loan lenders did not offer a similar program to borrowers, student loan debt could be canceled or significantly reduced through bankruptcy, according to the proposed legislation. Going a step further, some lawmakers have introduced changes that would allow student loan borrowers to include all education debt in their bankruptcy filing, even if a debt relief program similar to PAYE was offered directly by the lender.

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.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Looking for an apartment online? Avoid this credit check scam

Posted on March 7, 2017by Admin

The Federal Trade Commission has taken action to stop a scheme that involves apartment listings on Craigslist. The apartment ads show enticing pictures offering rentals at affordable prices. However, the ads are fake and an estimated 146,000 would-be renters did not end up with a lease. Instead, they were stuck with a recurring charge of $30 a month. The Federal Trade Commission has filed an injunction to stop the scam, which was reported in at least 35 states and pulled in at least $6.8 million.

It is important to know that if you are looking to rent an apartment, landlords may check your credit, but that typically does not occur until after you have seen the unit and filled out an application. The landlord also cannot check your credit without your permission, which is usually included as part of the application process.

Here are some additional tips to protect you from a credit check scam:

Think twice before you give out personal information. Legitimate services will need your social security number to pull your credit score, but a truly free score should not require a credit card number.
Do not wire money for a lease, deposit or application fee. That is the same as handing over cash. There are no consumer protections and you have no way of getting it back.
Do not pay before you sign a lease.
Do your research online about the landlord and rental company. If you notice the same rental showing up under different names, that is a red flag.

Many of the victims from the Craigslist rental scam did not realize they had been charged until months later. Review your statements carefully every month for any suspicious charges. If you suspect you have been scammed, report it to the FTC as soon as possible.

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Debt Collection and Imposter Scams #1 Consumer Complaint

Posted on March 6, 2017by Admin

Individuals posing as a government agency to collect on a debt topped the nation’s list of consumer complaints in 2016. These so-called “imposter scams,” where con artists pose as a government agent to get you to hand over your cash surpassed identity theft, according to the Federal Trade Commission.

A common impostor scam is the “phony IRS agent,” where scammers contact consumers to claim they have been audited and owe money to the government. Victims of the scam are told to pay immediately or they can face imprisonment or deportation.

Another common scam involves a “fake computer technician,” in which the scammer claims the victim needs to purchase a security patch or software license. Of the people who complained about identity theft in 2016, approximately 29 percent said their information was used to commit fraud by filing fake tax returns to confiscate their tax refunds; 32 percent said it was used in credit card fraud.

Here are the Top 10 consumer complaint categories for 2016:

Debt collection — 859,090 complaints
Impostor scams — 406,578 complaints
Identity theft — 399,225 complaints
Telephone and mobile services — 292,155 complaints
Banks and lenders — 143,987 complaints
Prizes, sweepstakes and lotteries — 141,643 complaints
Shop-at-home and catalog sales — 109,831 complaints
Auto-related complaints — 94,673 complaints
Credit bureaus, information furnishers and report users — 49,679 complaints
Television and electronic media — 49,546 complaints

Click here to read more on this story.

Debt Relief, Foreclosures, Timothy Kingcade Posts

Foreclosure Inventory Hits “Pre-Crisis” Level

Posted on March 3, 2017by Admin

According to CoreLogic, 21,000 U.S. home foreclosures were completed in the month of December. This number is equal to the average number of monthly foreclosures for the first time since the housing market crashed in 2007.

The five states with the highest number of completed foreclosures in the past 12 months were Florida (45,000), Michigan (30,000), Texas (24,000), Ohio (21,000) and California (19,000). The five with the fewest foreclosures in the prior 12 months through December were North Dakota (182), District of Columbia (254), West Virginia (312), Montana (630) and Alaska (668).

Of the 10 largest U.S. metro areas, the foreclosure inventory was highest in the New York area, at 2.5%. The Miami metro area’s foreclosure inventory totaled 2.0%, with the Las Vegas metro and Chicago each at 1.1%. The lowest totals were posted in the San Francisco (0.1%) area and in Denver (0.2%).

Foreclosure and delinquency trends continue to move in the right direction, a result of increasing employment levels, stricter underwriting standards and higher home prices over the past few years, according to CoreLogic’s CEO Anand Nallathambi. Further declines in foreclosure and delinquency rates are expected in 2017.

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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, Debt Relief, Timothy Kingcade Posts

Goldman Sachs Extends Consumer Lending Arm

Posted on March 2, 2017by Admin

More than a third of borrowers with FICO scores above 660 have high interest credit card debt, making them an ideal customer for “Goldman’s Marcus,” which offers personal loans of as much as $30,000 for up to six years. Personal, or unsecured loans, are well suited for debt consolidation. They do not require borrowing against something of value, like a house or car, which makes them particularly attractive for those without that kind of equity.

Online lenders have joined in as well. SoFi, Lending Club and Prosper, have emerged in recent years to offer these types of loans as the alternative, particularly for the millennial generation who may want to consolidate their debt but do not have the home equity for a secured loan to do it.

The number of people taking out unsecured loans increased more than 15 percent to 15.82 million in 2016 from 13.72 million the year earlier and is now at the highest level since 2009, according to TransUnion.

Proceed with caution if taking out these loans, as it will increase your overall debt level. They also cannot match the zero percent balance transfer offers when it comes to consolidation.

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

How a Balance Transfer Affects your Credit Score

Posted on March 1, 2017by Admin

If you are struggling to pay down credit card debt, the interest is not making it any easier. Transferring the debt over to a 0% interest credit card can save you money in the long run. But applying for a new credit card, or any type of new credit requires a “hard inquiry” to determine if you qualify.

This can have a small, but short-term effect on your credit score. The five biggest factors in determining your credit score include: credit utilization, payment history, types of credit, credit inquiries and the ages of your accounts.

Here is an explanation of how each of these can be affected when you do a balance transfer.

Your Credit Utilization: Suppose you owe $10,000 on Card A, which has a limit of $12,000. You are using 83% of your available credit. But now you open Card B and move all $10,000 onto it (it has a credit limit of $10,000). You are now using a total combined available credit of 45% (a combined $22,000 on both cards). The new lower credit utilization will help boost your credit score.
Payment History: If you made regular, on-time payments on your old card, doing the same with the new card will not cause you to see a drop in this area.
Types of Credit: Diversity is key. Having a good mix of credit cards, auto and mortgage loans that you pay on time every month will help you generate a good credit score. Since you were using a credit card previously, you will likely not see any difference here after a balance transfer.
Credit Inquiries: Applying for a new credit card will put an inquiry on your credit. As long as you are not applying for multiple lines of credit at the same time, you are probably only looking at your credit score dropping 5 points, which is only temporary.
Age of Credit. Once you receive your new card, keep the old one. Do not cancel it. You want to keep your oldest cards open so you can build up that history for as long as possible.

Bottom Line: Opening a new account and transferring the balance over can save you money, as long as you do not charge more on the new one and focus on paying it down. Do not expect a huge jump at the very beginning, but as you begin to pay down your balance by making on-time payments, you will see your credit score improve. The new lower credit utilization will help boost your credit score.

Related Resources:

http://www.cbsnews.com/news/how-a-balance-transfer-affects-your-credit-score/