Kingcade & Garcia Archives - Page 27 of 52

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Foreclosures Hit Lowest Level in More than Six Years

Posted on February 14, 2014by Admin

Banks took back 30,226 homes last month, a 4 percent drop from December, according to RealtyTrac. Lenders have repossessed fewer U.S. homes in January, bringing the number of foreclosures down to its lowest level in more than six years.

Even with the recent drop, many states posted a sharp increase in the number of homes entering the foreclosure process for the first time, a trend that raises the likelihood that those states will see a surge in foreclosed homes later this year.

It looks as if the U.S. housing market has finally emerged from its slump. Home prices have steadily increased, there has been steady job growth and more homeowners are keeping up with their mortgage payments.

Florida and New York, two states which continue to have a backlog of homes with unpaid mortgages, are only now entering the foreclosure process or being scheduled for auction. Foreclosures peaked in 2010 at 1.05 million and have been declining ever since.

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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.

Bankruptcy Law, Credit

Is Bankruptcy Right for you? Review our 5-point Checklist

Posted on February 6, 2014by Admin

1.) You must be eligible to file. The “means test” will determine this. If you have enough money to pay your creditors, you will likely be ineligible to file Chapter 7 bankruptcy. If you make less than the median income for your state, you are fine. If your income exceeds that figure and you have enough money to pay for your necessary expenses and part of your debts, you will not be eligible to file.

2.) You do not see your financial situation improving in the near future. If your financial hardship is only temporary and you are due money with a gift, inheritance or better paying job, you may want to wait it out. However, if debt collectors are constantly calling you and you see no end in sight, it may be time to sit down with an experienced Miami bankruptcy attorney to discuss your options.

3.) Most of your debts are unsecured. Not all debts are discharged in bankruptcy. Unsecured debt- including credit cards, medical bills, collection accounts are dischargeable in bankruptcy. However, student loans, recent tax debt, legal bills and child support payments are not. Asses your liabilities. If the bulk of them are dischargeable debts, bankruptcy may be a good option.

4.) You are comfortable walking away from your financial obligations. Filing for bankruptcy is a big decision, and for many, it can be an emotional process. Take plenty of time to project how you will feel after filing. Many feel a sense of relief, and looking back, wish they had filed sooner.

5.) You will be in a better place. The big advantage to filing for bankruptcy is that it allows you to start over, wipe the slate clean and gain a fresh financial start. Immediately after you file for bankruptcy, an automatic stay is created which stops future collection attempts against you. This includes debt collector calls, wage garnishments, foreclosure proceedings, repossessions, etc. Bankruptcy can provide you time to catch up on your mortgage payments, and save your home from foreclosure. It can also lower your monthly car payments and eliminate second mortgages.

Before filing Chapter 7, it is important that you consult an experienced Miami bankruptcy attorney to determine if bankruptcy is the right option for you. 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

7 Ways to Build Credit without a Credit Card

Posted on February 5, 2014by Admin

Whether you are buying a home, car or other big purchase item, the first thing a lender will look at is your credit score. Before applying for a major loan, it is important you know where you stand with your credit score. Many people believe that the only way to establish and build credit is by opening and using a credit card.

Here are a few alternatives to help you put the plastic away and establish good credit.

1.) Ask companies to report on your behalf. If you have recurring bills that you pay on a monthly basis (i.e.- rent, utilities, cell phone, etc.) request that these providers report your payment activity to the three major credit bureaus- TransUnion, Experian and Equifax. Of course before you do that, make sure you have a responsible/on-time payment history. Payment history accounts for 35 percent of your credit score and can have significant impact if there is not a lot of other data on your credit report.

2.) Become an authorized user on another credit card. Do this ONLY if the cardholder has a strong credit background. Signing on as an authorized user will enable you to piggy back off their stellar credit.

3.) Open an account with a credit union and take out a small personal loan. Credit unions typically offer financing options at lower interest rates than traditional banks. To give your credit score a boost, apply for a small personal loan. If denied, inquire about a secured loan-where a certificate of deposit or savings account- will be used as collateral. This request will likely be approved because the risk in minimal on the lender’s end.

4.) Apply for an installment loan. These loans paid in a timely manner over an extended period of time build your credit score because they show creditors that you are a responsible borrower.

5.) Federal student loans. A credit check is not required to obtain a federal student loan. Since it is an installment loan, it can help boost your credit score. Aim for one that is subsidized and deposit the money into a safe interest-bearing account so the funds will be available when repayment starts.

6.) Peer-to-peer loans. Companies like Prosper and Lending Club offer peer-to-peer loans, where borrowers are connected with individual investors. The interest rates are low and these lenders report to the major credit bureaus.

7.) Try an alternative credit score. Check out Payment Reporting Builds Credit (PRBC), which helps consumers create a nontraditional credit score, an alternative to the big three credit bureaus.

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If you are in a financial crisis and are considering filing 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

Never Give Debt Collectors Access to This

Posted on February 4, 2014by Admin

Debt collectors are looking to get as much information as they can on a bad or late debt. NEVER, under any circumstances allow them electronic access to your debit card or personal checking account. There have been numerous situations where collectors have taken more than the agreed-upon amount from someone’s account once they have gained access, leaving unsuspecting people without money to pay their rent, the electric bill or even groceries.

Do not be intimidated by the collection company’s threats or lies. There are safer ways to pay off the debt. You can send money overnight or wire the cash to them. You can also send a cashier’s check. You can also invest in a pre-paid debt card that is not attached to any of your personal accounts.

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Bankruptcy Law, Credit

Three Potential Student Loan Changes to Watch for in 2014

Posted on February 3, 2014by Admin

Student loan debt and borrower default rates continue to capture headlines. Federal student loan programs and interest rates for 2014-2015 are expected to change- and not for the better. Below are three potential student loan changes borrowers should watch out for in 2014.

1.) PLUS loans: Unlike Stafford loans, approval of PLUS loans and graduate PLUS loans are subject to credit history. Borrowers that have either filed for bankruptcy, foreclosure or have loan default within the last five years are not eligible for a PLUS loan. Congress is set to tackle this issue next month. Adjustments being proposed would help reduce default rates, but could also shut out a larger portion of students and parents.

2.) Interest rates: Congress battled student loan interest rates throughout 2013, finally agreeing on market-based rates. While the agreement lowered student loan interest rates- this was only a temporary fix. Experts predict the Treasury rate will rise as high as 3.75 percent, while others have a more conservative forecast of 2.96 percent. Either way, students taking out federal loans for the upcoming year should expect to pay more.

3.) Student loan counseling. The Smarter Borrowing Act could make student loan counseling more comprehensive by requiring colleges and universities to send students annual updates on their balance, interest rates and repayment options. The bill would also require colleges with higher default rates to include financial literacy and budgeting to their student loan counseling sessions.

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Bankruptcy Law, Timothy Kingcade Posts

Trending Now: Consumer Spending on the Rise, Personal Incomes Remain Flat

Posted on January 31, 2014by Admin

The Commerce Department has reported that consumer spending increased 0.4 percent after rising by a revised 0.6 percent in November. Consumer spending recorded its strongest gain in three years in the fourth quarter, helping lift the economy to a 3.2 percent annual growth rate.

However, income was unchanged last month after rising 0.2 percent in November. This is a possible reflection of the end of jobless benefits for approximately 1.3 million long-term unemployed last month. Weak income growth combined with strong spending means less savings for Americans. The saving rate – the percentage of disposable income households are saving – fell to an 11-month low of 3.9 percent in December.

Both inflation measures remain stuck below the Federal Reserve’s 2 percent target. That suggests that the Federal Reserve, which is gradually reducing the amount of money it is supplying the economy, will hold interest rates near zero for a while.

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Bankruptcy Law, Timothy Kingcade Posts

Five Common Debt Traps and how to avoid them

Posted on January 29, 2014by Admin

Consumer debt stands at more than $3 trillion, according to the Federal Reserve. Below are five of the top debt traps Americans face and how you can avoid them.

1.) Job loss.Unemployment is steadily improving; but the level still remains above 7 percent. Unemployment or underemployment is the number one reason people seek financial counseling. Having an emergency savings fund totaling three to six months’ living expenses can help bridge the gap between jobs, if necessary.

2.) Medical costs. An unexpected illness can be emotionally and financially devastating, even for those with health insurance. It’s tempting to choose lower healthcare coverage to bring down a monthly premium. But those who forgo needed medication to mediate costs can face substantially higher emergency and ambulatory costs. Those with chronic health conditions or medication needs should consider a plan that’s more all-inclusive.

3.) Credit card overuse. When expenses increase and income decreases, many turn to credit cards to cover the difference. When managing credit card debt, pay off the cards with the highest interest rates first.

4.) Loss of a partner. Whether going through a divorce or losing a spouse to an illness, the loss of a partner can be financially devastating. Many times, this loss cannot be predicted. Paying down debt and building savings can provide a cushion if tragedy strikes.

5.) Student loans. The average student loan balance among borrowers is more than $24,000 and 66 percent of all bachelor’s degree recipients incur student loan debt. In some circumstances, student loan payments can be postponed through deferment or forbearance- sometimes these can even be forgiven. Federal lenders also offer extended payment and loan consolidation programs, which can extend the term of the loan and lower your monthly payments.

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Bankruptcy Law, Credit, Timothy Kingcade Posts

Toni Braxton Bounces Back after Bankruptcy

Posted on January 28, 2014by Admin

Just months after resolving her bankruptcy troubles, R&B singer Toni Braxton has purchased a $3 million home, according to TMZ.com. She landed in financial trouble, again in 2010 when she filed for bankruptcy a second time listing debts of between $10 million and $50 million. She settled the case by paying $150,000 last July and now appears to be back on track financially.
Braxton’s recently purchased home has four bedrooms and five bathrooms and is in the same region as pop star Justin Bieber’s home in Calabasas, California.

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Bankruptcy Law, Timothy Kingcade Posts

NFL Quarterback Vince Young Files for Bankruptcy

Posted on January 22, 2014by Admin

Former NFL and University of Texas quarterback Vince Young has recently filed for Chapter 11 bankruptcy protection. The Houston federal bankruptcy court listed Young had estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. The 30-year-old is fighting two lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 NFL lockout. The original loan amount has grown to $2.5 million with interest. A court has granted a judgment against Young to Pro Player Funding, the company that made the loan. Pro Player Funding has made several attempts to enforce the collection of the judgment, but those efforts remain pending.

Young was a first-round pick by Tennessee in 2006, and he reportedly signed a five-year deal with $25.7 million guaranteed. He reportedly signed a one-year deal with the Philadelphia Eagles that was worth up to $5 million in 2011. Young was on Green Bay’s pre-season roster in 2013, but did not make the team.

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Foreclosures, Timothy Kingcade Posts

Homes in Foreclosure Hit 6-year Low

Posted on January 21, 2014by Admin

Foreclosures are on the decline, according to the latest evidence from RealtyTrac. The U.S. housing market continues to emerge from a deep slump, aided by rising home prices, steady job growth and fewer bad loans. More homeowners are keeping up with their mortgage payments, leading fewer homes to enter the foreclosure pipeline.

Foreclosures totaled 747,728 last year, which is down 33 percent from a year earlier and is the lowest annual level since 2006. As of December, more than 1.2 million properties nationwide were in some stage of the foreclosure process or owned by banks, but not yet sold. That is a decline of 19 percent from a year earlier and 44 percent below their peak of more than 2.2 million homes in December 2010, Realty Trac said.

Florida continues to remain the nation’s foreclosure hotbed and had 306,018 homes in some stage of foreclosure or owned by banks in December. That amounts to a quarter of the national total.

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