Kingcade & Garcia Archives - Page 33 of 52

Credit, Foreclosures, Timothy Kingcade Posts

Federal Government to Investigate Florida’s Housing Program

Posted on April 15, 2013by Admin

Last week, the federal government announced that it would begin investigating the Florida Hardest Hit Fund. The $1 billion state housing program is designed to help homeowners avoid foreclosure. The investigation was called for by U.S. Senator Bill Nelson who said the program was poorly run and not reaching enough people. Sen. Nelson went on to say that it is good news for Florida homeowners and will give them more access to the help that should be available to them.

The program was established as a part of a national program to help homeowners who are struggling as a result of the Recession. However, the program has been struggling to reach those who need assistance. As of March 1, 2013, only approximately 38 percent of the processed applications had been approved. Nearly half of the applicants had yet to be told whether they would get help from the Hardest Hit Fund. Broward County had more applicants than any other county in the State of Florida, with more than 6,000 of the 44,854 applications. The Florida Housing Finance Corp. administers the Hardest Hit Fund and defended the program last month in a letter to Sen. Nelson. In the statement, the agency’s executive director stated that the fund has been reviewed by the U.S. Department of Treasury and two state agencies, which found no evidence of wrongdoing.

Click here to read more about the Federal Government’s announcement to begin investigating the Florida Hardest Hit Fund.

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, Timothy Kingcade Posts

Job Growth Significantly Slows During March

Posted on April 12, 2013by Admin

The job market has remained steady through most of 2012 and the beginning of 2013. However, during the month of March employers added fewer jobs than any other month in almost a year. The numbers are discouraging because job growth is one of the greatest indicators of economic recovery. In February, 268,000 jobs were added to the market and in March, only 88,000 jobs were created. The unemployment rate dropped to a four-year low of 7.6% during March. Experts say the decline in unemployment was prompted by nearly a half-million workers leaving the job market and not by growth. This decline was the result of layoffs, retirements and other reasons.

The decline in job growth is not a new trend; it’s also referred to as a “springtime swoon.” It is not uncommon for hiring to start strong early in the year and wilt away as the weather warms. Some economists believe that March’s report may represent a payback for the significant growths during January and February. Others attributed the decline to budget turmoil in Washington or unusually cold weather in parts of the country. No matter the reason, analysts cautioned against reading too much into the rates from only one month. During March, employers added 20,000 temporary workers and 18,000 construction workers, which reflects the recovery of the real estate market. Sectors such as transportation lost jobs during the month of March.

Click here to read more about the decline in job growth during March.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Many Americans Using their Tax Refund to Pay for Bankruptcy Protection

Posted on April 11, 2013by Admin

Many Americans are finding it difficult to come up with the money to file for bankruptcy protection. As a result, more than 200,000 families used their tax refunds in 2011 to pay for bankruptcy filing and legal fees, according to the National Bureau of Economic Research (NBER). Each year, personal bankruptcy filing rates spike in the first part of the year after Americans receive their tax refunds. The cost of filing for bankruptcy has jumped in recent years due to a reform in bankruptcy laws, just before the Recession. In 2005, the average cost of legal and administrative fees was $921 compared with the 2007 average of $1,477, according to reports from the U.S. Government Accountability Office.

Attorney fees make up the largest portion of the costs associated with filing for bankruptcy. Since the reform, attorneys are required to verify more information in a bankruptcy case than they did before 2005, which had a direct impact on the increase in attorney fees. The increase in bankruptcy filing fees has made it much harder for those who actually need to file for bankruptcy protection to afford it. Many who are in dire need of relief from their debt use their entire wages just to live and have little leftover for legal fees. The average tax refund is approximately $2,913 according to NBER, which is enough for many Americans to file for bankruptcy protection. The bankruptcy reform was initiated to deter abuse of the system. Since the laws have changed, fewer people have filed for bankruptcy. However, experts say that does not necessarily mean that the change has “curtailed abuse of the system.”

Click here to read more about using your tax refund to pay for your bankruptcy filing.

Bankruptcy Law, Credit, Timothy Kingcade Posts

7 IMPORTANT Items to Check before Filing your Taxes

Posted on April 10, 2013by Admin

Even if you have hired a “tax pro” to file your tax return this year, it is important that you double or even triple-check your tax return before sending it in. If there are errors on your tax return, you will be held responsible by the IRS. When you sign your tax return, there are words over your signature stating that by signing, you declare to have examined the return and that all facts on the return are true. Therefore, you are responsible for what is on those pages, even if your tax preparer has committed fraud on your behalf; you will be the one to pay for it.

Below are 7 items to mark off your checklist before filing your tax return:

1. Names: Be sure that all names listed on your tax return match those on the Social Security cards. The IRS cross-references all names on tax returns. In some cases, the name on your social security card might actually be wrong or misspelled. If this has happened to you, you still need to match the name you file with to the one on your Social Security card.

2. ID Numbers: Verify any persons’ Social Security number with those on their Social Security cards. It is best not to rely on your memory when filing your tax return, particularly when filling out your spouse or child’s number. You also need to verify taxpayer ID numbers used on any business schedules.

3. Form 1040: If you are filing a 1040, make sure you look over the bottom area of page one. There may be numbers you do not understand or contributions that you know you did not make. Make sure that there is no amount listed under the alimony section unless you make alimony payments.

4. Deductions: If you are over the age of 65 or blind, make sure you have checked those boxes on your tax return. These steps will increase your standard deductions. Also, double-check your medical or business expenses. Some fraudsters use the national averages the IRS publishes each year to make up false amounts on your behalf.

5. Credits: Refundable tax credits are common areas of tax abuse and fraud. This can be done using Child Tax Credits, Earned Income Credits or Education credits. These are credits for which the IRS refunds you, although you have not actually paid any taxes. Some tax preparers make up false information to get refunds, even if you do not have children.

6. Withholding: Make sure this section of your tax return shows the correct amount. A common mistake for tax preparers is to enter the Social Security withheld into this field.

7. Refunds: If you make a mistake on your routing number or account number for a direct deposit, you are out of luck. If someone else gets your refund due to your mistake, the IRS can do nothing to help you. Experts say you should triple check this information before filing.

Click here to read more on the 7 items to mark off your checklist before filing your tax return.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Five Great Deals Not to Pass Up in April

Posted on April 9, 2013by Admin

Many Americans are frugal with their spending during the month of April if they have recently paid a lot in taxes. However, if you budget properly, you can find some of the best deals during the month of April.

1. Wedding Registry Items: Summer is wedding season for many. If you have any weddings to attend this summer, April is a great month to begin shopping for wedding gifts. Appliances, cookware and linens go on sale in early spring. According to TheKnot.com, the top three stores where couples register are at Bed Bath & Beyond, Target and Macy’s. You can start by collecting coupons for these retailers and sign up for their email lists to find additional savings.

2. Cruises: Spring is a great time to start making travel plans for the following year. If you are planning a cruise, particularly during a peak season, you will find the best cruise deals during the month of April. CruiseCritic.com states you will find the best deals for European cruises. Cruise prices have also dropped for Australia, Hawaii and Mexico.

3. Roof: Summer is the best time for any roof repairs your home may need due to milder temperatures. If you are considering installing a cool roof, which reflects the sun and keeps the roof temperature down, it can help cut your air conditioning and energy bill costs. You can get great deals on cool roofs during the month of April.

4. Office Furniture: Office furniture tends to go on sale just after tax season. Another way to get great deals on office furniture is check for county auctions. Sometimes county schools and government agencies will begin Spring-cleaning and sell off their surplus office goods.

5. Tax Day Freebies: On April 15, many retailers offer discounts and special promotions to celebrate the end of tax season. For instance, Cinnabon offers two free Cinnabon Bites at certain locations. Arby’s will also be offering certain free foods.

Click here to read more on some of the great deals you can find during the month of April.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Forbes’ Ten Easy Steps to Achieve Financial Success

Posted on April 5, 2013by Admin

Many Americans have struggled to regain control of their finances and subsequently, their life. Take these ten easy steps to achieve financial success!

1. Spend less than you earn. One problem in America is that many people spend more than they make and live beyond their means. A simple solution to this is to live within your means.

2. Pay yourself first. Each month, remember to pay yourself first. This can be in the form of a savings account, a retirement plan, an investment account, etc. Many Americans pay their bills first and save what is “leftover.” The problem with this is there is little or nothing leftover.

3. Insure big risks. Think about your own unique situation in life and the biggest financial risk that is posed. If you are a single parent, life insurance is the best thing for you to consider. Consult with a financial advisor to measure the risk and pricing options.

4. Know your numbers. Many Americans are disconnected from their finances. It is not uncommon for people to pay their bills and not pay attention to anything beyond that or simply gather data for their CPA’s. It is better to know where you stand, what you make, what you spend, your debts and your net worth and monitor all of these things closely.

5. Understand your money attitude. Your attitude about money determines your behavior with money. Whether you are a spender, saver or an avoider, it is better to know how you act with money. Think about your history with money, this can help you succeed and avoid financial failures.

6. Discuss your musts. Many people choose not to talk about money and their views regarding money. However, it is in your best interest to discuss your life and what is most important to you. You can decide what is a financial MUST for you and the best way to get there.

7. Invest. Most Americans are scared to invest in stocks because the media portrays this as a surefire way of losing all of your money. This is simply not true. Educate yourself on stocks, speak with a financial advisor (whom you trust) and invest in stocks. If you can live without immediate gratification, it will payoff for you big time in the future.

8. Be willing to give up potential return for short-term needs. Short-term money and emergency funds should not be invested in the stock market. While it is good to invest, you should be rational and always have an emergency fund available for the unexpected.

9. Protect yourself from the stupidity of others. Everyone has known of someone who has had a “get rich quick scheme” or at least been victim to one. Do not allow yourself to be fooled into these types of schemes. If it sounds too good to be true, it usually is.

10. Goals are important. Everyone needs to set goals for themselves. Think about your goals both long-term and short-term. Think of where you want to be in five years and ten years. This will enable you to set personal and financial goals for yourself.

Click here to read more about Forbes’ ten easy steps to financial success.

Bankruptcy Law, Credit, Timothy Kingcade Posts

What’s Not on Your Credit Report May Hurt You

Posted on April 4, 2013by Admin

Everyone worries about their credit score and what’s on their credit report, particularly when they are about to make a big purchase such as a car or a home. However, the things that are not on your credit report can be just as harmful as what is. There are several ways that good credit references, such as secured cards and bank loans paid on time, can help your credit:

Accentuate the positive. Positive payment history can be the best thing for your credit score. However, many people do not realize that one of the things credit scores take into account is the proportion of positive and negative items. For example, even if you have negative information on your report, having more positive information can offset the negative.

Length of credit history. Your credit score considers the age of all of your accounts. Even older accounts such as a paid-off mortgage can help your credit score for years to come.

Credit mix. Credit scores also take into account the different types of credit you have. It is best to have both installment and revolving accounts listed on your report.

Missing the good stuff. Not all lenders report their customers’ payment histories to credit-reporting agencies. This can be harmful to your credit score, because many report only negative information. Unfortunately, there is nothing you can do to force a lender to report your account, you just have to continue good bill-paying habits until they begin showing up on your credit report.

Click here to read more about the missing information on your credit report and how it may hurt your credit score.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

How to Choose A Mortgage Lender

Posted on April 3, 2013by Admin

There has been a lot of buyer concern the past few years in the real estate market. Even those who have not been greatly affected by the Recession and have the means to buy a house may be stalling due to a lack of trust in mortgage lenders. Now that the housing market is stabilizing and lenders are being monitored more closely, buyer confidence is on the rise. The latest question for those looking to buy is, “How do I choose a mortgage lender?”

Here are a few things to remember when choosing your mortgage lender:

Beware – Mortgage people are salespeople. Following the housing market crash, homebuyers are looking for the most skilled financial mortgage experts out there. However, you have to understand that many representatives you will speak with are not qualified to answer the questions you may ask. You cannot assume that all of the loan officers have proper training and credentials, just because you chose a well-known institution. Work with the most knowledgeable loan officer, not the best salesperson.

Beware of the “In-House” Lender. Many real estate companies have “in-house” lenders that work out of the real estate office. This is mutually beneficial for the real estate company and the lender because of the convenience factor. The “in-house” lenders can be a great choice; however, it is best to do your homework. Make sure the “in-house” lender and the officer have the expertise and credentials to properly handle your mortgage.

Beware of Online Discount Mortgage Financing Options. Although it may be advertised that discounted options are available online that leave out the “brick and mortar” costs associated with traditional lenders, this is not always true. Even if you close online or over the phone, the brick and mortar costs are still a part of the income statement. These “discounts” are simply advertisements and tend to be very misleading.

Word of Mouth Trumps All. A general rule of thumb with any choice in services or goods is to ask those around you about their experience with the product or service. If you know of anyone who has recently purchased a home, ask about their experience. With all of the recent changes to the market, it is best to ask more than one recent buyer. Other great sources of information include: financial advisors, accountants, attorneys or realtors.

Click here to read more on this topic and find out which mortgage lender is right for you:

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 website, Kingcade & Garcia, P.A.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Trends in Credit Card News- How New Legislation is Keeping Consumers Safe

Posted on April 2, 2013by Admin

Congress is taking steps to limit checking account overdraft fees that continue to charge consumers billions of dollars every year. Reps. Carolyn Maloney and Maxine Waters have introduced a bill that limits the cost of overdraft fees and prohibits practices that increase the likelihood accounts will be overdrawn. Also known as the Overdraft Protection Act, it limits overdraft coverage fees in many ways. It would prohibit financial institutions from charging more than one overdraft fee per month or more than six per year; it would require overdraft fees to be “reasonable and proportional” to the amount of the overdraft; and it would prohibit a fee if the overdraft results solely from a hold placed on an account that exceeds the amount of the transaction. Many merchants, such as hotels and gas stations, automatically place a hold on the money in your checking account when you pay with a debit card. The bill also addresses the practice of posting checking account transactions in a way that maximizes overdraft fees.

In other credit card news, a Massachusetts court ruled that zip codes could no longer be required at a check out. The Supreme Court unanimously ruled that zip codes are private information and consumers should not be prompted for a zip code when using a credit card. The decision came from a lawsuit where a merchant was prompted for her name and zip code, after which the retailer used this information to find her address and send her junk mail. The collection of personal information violates state law.

Richard Cordray was again nominated to head the Consumer Financial Protection Bureau (CFPB) last week. The decision came following a 12-10 vote by the U.S. Senate Banking Committee. Every Democrat approved Cordray, while every Republican opposed him. However, his approval will be stalled due to a deadlock preventing his vote. The CFPB is a federal consumer watchdog group that monitors and tracks the complaints on credit cards, mortgages, student loans, bank accounts, services and other consumer loans.

Click here to read more of the latest credit card news.

Click here to find out more about the Consumer Financial Protection Bureau.

Credit, Foreclosures, Timothy Kingcade Posts

Rebuilding Your Life After Foreclosure

Posted on April 1, 2013by Admin

Record-breaking foreclosure rates have been a popular topic in the media since the housing market crashed. Unfortunately, we do not hear much about what happens to these families after they have lost their homes. Homeowners who have been foreclosed on by their lenders face many hardships, even after the dust has settled from their case. Below are some of the issues that foreclosure victims face and some smart solutions to their problems.

Finding a New Place to Live
Finding a new place to live is the most dire and immediate challenge foreclosure victims face. Many who have recently been foreclosed on do not have the cash for a deposit for rental property. Also, many landlords will not accept a renter with lower credit scores, which many foreclosure victims have. The best thing to do is to make plans as soon as you think you might be foreclosed on. This will allow you time to save up some cash to rent, if need be.

Suffering Through the Credit Fallout
Once other creditors find out that you have been foreclosed on, they tend to think it is likely that you will default on your debt with them, as well. As a result, you are likely to be forced to pay an inflated interest rate. Some foreclosure victims see interest rates rise as much as 30 percent. The best thing you can do is work toward rehabilitating your credit score as fast as you can, to be eligible for lower interest rates.

Purchasing a New Home
If you were foreclosed on due to circumstances that were beyond your control, such as unemployment, you are more likely to be eligible for a mortgage in the near future. Many foreclosure victims are able to obtain a mortgage again within three years of a foreclosure. Federally insured mortgages are the best option for foreclosure victims, i.e. FHA loans. However, you must understand that in order to obtain a mortgage in three years, you will need to prove that you have been practicing good bill-paying habits since the foreclosure.

Explaining Your Foreclosure to a Potential Employer
In financial-related fields, it is not uncommon for employers to run credit checks on potential employees to see how financially responsible the person is. If you have recently been foreclosed on and are applying for a position where you will be handling money, you should have an explanation ready for your potential employer.

Post-Foreclosure Tax Bill
If you have been foreclosed on and your home has been sold in an auction, you may be billed for taxes your lender was not able to recover from the sale of the property. However, there are some reasons you may not be obligated to pay the tax bill. If you are financially insolvent, the IRS may allow the debt to be forgiven.

Click here to read more on ways to rebuild after a foreclosure.