A study conducted by William Henderson of Indiana University Maurer School of Law showed that in 2011 only 55 percent of law school graduates were working in law-related jobs, nine months after graduation. Last year 43,735 students graduated with a law degree, of which 28 percent were either unemployed or underemployed after graduation.
Many law school graduates have experienced trouble finding work in the legal field since 2004, before the housing market crashed and the recession hit. The demand for new lawyers added up to only half of the number of those who passed bar exams in 2009.
The issue involving the over-abundance of law school graduates having difficulty finding jobs in their field is not expected to change, even if the economic state of the United States is healed. Many companies are outsourcing legal needs to countries such as India that have ‘smarter’ software. A number of American clients believe countries with such software have a more efficient process. Deans from colleges and universities are openly acknowledging that legal education is experiencing an ‘existential crisis.’
The economic problems extend much further than students finding law-related jobs. Many former law students are now facing problems paying back their student loans due to ‘high-priced degrees.’ Law students are settling for lower paying jobs for which they are over-qualified for, and as a result, many are defaulting on their student loan payments.
To read more on this story visit: http://www.nytimes.com/2012/07/15/opinion/sunday/an-existential-crisis-for-law-schools.html?_r=3&ref=opinion
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
Tag: Kingcade & Garcia
Errors on Consumers Credit Reports- More Common than You Think
Consumers are struggling to keep their credit scores up in this economy, and it appears the credit reporting agencies are not making it any easier. The three major credit agencies, Equifax, Experian, and TransUnion produce billions of credit reports per year and of this mass amount of reports, an estimated 25 percent contain errors. The errors can be as minor as an incorrect name or birth date.
Consumers are filing complaints with the Federal Trade Commission, but changes to the system are slow to come. The complaints are citing a breach of the Fair Credit Reporting Act. The large amount of errors on consumers’ credit reports is especially troubling, as these are not only accessed by companies issuing credit cards, but also by banks, employers, insurers and many others.
The credit agencies reportedly hired a number of foreign workers to produce credit reports and pay them as little as $0.57 per hour. The Consumer Financial Protection Bureau has been made aware of this issue and is expected to take major steps in addressing the problem sometime this month. It is likely that lawsuits will be filed against some of the credit agencies due to this problem. Consumers are urged to keep a close eye on their credit reports and to report any errors to the Federal Trade Commission.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
Student Loan Defaults Increase Nationwide
The Sun-Sentinel reported that across the nation, former students are defaulting on their federally backed student loans at rapid rates. In return, the government is filing lawsuits against former students who default on these loans. The report also stated that more than 4,300 lawsuits were filed across the country against former students who defaulted on their loans in 2011. South Florida reported that 183 lawsuits were filed against residents in 2011 that were unable to make their student loan payments.
Across the state, federal statistics reflect that more than 19,000 residents have defaulted on their student loan payments in the past two years; approximately 1.7 percent more than the national average of those who began repayment in 2009. The number of lawsuits and defaulted loans are expected to continue climbing due to unemployment rates.
Many former students struggling financially are choosing to file for Chapter 7 or Chapter 13 bankruptcy to relieve some of their debt. Although student loan debts are non-dischargeable through bankruptcy, this is a primary way for former students to avoid a lawsuit.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
Thousands at Risk to Lose Retirement Benefits from American Airlines
American Airlines and its parent company recently filed a lawsuit against the Committee of Retired Employees to stop providing health care and life insurance benefits to current retirees. The airline is currently paying 40,000 retirees life insurance and health care benefits and wants the bankruptcy judge to rule that it can end the benefits as a way to cut costs in “sound business judgment.” American Airlines reported that during 2010 paying retirement benefits cost them a reportedly $1.26 billion.
American Airlines and its’ parent company AMR Corp. filed for bankruptcy protection on November 29, 2011, after its reported $10 billion losses since 2001. The company is taking steps to restructure, such as layoffs and pay cuts, and ultimately hopes to save $1 billion through these efforts.
To read more on this story visit: http://www.startribune.com/business/161620245.html
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
Bankruptcy Filings Dramatically Decline in 2012
The International News Agency, Reuters, has reported that U.S. bankruptcy filings for both consumers and businesses have dropped 14% during the first half of 2012 and are on track to reach the lowest rate since before the start of the recession in 2008.
According to statistics from Eqic Systems Inc., consumers filing for bankruptcy have fallen 13% from the first half of 2011 and businesses filing for bankruptcy have taken a 22% decline. Samuel Gerdano of the American Bankruptcy Institute attributes the decline of bankruptcy filings to new, lower interest rates. Others have attributed the decline in bankruptcy filings to the high fees charged by the courts and attorneys.
While bankruptcy filings are at a low point, several large companies have made headlines this year by filing for bankruptcy such as, Eastman Kodak Co., textbook publisher, Houghton Mifflin Harcourt Publishers Inc., and Hostess Brands Inc., the maker of Wonder Bread and Twinkies.
To read more on this story visit: http://www.chicagotribune.com/business/sns-rt-us-bankruptcy-stats-declinebre8640ub-20120705,0,6184420.story
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
South Florida’s Bankruptcy Filings Fall for the Third Month in a Row
After a major surge in bankruptcy filings earlier this year, May was the third month in a row where South Florida experienced yet another decrease in bankruptcy filings. The U.S. District Court of Miami released a statement saying that during the month of May bankruptcy filings dropped 2.75 percent from April filings in Broward, Palm Beach, and Miami-Dade counties combined. In Broward County, 732 consumers filed for bankruptcy, in Palm Beach County 412 filed and in Miami-Dade 1,293 filed.
Bankruptcy and foreclosure trends tend to go hand in hand. Therefore, foreclosure cases in South Florida have also decreased over the past three months. From March to April this year, foreclosure cases were down approximately 15 percent in Palm Beach County, down 36 percent from a year ago. Foreclosure cases were down 31 percent from March to April in Broward County. In April, there was some speculation from attorneys that bankruptcy filings were down due to consumers waiting for new qualification factors beginning May 1st. The new qualifications include a change on income limits that would make filing for bankruptcy easier for financially distressed consumers.
To read more on this story visit: http://www.sun-sentinel.com/news/palm-beach/fl-bankruptcies-may-20120602,0,1862683.story
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
Bank of America Offers Principal Reductions to Underwater Homeowners
Bank of America recently announced that homeowners underwater on their mortgages will soon be receiving relief in the mail. The first wave of letters will be mailed out by the third quarter of this year to some 200,000 homeowners who may qualify for a principal reduction on their mortgages. Homeowners who qualify will save an average of 30% monthly on their mortgage or a total of about $150,000.
The homeowners who qualify must meet the following criteria:
1. They must be underwater on their mortgage.
2. They must be 60 days delinquent as of January 31, 2012.
3. Their monthly payment combined with insurance and other fees must account for 25% of their gross monthly income.
4. Their loan must be held by Bank of America, not a federally backed lender.
In March, Bank of America started a trial program for principal modifications for about 5,000 underwater homeowners. The bank disclosed that of these 5,000 homeowners, the combined savings reached approximately $700 million in just a few short months. Bank of America views this move as a way to hold up to their end of the settlement reached earlier in the year with the government as a result of the robo-signing scandal. Although the principal reductions are expected to relieve homeowners of much of their debt, it might also end up diminishing their credit scores. FICO spokesman, Anthony Sprauve said that as of now it is ‘undetermined how the reductions will be reported.’
To read more on this story visit: http://moneyland.time.com/2012/05/09/behind-on-your-bank-of-america-mortgage-relief-may-be-in-the-mail/
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.
8 Tips to Improve Your Credit Score after Bankruptcy
Thoroughly examine your credit score post bankruptcy. You want to make sure that creditors know the debt that you were relieved of has been wiped clean from your credit report. The items should have a “BK” notation next to them to show you were relieved of them.
2. Re-examine your credit score several times, because even after your debts are discharged, it may take some time for this to reflect on your credit report.
3. Create a strict budget for yourself. Review your finances several times per week to ensure you are sticking to your budget.
4. Do not avoid applying for new credit; in fact, responsible credit spending is a great way to begin building up your credit score.
5. Set up automatic payments for your cable, Internet and phone bills, so you do not miss your payment due date. Again, watch your finances closely so that you know when money will be coming out of your account.
6. Student loan payments are a top priority. Student loans are not discharged after filing for bankruptcy and paying these timely can be an excellent way to improve your credit score.
7. Pre-paid credit cards can be a great way to improve your credit score if you are having trouble getting approved for a non-secure credit card. Be very cautious of companies that have high annual charges.
8. Defaulted loans are not the only item that impacts your credit score. Having your credit cards to the max will have a negative effect on your score in the same way. Bottom line: Never max out your credit cards.
To read more on this story visit: http://articles.marketwatch.com/2010-08-26/finance/30762498_1_credit-report-filings-credit-rating/2
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
The Federal Housing Finance Agency Releases its Goals for 2013-2017
The director of the Federal Housing Finance Agency, Edward J. DeMarco, released a rough draft of the goals the Agency has set to construct a more efficient and effective housing finance system. The FHFA is the agency created by the merging of the Office of Federal Housing Enterprise Oversight, Federal Housing 
Finance Board and the government sponsored enterprises mission office. The FHFA was created after the 2008 Housing and Economic Recovery Act, and has acted as a regulator for the GSE’s such as Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
Below are the FHFA’s strategic goals for 2013 – 2017:
1. Safe and sound housing GSEs
2. Stability, liquidity, and access in housing finance
3. Preserve and conserve enterprise assets
4. Prepare for the future of housing finance
The FHFA will create a safer housing finance system for Americans, not by directing day-to-day operations, but by setting boundaries and expectations for the GSEs. The FHFA plans to monitor the actions of the Enterprises through on-site examinations and program reviews.
To read more on this story visit: http://stopforeclosurefraud.com/2012/06/14/fhfa-strategic-plan-2013-2017-preparing-a-foundation-for-a-more-efficient-and-effective-housing-finance-system/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com
Whistleblower Lynn Szymoniak’s Bank Unsure of Payoff Figure
Lynn Szymoniak is most well known for her investigative work in the $95 million settlement between the major banks and the government for fraudulent acts in foreclosure proceedings. The government recently awarded Szymoniak $18 million for her help in the case. Szymoniak planned to use her portion of the settlement to pay off her own mortgage and fund non-profit organizations for foreclosure victims. However, when Szymoniak went to her bank to find out the outstanding amount of her loan, American Home Mortgage Servicing and Deutsche Bank were unable to answer her questions.
After receiving the runaround for two months, Szymoniak decided to file a pleading with the court. The judge ordered the bank to give her the total amount within seven days. The bank’s attorneys asked for a five-day extension but when they came back to her with an amount of $1.4 million, Szymoniak said this was approximately $250,000 more than the bank’s attorneys told her in February of this year that she would owe.
To read more on this story visit: http://www.huffingtonpost.com/2012/06/08/home-mortgage-raised-foreclosure-banks_n_1582047.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com