Kingcade Garcia McMaken Archives - Page 6 of 25

BANKRUPTCY ATTORNEY TIMOTHY S. KINGCADE RECEIVES THE PREEMINENT AV RATING FROM MARTINDALE-HUBBELL FOR 2023

Posted on April 11, 2023by Admin

MIAMI – Kingcade Garcia McMaken ( www.miamibankruptcy.com) is pleased to announce that Managing Shareholder, Timothy S. Kingcade has received the Preeminent AV Rating for 2023 from Martindale-Hubbell, joining a select group of lawyers recognized for their legal ability and professional ethical standards.

In addition, he has earned the Client Champion Platinum Award from Martindale-Hubbell for 2023. This honor is awarded to attorneys whose clients have acknowledged their exceptional communications ability, responsiveness, quality of service and cost value.

Bankruptcy Law, Bankruptcy Trends, Consumer Bankruptcy

Bankruptcy Filings on the Rise

Posted on April 6, 2023by Admin

With federal pandemic aid programs ending, many Americans are finding themselves in difficult financial situations. Rising interest rates and high inflation make these situations all that much worse. As a result, bankruptcy courts are now seeing a spike in bankruptcy filings.

According to data from Epiq, the total number of bankruptcy filings increased in January 2023 by 19 percent, to 31,087 filings from one year ago. Additionally, the number of American consumers who filed for bankruptcy in Chapters 7, 11, and 13 increased by 20 percent from one year ago.

Consumer Debt, Credit Score

Millions of Debt Collections Disappear from American Consumers’ Credit Reports

Posted on March 21, 2023by Admin

Millions of debt collections disappeared from American consumers’ credit reports during the COVID-19 pandemic, according to reports from the Consumer Financial Protection Bureau (CFPB). Even though a large number of collections cases dropped off credit reports, overdue medical debt still remains a major consumer problem.

According to the CFPB, the total number of debt collection cases on consumer credit reports went from 261 million in 2018 to 175 million in 2022, dropping 33 percent (33%). Additionally, the number of consumers who had a debt collection on their credit report decreased by 20 percent (20%) between 2018 and 2022.

Bankruptcy Law, Car Repossession, Consumer Bankruptcy

What Happens to My Car During Bankruptcy?

Posted on March 20, 2023by Admin

Will filing for bankruptcy cause me to lose 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, what will happen to my car during 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.

Car Repossession, Consumer News

Car Repossessions Hit a Decade High

Posted on March 7, 2023by Admin

Car repossessions have reached a figure not seen in over a decade. According to Fitch Ratings, the number of subprime auto borrowers who were at least 60 days past due on their car payments increased to 5.67 percent (5.67%) from 2.5 percent (2.5%), which was the figure reported in April 2021.

Numbers like these have not been seen since January 2009 when 5.05 percent (5.05%) of subprime car borrowers were at least 60 days late on their car payments during the peak of the Great Recession.

Legal Awards

Kingcade Garcia McMaken Awarded ‘Best Bankruptcy Lawyers in Miami’ for 2023

Posted on March 1, 2023by Admin

MIAMI (February 28, 2023) — The Miami-based bankruptcy law firm of Kingcade Garcia McMaken has been awarded one of the ‘Best Bankruptcy Lawyers in Miami’ for 2023, by Expertise for obtaining the highest scores in consistency, qualifications, reputation, experience & professionalism.

Expertise Award Best Bankruptcy Attorneys 2023

“We are extremely honored to have received this award,” says Founding Partner and Managing Shareholder, Timothy S. Kingcade. “In today’s competitive legal environment, clients have an increasing number of options when choosing an attorney. It is important that clients and potential clients know how serious we take quality customer service and business ethics. This is a true testament to the commitment we have to our clients and the standards we uphold as a law firm.”

student loan debt, Student Loans

Supreme Court Hears Arguments on Student Loan Cancellation

Posted on March 1, 2023by Admin

The U.S. Supreme Court will be hearing arguments this week over two legal challenges brought against President Biden’s student loan forgiveness plan. The decision from these challenges could make or break Biden’s overall plan for loan forgiveness, affecting tens of millions of American borrowers.

Since President Biden made his initial announcement regarding his loan forgiveness plan, his policy has faced six legal challenges. The two challenges before the high court now have consolidated these suits. One legal challenge has been brought by six states, including Arkansas, Iowa, Kansas, Missouri, Nebraska, and South Carolina. The other challenge has been backed by the Job Creators Network Foundation, a conservative-based advocacy group.

Bankruptcy Trends, Consumer Bankruptcy

Bankruptcy Courts See an Increase in Consumer Bankruptcy Filings

Posted on February 8, 2023by Admin

U.S. consumer bankruptcy filings are on the rise again, across all chapters, according to data recently published by Epiq Bankruptcy. This increase in filings represents a change in the trend previously seen with new bankruptcy cases, as numbers have been on the decline since the start of the COVID-19 pandemic.

According to Epiq, the total number of commercial bankruptcy filings increased by twelve percent (12%) in January. In January 2023, 1,694 new commercial bankruptcy cases were filed, as compared to 1,508 filed in January 2022.

Legal Awards

Miami Bankruptcy Attorney Timothy S. Kingcade Receives the Prestigious AVVO Clients’ Choice Award 2023 for the 10th Consecutive Year

Posted on January 31, 2023by Admin

AVVO Clients' Choice Award

MIAMI – (January 31, 2023) Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy law firm of Kingcade Garcia McMaken has received the 2023 AVVO Clients’ Choice Award. To obtain this award, an attorney must receive five or more exceptional client reviews in the same year. Kingcade has been awarded the Clients’ Choice Award 10 years in a row.

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

The law firm is very much customer focused. In my case, I was referred by a previous client and the procedure to start working with them is easy and painless, they set an appointment and Mr. Kingcade himself interviewed me, precise, concise, and straight to the point. He made everything crystal clear. Then the information phase started, they asked for a list of documents and statements and gave me enough time to collect them all. In the end, the results were stellar. I can recommend Kingcade & Garcia from here to the moon. Excellent service! -J.G.A

Foreclosure Defense, Foreclosures, Zombie Debt

‘Zombie Debt’ Homeowners Face Foreclosure on Old Mortgages

Posted on January 20, 2023by Admin

A number of homeowners are facing the possibility of losing their homes over second mortgages that they had taken out over a decade ago. Many of these homeowners believed that their second loans were either rolled in with their first mortgage payments or were forgiven. Unfortunately, these loans did not go away and now are legally collectible, even if they are years old. This type of debt is often referred to as “zombie debt.”

What are zombie debts? Essentially these debts are old loans being pursued with new collection actions.