Kingcade & Garcia Archives - Page 18 of 52

Bankruptcy Law, Credit, Timothy Kingcade Posts

CFPB Issues Warning about Student Loan Debt Relief Scams

Posted on January 12, 2015by Admin

The Consumer Financial Protection Bureau (CFPB) has issued an advisory warning to consumers about student loan debt relief companies. While the CFPB warns all student borrowers to stay away from companies with aggressive marketing tactics that promise savings of thousands of dollars on their loans, it is also taking steps toward stopping these companies from engaging in illegal practices.

In a recent lawsuit against Student Loan Processing, the CFPB and Florida’s Attorney General shut down student loan debt relief company College Education Services for its illegal practices. These scams are all too common. The CFPB has provided some useful tips to help student borrowers recognize the red flags associated with student loan debt relief scams.

1.) Upfront fees. No upfront fees should ever be charged by a student loan debt relief company. In addition, you should not be required to sign a contract with the company. The CFPB notes that free assistance is available through your student loan servicer and advises that oftentimes taking upfront payment before debt relief services have been provided is illegal.

2.) Promises. Student loan debt relief companies will often promise borrowers loan forgiveness or even complete cancellation. The false promise of negotiating with your lender under federal student loan programs is a flat out lie.

3.) Signing documents. Student loan debt relief companies should not require that you sign a “third party authorization” or a “power of attorney.”

4.) Requests for your Federal Student Aid PIN: Borrowers should be extremely cautious of any student loan debt relief company that asks for this information. The CFPB states that, “honest companies will work with you to come up with a plan and will never use your PIN to access your student loan information.”

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 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 http://www.miamibankruptcy.com.

Bankruptcy Law, Timothy Kingcade Posts

Bankruptcy Filings Decrease 12% in 2014

Posted on January 8, 2015by Admin

Continued low interest rates and high filing costs have deterred consumers and businesses away from filing bankruptcy, according to the American Bankruptcy Institute. Bankruptcy filings in the U.S. totaled 910,090 in for calendar year 2014 (Jan. 1-Dec. 31), a 12 percent decrease from the 1,032,572 total filings during the same period a year ago. Noncommercial filings, were 875,635 during calendar year 2014, and represented an 11 percent decline from the 988,489 noncommercial filings during calendar year 2013, according to the American Bankruptcy Institute.

In December 2014, total bankruptcy filings declined 5 percent to 63,090 when compared to the 66,530 filings in December 2013. There were 60,625 total noncommercial filings in December 2014, also representing a 5 percent drop from the December 2013 noncommercial filings, which totaled 63,621.

The ABI Commission to Study the Reform of Chapter 11 released a report in December containing recommendations for modernizing chapter 11 business reorganizations. The final report recommends, “Improvements to the code to account for today’s evolving corporate climate and to encourage debtors to file before they have to liquidate.”

Click here to read more on this story.
http://www.acainternational.org/creditors-bankruptcy-filings-decrease-by-12-percent-in-2014-34672.aspx

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. 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

Housing Outlook 2015: Predictions from the Experts

Posted on January 5, 2015by Admin

It’s been an interesting year for the nation’s housing market. The ‘Polar Vortex’ was blamed for the decrease in home sales in early 2014. Price gains for previously owned homes slowed significantly. However, builder confidence for newly constructed, single-family homes has increased for six straight months. What does it all mean? Experts attribute these confusing signals to a shift out of rapid recovery and into a more stable phase that economists are calling the new normal.

Below are 10 predictions from the experts for the housing market in 2015:

1. Prices will rise more slowly. Housing price gains slowed dramatically in 2014 and are expected to continue in 2015. Easing housing inventory levels and the exit of investors from the market are helping put the brakes on home price escalation. Nationally, prices are near their spring 2005 levels.

2. Affordability will worsen. Unfortunately, for those looking to buy this year, slowing housing prices does not mean that home ownership will be more affordable. Housing experts predict homes are just 3% undervalued now, leaving little room for them to rise without becoming overvalued.

3. The buying frenzy will fade. With more investors leaving the market, the home buying process should be a bit easier in 2015, thanks to a lessened inventory and credit requirements. With rising prices, fewer bargains are on the market, making housing less attractive to investors.

4. Mortgage interest rates will rise. The Mortgage Bankers’ Association predicts that rates will rise to 5% by the end of 2015. For most of 2014 interest rates were flat or declining. A great reminder that economists can make predictions, but not to bet the farm on them.

5. Millennials overtake Gen X as homebuyers. Zillow predicts that by the end of 2015, Millennials (those under the age of 35) will overtake Gen X (35-50 years old) to become the largest group of homebuyers in the U.S.

6. Rent increase will outpace home value growth. Housing experts forecast that rents will rise 3.5% in 2015, outpacing the predicted 2.5% for annual home price gains. This, in turn, may push some Millennials to become buyers. The allure of fixed mortgage payments and a stable housing market is expected to entice more renters to become homebuyers.

7. Multi-family construction will dominate. Trulia’s research indicates that more people will try to sell their homes in 2015 and Realtor.com predicts that existing, or previously owned, home sales will grow 8% this year. The entry of these previously owned homes into the market could suppress the demand for more expensive newly constructed homes. The vacancy rate for single-family homes is still near its recession high, which is likely to further depress construction of new single-family homes. So builders will continue to meet the demand for apartments–and multifamily housing could have another strong year.

8. Builders shift to cheaper homes. In recent years, builders have chosen to build fewer, more expensive homes instead of cheaper homes in larger quantities. The trend—driven in part by a limited supply of land during the recovery–has left a price gap between more expensive new homes and less expensive existing homes. Experts agree that new home sales will top the 500,000 mark in 2015.

9. Foreclosures will match pre-recession levels. From January through November 2014, there were 1,256,070 foreclosure filings in the U.S., according to RealtyTrac, down about 17.2% from the same period the previous year, when there were 1,516,332 filings. In 2015, expect foreclosures to fall to pre-crisis levels.

10. The housing market will be driven by fundamentals. In 2015, the housing market is expected to be driven by underlying economic fundamentals (i.e. – job growth, incomes, and household formation). Mortgage interest rates and price recovery have driven the housing market for years, but now experts predict these factors will not be nearly as important as local economics in 2015.

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, Foreclosures, Timothy Kingcade Posts

A Win for Consumers! Elderly Couple Wins $1 Million in BOA Lawsuit over Harassing Debt Collection Calls

Posted on December 18, 2014by Admin

Nelson and Joyce Coniglio were called repeatedly and endured years of harassment after they fell behind on their mortgage payments in 2009. According to court documents, for more than four years the couple received approximately 700 collection calls from Bank of America’s automated robo calling system.

The automated system also dialed each number that the couple had available- home phone and cell phones, leaving messages on each one. The collection calls would come at all times of the day and night, leaving the 69-year-old couple completely overwhelmed and feeling helpless.

When Bank of America was not bombarding the couple with relentless and harassing phone calls, they were mailing them letters threatening foreclosure. The Coniglios say they even sent letters to the bank asking them to cease all phone calls, but the calls continued.

Fed up, the couple decided to take action, using the Fair Debt Collection Practices Act and the Telephone Consumer Protection Act, which outlines the manner in which these collection companies, agencies, and banks collect on money owed to them.

The judge awarded the elderly couple exactly $1,051,000 in monies due, including court costs and other attorney fees related to the suit.

Click here to read more on this story.

Bankruptcy Law, Timothy Kingcade Posts

Miami Bankruptcy Attorney Timothy S. Kingcade Receives “Superb” 10.0 AVVO Rating

Posted on December 16, 2014by Admin

Managing Shareholder, Timothy S. Kingcade of the Miami-based law firm of Kingcade & Garcia, P.A. has received the “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 country and an invaluable legal resource for consumers.

In addition to earning the “Superb” 10.0 rating, Timothy was awarded the 2014 Clients’ Choice Award. To receive this honor, an attorney must have received five or more exceptional client reviews within the last year.

Attorney Kingcade practices in the field of bankruptcy law, handling Chapter 7 filings and foreclosure defense cases for the Southern District of Florida. As an experienced CPA and proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of their rights under bankruptcy protection to restart, rebuild and recover.

AVVO was founded to empower consumers to make smarter, more confident legal decisions. It is a free legal directory that gives consumers access to first-rate, personal legal advice from the best lawyers in the country.

###

Miami-based Kingcade & Garcia, P.A. (www.miamibankruptcy.com) 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, foreclosure defense and personal injury claims. 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.

Foreclosures, Timothy Kingcade Posts

Music Producer Jermaine Dupri Facing Foreclosure

Posted on December 12, 2014by Admin

Jermaine Dupri who has produced hits for artists including Usher and Mariah Carey is reportedly losing his multimillion dollar Atlanta mansion. Foreclosure documents reveal the songwriter / rapper failed to make monthly payments on the 19-room, 9,441-square-foot home. He reportedly owes $2.5 million.

Public records show the property is valued at nearly $3.7 million. This is not the first time the music producer has faced financial troubles. His mansion was up for foreclosure and set to be auctioned in 2011 and 2012. Both of those sales were canceled. Dupri has lived in the home for 10 years.

Click here to read more on this story.

Bankruptcy Law, Credit, Timothy Kingcade Posts

5 Steps to Take after Bankruptcy

Posted on December 8, 2014by Admin

Once your case is finalized and you receive your bankruptcy discharge, there are some important steps you should take to help ensure a secure financial future.

1.) Collect and preserve all paperwork from your case. You should have received a full copy of your petition from your attorney, approximately 40-50 pages of detailed financial information, including the facts about debts and assets involved in your case. You should have received a notice of bankruptcy filing directly from the court along with a copy of your discharge order entered by the bankruptcy judge. This is important to have because lenders typically like to see a copy of the bankruptcy papers when considering you for new credit- particularly mortgage lenders. It is also important to have in case anyone attempts to collect on an old debt in the future.

2.) Check / Monitor your credit report for errors. You can access your credit reports from the three major credit reporting agencies for free. Wait three to six months after you receive your bankruptcy discharge to do this. You want to make sure that all of your discharged debt is being reported to the credit bureaus, so you are not shown to have outstanding debt. This is especially important if you are applying for new credit.

3.) Start a budget. Create a basic budget to better understand your income and expenses. You may remember the Means Test from the bankruptcy paperwork that compared your income and expenses over a six-month period. The concept was to identify those who really had the means to pay their debts, but who were living an extravagant lifestyle financed on credit cards and other debt. Oftentimes, bankruptcy is caused by unexpected expenses, including medical bills caused by illness, loss of income from job loss and divorce. Once you have created a realistic budget, start planning out financial goals for the future.

4.) Start an emergency fund. Once you have established your budget, you should make sure and have a portion of your income set aside for savings. As the fund grows, you can begin putting some of it aside for retirement or a college savings account.

5.) Consider new credit. When applying for credit, start with a small credit limit and monitor your charges carefully. Charge no more than you can pay in full each month. Unplanned debt is where people get into trouble.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Common Filing Concerns & Bankruptcy Exemptions

Posted on November 24, 2014by Admin

One of the most common concerns people have when filing for bankruptcy is that they will lose everything. At Kingcade & Garcia, we understand these concerns and want to put your mind at ease. Since 1996, we have helped more than 15,000 Miami-Dade County clients handle their Chapter 7 and Chapter 13 bankruptcies.

Bankruptcy laws were created to give hard-working people a fresh financial start. Whether you have fallen on hard times as a result of a sudden illness, divorce and / or unemployment, federal bankruptcy laws were created to help consumers and families get back on their feet and provide relief from burdensome debt.

A common question people have about bankruptcy is: What assets will I be able to keep? Many people are mislead to believe that bankruptcy can only make problems worse by causing them to lose their home, vehicles or their ability to ever qualify for credit, again. This could not be further from the truth.

In fact, those filing under Chapter 7 or Chapter 13 can keep almost everything. Depending on your specific case, Florida bankruptcy laws allow you to keep the following:

• Homes
• Cars
• Retirement accounts
• Pensions
• Wages
• Personal property
• Savings
• Veterans or workers’ compensation benefits

If you have any questions on the topic of bankruptcy exemptions or are in a 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, Timothy Kingcade Posts

Consumer Protections: Fair Debt Collection Practices Act & Florida’s Wage Garnishment Exemptions

Posted on November 17, 2014by Admin

When you are struggling to make ends meet financially, it can be frustrating to have debt collectors calling you or even worse, having your wages garnished. A strong federal law, called the Fair Debt Collection Practices Act, protects consumers against certain unfair collection practices, which include:

• Calling you repeatedly to annoy or harass you.
• Trying to collect more than you owe.
• Fail to send a written notice of the debt.
• Threatening violence.
• Threatening dire consequences (i.e. – lawsuits, criminal prosecution, wage garnishment, jail time, permanently ruining your credit).
• Using profanity and abusive language.
• Calling before 8 a.m. or after 9 p.m.
• Revealing debt to third parties (i.e. – family, neighbors, friends, co-workers, etc.).
• Contacting you at your work, after you have requested them to stop.
• Failing to verify disputed debts.
• Ignoring cease communication requests.

Following the 2008 recession, Florida legislatures have made changes in the laws to help individuals and families struggling to keep their homes and stay out of debt. Under Florida Statutes Section 222.11, there are specific exemptions laid out for those who are having their wages garnished by creditors, the IRS and hospitals.

Section 222.11 provides exemptions from wage garnishments if:

• You are the head of the household and earn more than $750 a week in disposable income (unless the person agrees to this in writing).
• If you are exempt from wage garnishments, your accumulated income deposited in a financial institution is also exempt for six months after the deposit.
• Any persons not considered “head of the household” are also exempt from having 75 percent of their earning garnished (over six-month period).
• If the head of the household does earn more than $750 a week in disposable income, creditors cannot garnish wages unless they receive written permission specified under the statute.

If you have any questions on the topic of wage garnishment 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, Timothy Kingcade Posts

Medical Debt Responsible for the Majority of Bankruptcy Claims in the U.S.

Posted on November 12, 2014by Admin

Consumers may be surprised to find out that it is not credit card debt that is the leading cause of bankruptcy, but medical debt. According to a recent study, Americans pay three times more in third-party collections from medical debt each year than they pay for bank and credit card debt combined. This year alone, approximately 51 million Americans will be contacted by a debt collection agency about a medical bill- that’s roughly one in five! This means more than $1 out of every $3 paid to third-party collectors is for medical debt.

The study conducted by NerdWallet Health also indicated that many of the people who are facing medical debt are being mistakenly overcharged. In fact, the study found hospital billing errors with overages of up to 26%. These billing errors were even more prominent with Medicare patients.

The study highlighted that Medicare Compliance reviews conducted by the Office of the Inspector General found that none of the hospitals they audited fully complied with Medicare billing requirements, with nearly half (49%) of the Medicare claims containing billing errors.

Considering that American households have lost $2,300 in median income, while health care expenses have increased $1,814, it would be wise for American consumers to take more initiative in understanding their health insurance packages. Out-of-pocket spending on healthcare is expected to accelerate to a 5.5% annual growth rate by 2023. That is double the growth of GDP.

While the Affordable Care Act (ACA) is a step in helping consumers avoid medical bankruptcies, by eliminating the underwriting process and subsidizing healthcare health care for those who would otherwise be uninsured- it can cause problems for individuals and families who choose the wrong plan.

According to health care experts, the average deductible for a silver plan can be upwards of $3,000 for an individual or $6,000 for a family — and that is just for in-network care. While 2015 out-of-pocket expenses are capped at $6,600 for an individual and $13,200 for a family, plans may impose separate out-of-pocket maxes — or have no max at all for out of network doctors and hospitals. Given the narrow network of approved providers within these plans, it becomes a likely scenario that an individual will at one point accidentally visit an out-of-network doctor or clinic and then be stuck with a large bill.

It is important consumers know that the ACA offers an external appeals process for health plan decisions, which provides recourse to individuals who face large medical bills after undergoing medical care that was not covered by their health insurance plan. A recent study in California even found that nearly half of such insurance denials were overturned in favor of the patient after review by an external board.

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 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.

http://www.alllaw.com/articles/nolo/bankruptcy/can-file-bankruptcy-eliminate-medical-bills.html