Kingcade Garcia McMaken Archives

Miami Bankruptcy Attorney Timothy S. Kingcade Receives the Prestigious AVVO Clients’ Choice Award for 2025

Posted on January 27, 2025by Admin

AVVO Clients' Choice Award 2025

MIAMI – (January 24, 2025) Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy law firm of Kingcade Garcia McMaken has received the 2025 AVVO Clients’ Choice Award. To obtain this award, an attorney must receive five or more exceptional client reviews in the same year. Kingcade has received the Clients’ Choice Award consistently since 2010, earning the award 15 years in a row.

One of Kingcade’s clients had this to say on AVVO:

Helped me from start to finish.

I thought I could pull myself through this situation, but it dragged on for a few years due to Covid. The stress on my mental and physical health was taking its toll. Timothy Kingcade and his entire office staff hung in there with me through thick and thin. I never thought I’d have to go through this experience; I know many people do, but for me it was slow and personal, not my area of expertise at all. I cannot thank Timothy and his team enough for all the emails, texts, and office visits. They supported me all the way to the finish line. Thank You!

-Leanne

Click here to read all of Miami Bankruptcy Attorney Timothy Kingcade’s client reviews on AVVO. Timothy has earned a “Superb” 10.0 AVVO rating in the area of bankruptcy law, the highest rating an attorney can receive. The rating is calculated using a mathematical model, which takes into consideration the years an attorney has practiced law, their professional achievements, discipline history and industry recognitions. The rating is completely objective and unbiased. Attorneys cannot pay or petition the site to have their rating changed, which makes AVVO one of the most respected lawyer rating services in the country and an invaluable legal resource for consumers.

Attorney Timothy S. Kingcade founded Kingcade Garcia McMaken, a prominent law firm that handles a substantial number of bankruptcy filings each year. Timothy, along with his dedicated team, provide comprehensive legal representation to clients throughout South Florida. Kingcade Garcia McMaken is committed to helping clients navigate the complexities of bankruptcy law. Their experienced attorneys guide individuals in understanding recent changes in bankruptcy regulations and the critical distinctions between filing under Chapter 7 or Chapter 13 bankruptcy. The firm also handles foreclosure cases alongside bankruptcy matters. Throughout South Florida, Kingcade Garcia McMaken has earned a solid reputation as a dependable and effective advocate for clients from diverse backgrounds. The firm’s commitment to providing personalized service is evident, with their attorneys taking the time to clearly explain the available options based on each client’s unique circumstances. The personalized approach ensures that clients receive the individual attention and care they deserve during the legal process.

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Miami-based Kingcade Garcia McMaken, 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 McMaken 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/ or call (305) 285-9100.

What Happens If You Can’t Pay Your Business Credit Card?

Posted on January 22, 2025by Admin

If your business has fallen on hard times, and you can no longer afford to pay your business credit card, you have options. But ignoring the debt will only make matters worse.

In the perfect world, inconsistent cash flow would never be an issue for a small business. But many businesses face it, along with economic uncertainty, and inflation.

Failing to make payments on a business credit card can result in late fees, higher interest rates, and significantly damage your business and personal credit scores.

Missing payments on your business credit card can trigger a series of penalties and actions. The most severe being legal action against you and your business. Consequences for nonpayment include:

Late payment fees
Penalty annual percentage rate, or APR.
Lower credit scores (both your business and personal)
Debt collections
Lawsuits

The personal guarantee on a credit card applies to all business types, including limited liability companies, or LLCs, and corporations. The personal guarantee surpasses any limited liability protections and gives the credit card issuer the explicit right to come to you personally for payment.

The personal guarantee is typically spelled out in the terms and conditions you agree to when signing up for a business credit card. The card issuer checks your personal credit using your social security number to determine how likely you are to repay the debt, when qualifying you for the card.

If you are struggling with business credit debt, contact your card issuer as soon as possible, to minimize penalties and damage to your credit. Your card issuer may be willing to establish a payment arrangement and can inform you of available hardship programs.

As bankruptcy attorneys, we see credit card debt as one of the most common problems facing those with serious financial challenges. 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.

SOURCE: https://www.nerdwallet.com/article/credit-cards/business-credit-card-personal-guarantee-explained

Consumer Bankruptcy, Debt Relief

When Bankruptcy Is the Best Option

Posted on January 22, 2025by Admin

One of the biggest advantages of filing bankruptcy is the possibility of a fresh financial start. Filing for bankruptcy also stops collection calls, wage garnishments, and lawsuits. Chapter 7 bankruptcy wipes out many kinds of debt, including: credit card debt, medical bills, personal loans, civil judgments, past-due rent and utility bills, business debts and some older tax debts.

Filing for bankruptcy may make sense depending on how much debt you have, your other financial obligations, and other methods of debt relief you have tried.

To file Chapter 7 bankruptcy, you will need to complete and submit paperwork outlining your earnings, spending, and amount of debt to the bankruptcy court. Those that are employed will also be required to share tax returns and pay stubs.

Typically, those that file should meet the following criteria:

Have a low credit score
Have no foreseeable way to pay off debt within the next few years
Do not possess expensive property
Have more than $10,000 in debt
Struggle to make payments
Are in fear of legal action being taken against them due to debt.

A qualified bankruptcy attorney can offer guidance and answer any questions the person may have about whether it is time to move forward and proceed with a bankruptcy filing. A bankruptcy attorney can also assist in determining which type of bankruptcy is best.

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.

SOURCE: https://www.nerdwallet.com/article/finance/bankruptcy-best-option

Foreclosure Defense, Foreclosures, Kingcade Garcia McMaken

Florida Moves Up to No. 2 Status as State with the Highest Foreclosure Rate

Posted on December 18, 2024by Admin

Attom released its November 2024 U.S. Foreclosure Market Report this week. The report includes the total number of properties nationwide that have at least one foreclosure filing. The report showed that 29,390 properties had foreclosure filings in November. That represents a 3% decrease from October and a 9% decrease from November 2023.

While foreclosure filings are down month-over-month and year-over-year, the data reveals states, such as Florida, Nevada, and Connecticut, remain high.

Nevada maintains its status as the state with the highest foreclosure rate (one in every 2,941 homes). Florida moved up to No. 2 with one in every 3,047 homes in foreclosure, followed by Connecticut (one in 3,210), Maryland (one in 3,535) and Indiana (one in 3,567).

The city of Miami has one of the highest foreclosure rates (one in 2,551 homes), among metros with more than 1 million residents. Foreclosure starts – means lenders have started the process but have yet to repossess the home.

Click here to read more.

Choosing the right attorney can make the difference between keeping your home or losing it in foreclosure. 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 McMaken website at www.miamibankruptcy.com.

REMEMBER: In Florida, the homeowner has rights when it comes to foreclosure! But do not delay.

Bankruptcy Filings, Bankruptcy Trends

Bankruptcy Filings See Noticeable Increase in November

Posted on December 13, 2024by Admin

Leading U.S. bankruptcy data provider, Epiq AACER’s latest report revealed a 6% year-over-year increase in total bankruptcy filings in November 2024, reaching 40,271 compared to 37,907 in November 2023. Individual bankruptcy filings increased 7%, reflecting the growing financial pressures among consumers and businesses.

Key Findings in The Report Include:

Overall Individual Bankruptcy Filings: Registered a 7% year-over-year increase, with 37,826 filings in November 2024 compared to 35,446 individual bankruptcy filings in November 2023.
Individual Chapter 7 Filings: Increased 14% year-over-year to 22,886 in November 2024, up from 20,149 in November 2023.
Individual Chapter 13 Filings: Decreased 3% year-over-year to 14,858, compared to 15,241 in November 2023.
Commercial Bankruptcy Filings: Declined 1% to 2,445 in November 2024, down from 2,461 a year earlier.
Small Business (Subchapter V) Filings: Rose 28% year-over-year, with 206 filings in November 2024, compared to 161 in November 2023.
Commercial Chapter 11 Filings: Fell 22% to 680 in November 2024, down from 865 in November 2023, impacted by high-profile cases such as WeWork in the prior year.
Total Filings (Month-over-Month): Declined 15% from October’s 47,114 due to fewer business days and the Thanksgiving holiday.
Consumer Filings (Month-over-Month): Decreased 15% from October’s 44,515 filings.
Commercial Chapter 11 Filings (Month-over-Month): Increased 20% from October’s 565 cases.
Subchapter V Filings (Month-over-Month): Rose 2% from October’s 201 filings.

It’s anticipated the rate of new filings will increase once the holiday season ends and it is expected that the new administration’s planned regulatory changes will influence filings into 2025.

Click here to read more.

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.

SOURCE: https://www.acainternational.org/news/bankruptcy-filings-see-notable-increases-in-november-2024/

Medical Debt

A Proposed Federal Regulation Could Eliminate Nearly All Medical Debt from Credit Reports

Posted on November 25, 2024by Admin

Americans carry more than $220 billion in medical debt, according to the Kaiser Family Foundation. Approximately 14 million people (6% of U.S. adults) owe more than $1,000 in medical bills, while 3 million people (1% of U.S. adults) owe more than $10,000.

How medical debt impacts your credit score has shifted in the past few years; however, a new proposed government regulation could remove medical debt completely from credit reports.

Medical debt can come from a variety of sources, including hospital visits, surgeries, doctor and dentist appointments, prescriptions, and emergency ambulance transportation.

Unpaid medical debt that is in collections can be reported to credit bureaus after one year. In April 2023, the three main credit bureaus — Experian, TransUnion and Equifax — stopped including medical debt under $500. This change eliminated nearly 70% of medical debt from credit reports, according to Equifax.

The Consumer Finance Protection Bureau (CFPB) has proposed a new regulation that would prevent nearly all medical debt from appearing on credit reports, no matter the amount.

Medical bills “have little to no predictive value when it comes to repaying other loans,” the CFPB said in a statement.

If enacted, the law would impact past-due payments from a medical provider and money owed to a collection agency.

According to the CFPB, the rule change would:

Remove exceptions that let lenders use information about medical debt to make determinations about someone’s creditworthiness.
Prohibit credit reporting agencies from including medical debt on credit reports sent to creditors if the creditor is prohibited from considering it.
Bar lenders from using medical devices like wheelchairs and prosthetic limbs as collateral for loans or from repossessing them if someone cannot repay the loan.

How Medical Debt is Handled in Bankruptcy

In bankruptcy, medical debt is treated the same as credit card debt. Medical bills are listed as general unsecured debt and can be easily wiped out in a Chapter 7 bankruptcy filing. Making the decision to file for bankruptcy is never an easy one.

Fortunately, consumers have the option available to them to file for bankruptcy to escape this burden of medical debt. In a bankruptcy case, debts are classified into two categories: secured and unsecured, as well as priority and nonpriority debts. Secured debts are those that are backed by a form of collateral, while priority debts can be unsecured but receive special status, such as tax bills, student loans, and child support. Unsecured debts are those debts that are not secured by collateral and include personal loans, credit card debt, and medical debt.

In a bankruptcy case, unsecured debts are the ones that are discharged at the end of the case, while priority and secured debts are the focus of payment plans or payment in a Chapter 7 case after assets are liquidated. If a debt is discharged, this means the court has issued an order stating that the debt does not have to be paid.

Medical debt may also become part of the repayment plan issued as part of a Chapter 13 bankruptcy case. The bills may not end up paid in full, but the medical providers will receive at least some amount of payment, which helps the consumer maintain a relationship with their healthcare providers. Repayment plans normally last three to five years, ending with the consumer’s remaining debts, including medical debt, getting discharged.

Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney Timothy Kingcade knows how to help clients take full advantage of bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, 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 McMaken, P.A. website at www.miamibankruptcy.com.

SOURCE: Can Medical Debt Affect Your Credit? (cnbc.com)

Credit Card Debt

When Does Credit Card Debt Become Uncollectable?

Posted on November 25, 2024by Admin

Many consumers struggle with credit card debt, with the average credit card user carrying a balance of $6,329. Loss of income, divorce, job loss and other factors can cause credit card debt to spiral out of control. At what point does credit card debt become uncollectible?

The process of credit card debt becoming uncollectible begins when payments stop. Creditors can sell unpaid debt to collection agencies after three to six months. These agencies will attempt to collect the debt, but only 20-40% of the original balance owed.

After this point, if the debt remains unpaid, it becomes uncollectible after several years, depending on which state you live in. In Florida, debt becomes uncollectible when the statute of limitations expires.

The statute of limitations for debt in Florida is five years and begins on the date of the first missed payment or when the liability occurred. After the statute of limitations has passed, the lender cannot garnish wages or sue the borrower to enforce the loan agreement.

As bankruptcy attorneys, we see credit card debt as one of the most common problems facing those with serious financial challenges.

Filing for bankruptcy is a viable option for those struggling with insurmountable credit card debt. Chapter 7 is the fastest form of consumer bankruptcy and forgives most unsecured debts like credit card debt, medical bills, and personal loans. There are certain qualifications a consumer must meet regarding income, assets, and expenses to file for Chapter 7 bankruptcy, which is determined by the bankruptcy means test.

Please click here to read more.

Credit Card Debt

Credit Card Debt Among Retirees Jumps

Posted on November 19, 2024by Admin

While credit card interest rates are at an all-time high, the amount of retirees with credit card debt has increased substantially.

About 68% of retirees had outstanding credit card debt in 2024, up from 40% in 2022 and 43% in 2020, according to a new poll by the Employee Benefit Research Institute.

This is a worrisome financial trend, since many retirees are on a fixed income. About 2 in 5 cardholders have maxed out or nearly hit their card limit since early 2022, resulting from inflation and higher interest rates, according to a recent Bankrate poll.

There are a few ways retirees can get their credit card debt under control.

Reduce expenses
Boost income
Reduce your interest rate

As bankruptcy attorneys, we see credit card debt as one of the most common problems facing those with serious financial challenges.

Filing for bankruptcy is a viable option for those struggling with insurmountable credit card debt. Chapter 7 is the fastest form of consumer bankruptcy and forgives most unsecured debts like credit card debt, medical bills, and personal loans. There are certain qualifications a consumer must meet in regard to income, assets, and expenses to file for Chapter 7 bankruptcy, which is determined by the bankruptcy means test.

Please click here to read more.

Credit Card Debt

How Much Credit Card Debt is Too Much?

Posted on November 6, 2024by Admin

Surging inflation has left millions of Americans relying on credit cards to cover basic necessities, resulting in a sharp increase in defaults. Consumers owe a collective $1.14 trillion on their credit cards, according to the Federal Reserve.

While each consumer’s financial situation is different, there are ways to determine if your credit card debt is too high. Consider your answers to the following questions:

Is your credit card debt impacting your financial and emotional health? Carrying large amounts of credit card debt can damage your credit score and cause you to experience financial and emotional stress. A good rule of thumb is to ensure your monthly payments are not more than 10 percent of your monthly income.
Are you paying only the minimum? Credit cards typically have low monthly minimum payments, but that doesn’t mean they are affordable just because you can cover that amount. If you are only able to make the minimum payment, that can be a sign you have too much credit card debt.
Is your credit card debt impacting your credit score? Credit cards can help your credit score- or hurt it, depending on how you use them. It is recommended that you keep your credit utilization below 30 percent. Having significant credit card debt can have a negative impact on your credit score. This can make other debts, like your mortgage and car payments more expensive.

As bankruptcy attorneys, we see credit card debt as one of the most common problems facing those with serious financial challenges.

Filing for bankruptcy is a viable option for those struggling with insurmountable credit card debt. Chapter 7 is the fastest form of consumer bankruptcy and forgives most unsecured debts like credit card debt, medical bills, and personal loans. There are certain qualifications a consumer must meet in regard to income, assets, and expenses to file for Chapter 7 bankruptcy, which is determined by the bankruptcy means test.

Please click here to read more.

Credit Card Debt

JPMorgan Chase, Wells Fargo, and Bank of America Lose $5,000,000,000 as Credit Card Delinquencies Surge

Posted on October 16, 2024by Admin

US banks are unloading billions of dollars in bad debt that they have given up on collecting, according to new numbers from the Federal Deposit Insurance Corporation (FDIC).

In its new Quarterly Banking Profile report, the FDIC says US banks reported $21.3 billion in net charge-offs in the second quarter of the year, due largely to credit card delinquencies and commercial real estate loans going bad.

This is the highest quarterly net charge-off rate since the second quarter of 2013 and 20 basis points higher than the same period last year. The main culprit: consumers struggling with higher interest rates and inflation.

The new numbers come as JPMorgan Chase, Wells Fargo and Bank of America individually disclose billions of dollars in collective net charge-offs in Q2.

JPMorgan Chase reports its net charge-offs reached $2.2 billion in Q2, up from $1.4 billion in Q2 of last year.
Wells Fargo reports its net charge-offs surged to $1.3 billion last quarter, up from $764 million one year ago.
Bank of America reports its net charge-offs hit $1.5 billion, up from $900 million year-over-year.

The FDIC says the total charge-off rate for US banks is now higher than the pre-pandemic average.

Click here to read more.