Tag: Kingcade

Medical Debt

How to Lower Your Medical Debt and Avoid Damaging Your Credit

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Like other types of debt, unpaid medical bills can stay on your credit report for up to seven years. It can affect your ability to take out loans, finance a home or car, and qualify for credit.

If you can resolve medical debt quickly or keep it below $500, it may never show up on your credit report. Paid medical debt, medical debts under $500, and unpaid debts less than one year old are no longer reported by the three major credit bureaus.

Here are some ways to get rid of medical debt.

  • Review your bill carefully. Request an itemized bill and check for errors. Make sure the charges are accurate, that you were not billed twice, and your insurance benefits were applied.
  • Request a payment plan. Hospitals and doctors’ offices often offer payment plans and may work with you to set an affordable monthly amount. These plans are often interest-free and can help keep your account out of
  • Negotiate the bill. Hospitals will sometimes allow you to negotiate a lower balance. This can apply when you either pay in full or within a certain period.
  • Explore financial assistance options. Some hospitals offer financial assistance programs that can significantly discount or entirely waive medical bills for qualifying patients. You may qualify for reduced or free care based on your household income, especially if you are uninsured or underinsured. These policies usually apply to medically necessary care, with eligibility determined on a sliding scale based on the Federal Poverty Level.

Here’s what to do if your medical debt is already in collections.

  • Confirm the debt is valid. You have the right to request a debt validation letter from the collection agency. Review it to confirm the amount is correct and that your insurance was If the agency cannot verify the debt, you can dispute it with the credit bureaus.
  • Check if the debt will be recorded. Medical debt under $500, or less than a year old, should not appear on your credit reports. If they do, you can file a dispute with the credit bureaus to have it removed.
  • Reduce the balance. Even if you cannot pay the full amount, lowering the debt below $500 may help remove it from your credit report. Once you pay it down, ask the collection agency to update your credit report.

How Bankruptcy Treats Medical Debt

In bankruptcy, medical debt is treated the same as credit card debt. Medical bills are listed as general unsecured debt and can be easily wiped out in a Chapter 7 bankruptcy filing. Making the decision to file for bankruptcy is never an easy one.

Fortunately, consumers have the option available to them to file for bankruptcy to escape this burden of medical debt. In a bankruptcy case, debts are classified into two categories: secured and unsecured, as well as priority and nonpriority debts. Secured debts are those that are backed by a form of collateral, while priority debts can be unsecured but receive special status, such as tax bills, student loans, and child support. Unsecured debts are those debts that are not secured by collateral and include personal loans, credit card debt, and medical debt.

In a bankruptcy case, unsecured debts are the ones that are discharged at the end of the case, while priority and secured debts are the focus of payment plans or payment in a Chapter 7 case after assets are liquidated. If a debt is discharged, this means the court has issued an order stating that the debt does not have to be paid.

Medical debt may also become part of the repayment plan issued as part of a Chapter 13 bankruptcy case. The bills may not end up paid in full, but the medical providers will receive at least some amount of payment, which helps the consumer maintain a relationship with their healthcare providers. Repayment plans normally last three to five years, ending with the consumer’s remaining debts, including medical debt, getting discharged.

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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 bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, 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 McMaken, P.A. website at www.miamibankruptcy.com.

Credit Card Debt

Americans Are Falling Behind on their $1.25 Trillion Credit Card Debt

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How much is too much credit card debt?

Surging inflation and rising interest rates have left millions of Americans relying on credit cards to cover everyday expenses. Middle-class households are struggling the most to pay down these balances. More families have shifted to a pattern of “survival debt.” Survival debt refers to money borrowed explicitly to cover basic, essential living expenses, like food, housing, utilities, and medical expenses, rather than discretionary purchases.

America’s credit card balance is a staggering $1.25 trillion, up from $1.18 trillion in the same quarter last year. The average interest rates on credit cards rose to 21% in February, from 14.6% in February 2022, according to a survey by the Federal Reserve.

With the rising cost of food, housing, and healthcare there is less money to pay down credit card debt. Consumers have been forced to make some tough decisions. Not wanting to lose their car or their home, people are likely to stop paying their credit cards, first.

Credit counseling agencies have seen an uptick in clients by 60%, since 2018. The National Foundation for Credit Counseling, a network of nonprofits that helps people reduce credit-card debt, said it had 24% more clients in January than a year earlier.

People carry an average of about $6,500 to $6,700 in credit card debt, according to credit-reporting agencies. The percentage of cardholders with balances of more than $10,000 has risen in communities across different income levels since 2018, analysis from the Urban Institute data shows. Last year, 17% of cardholders in low-income communities held balances greater than that amount, 20% in medium-income communities and 25% in higher-income communities.

While each consumer’s financial situation is different, there are ways to determine if you are carrying too much credit card debt.

Consider your answers to the following questions:

  • Is your credit card debt impacting your financial and emotional health? Carrying large amounts of credit card debt can damage your credit score and cause you to experience financial and emotional stress. A good rule of thumb is to ensure your monthly payments are not more than 10 percent of your monthly income.
  • Are you paying only the minimum? Credit cards typically have low monthly minimum payments, but that doesn’t mean they are affordable just because you can cover that amount. If you are only able to make the minimum payment, that can be a sign you have too much credit card debt.
  • Is your credit card debt impacting your credit score? Credit cards can help your credit score- or hurt it, depending on how you use them. It is recommended that you keep your credit utilization below 30 percent. Having significant credit card debt can have a negative impact on your credit score. This can make other debts, like your mortgage and car payments more expensive.

As bankruptcy attorneys, we see credit card debt as one of the most common problems facing those with serious financial challenges.

Filing for bankruptcy is a viable option for those struggling with insurmountable credit card debt. Chapter 7 is the fastest form of consumer bankruptcy and forgives most unsecured debts like credit card debt, medical bills, and personal loans.  There are certain qualifications a consumer must meet in regard to income, assets, and expenses to file for Chapter 7 bankruptcy, which is determined by the bankruptcy means test.

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Chapter 13 Bankruptcy

Pros & Cons of Filing Chapter 13 Bankruptcy in Florida

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Bankruptcy filings have been on the rise in Miami. Inquiries have increased due to the cost of living, elevated interest rates, and consumer debt. Inflation, healthcare, housing, and the cost of energy are some of the issues people cite as their top financial concerns.

Chapter 13 bankruptcy, referred to as a “wage earner’s plan” or a “reorganization bankruptcy,” has become a common choice for people who need time to catch up on their debts.

There are advantages to filing Chapter 13 bankruptcy in Miami, and a few drawbacks. It’s important to discuss your personal circumstances with an experienced Miami bankruptcy attorney to understand how bankruptcy will affect you.

How Chapter 13 Bankruptcy Works
When you file for Chapter 13 bankruptcy, you will submit a detailed budget showing your monthly income and expenses. The bankruptcy court uses this information to determine how much you can realistically afford to pay your creditors each month. Allowed expenses include housing, utilities, food, transportation, insurance, medical care, and other necessary costs. The court follows standardized guidelines for many of these expenses, but there’s flexibility based on a filer’s specific circumstances.

The remaining amount becomes your monthly Chapter 13 payment. This means you keep enough of your income to maintain a basic standard of living while repaying what you can afford with your creditors.

Pros:
*End Creditor Harassment. Thanks to the automatic stay, creditors will no longer be able to contact you.

*Avoid Foreclosure. If you have fallen behind on your mortgage payments, filing Chapter 13 can help you keep your home by getting caught up on those payments.

*A Defined Repayment Plan. Allows you to pay what you can according to your income and assets.

Cons:
*Expect your credit score to take a hit. However, it’s important to remember, continuing to struggle with your debt will also have a negative impact- not only on your credit score, but on your health and your happiness. Balances eventually become too high and overdue payments and delinquencies result.

*Not being able to wipe out all your debt. Unlike Chapter 7 bankruptcy, you do not discharge all your debt. You repay it. Chapter 13 plans can last anywhere from three to five years, but most are five-year plans.

It is worth noting that in Chapter 13 bankruptcy not everyone pays back the same percentage of their debt. Some people repay their unsecured creditors in full, while others might pay back only a fraction, sometimes as little as 10% or even less, depending on their disposable income and the value of their assets. The point here is that your payment is based on what you can afford, not on taking everything you earn.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Car Repossession

What Are the Repossession Laws in Florida?

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If you are facing the possibility of repossession in Florida, knowing your rights, and understanding the process can help you feel more in control and figure out your next steps. Florida repossession laws favor lenders, but as a borrower you still have rights. Lenders are legally allowed to start the repossession process after just one missed payment. Whether that happens depends on your loan agreement. Most lenders offer a grace period, allowing you a few extra days to make a payment without late fees or other penalties.

When it comes to auto loans, these are considered secured debts. The car is what “secures” the loan. So, if you do not make your loan payments, the lender can take back the car through repossession.

Falling behind on car payments is stressful. A car is not only a vehicle for people, but an essential asset. Many people rely on it to get to work, take their children to school or daycare, and for other daily needs. The thought of losing it can be overwhelming.

How Can I Stop Repossession?

One of the best ways to avoid repossession is to make sure your car payment fits your budget before buying a vehicle. It also helps to hold on to your car as long as you can. Trading in a vehicle before the loan has been paid off can lead to higher monthly payments when rolling over the debt into a new loan. This can result in owing more money than your car is worth.

Unexpected financial hardships can happen to anyone. If you are behind on payments or worried about falling behind, here are steps people often take to avoid repossession:

  • Talk to your lender: Some lenders are willing to work with you. They may adjust the terms of your loan and set up a payment plan that fits your current financial situation.
  • Catch up on missed payments: If possible, try and get current on the loan. Request late fees and finance charges be removed. Anything to help get the balance down.
  • Consider bankruptcy: If your car payment is just one of the bills you are behind on, filing bankruptcy might help. Particularly if you have overwhelming credit card debt or medical bills. In some cases, people can keep their car during the bankruptcy process. Consider setting up a free consultation with an experienced bankruptcy attorney to learn more about your options.

If you have questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all 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 McMaken 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. To learn more, visit the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

SOURCE: Repossession Laws in Florida – Upsolve (January 15, 2026)

Bankruptcy Law

What is the 180-day Rule in Bankruptcy?

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When it comes to filing bankruptcy in Florida, timing matters. Aside from things like income limits, exemptions, and credit counseling requirements, the timing of your bankruptcy filing can either protect you or put you at risk. Let’s say, your paycheck arrives late. A tax refund hits your account. A family member passes away and leaves you inheritance money. Any of these events can affect how your bankruptcy case unfolds.

The 180-day rule is a bankruptcy provision that determines whether certain benefits or assets obtained within 180 days after filing must be included in your bankruptcy estate. This means if you file for bankruptcy and then receive or inherit certain types of money within the next 180 days (about 6 months), the bankruptcy court may treat that money as if you had it when you filed. This rule most commonly applies to:

  • Inheritances
  • Life insurance proceeds
  • Property settlements from divorce or separation
  • Certain trust distributions

If any of these occur within 180 days after your filing date, the assets could potentially be used to repay your creditors. This surprises many filers because they assume only assets owned on the filing date matter. The 180-day rule extends that window, making timing crucial.

How Does the 180-day Rule Affect Chapter 7 vs. Chapter 13?

Chapter 7 bankruptcy: Because Chapter 7 involves, liquidating non-exempt assets, anything covered by the 180-day rule could be taken by the bankruptcy trustee and distributed to creditors. For example, receiving an inheritance three months after filing could mean losing part or all of it.

Chapter 13 bankruptcy: In Chapter 13, you commit to a repayment plan and keep your assets. Assets acquired under the 180-day rule may increase how much you are required to repay over the life of your plan.

What does the 180-day rule not cover?

The 180-day rule does not apply to everything acquired. For example:

  • Regular wages earned after filing are generally protected
  • Bonuses tied to post-filing work are usually excluded
  • Tax refunds depend on when the income was earned, not when the refund arrives

That distinction is why professional guidance matters when it comes to navigating a bankruptcy.  If you have questions on this topic 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 McMaken 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. To learn more, visit the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Source: What is the 180-day rule in bankruptcy? – CBS News

Consumer Bankruptcy

New Year, Fresh Start. Bankruptcy Can Help You Take Back Control of Your Finances

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The New Year is a popular time for financial check-ins, motivating people to set goals like paying off debt. For those struggling with overwhelming debt, bankruptcy can be a legal pathway to a fresh start, eliminating eligible debts.

Before filing for bankruptcy, certain steps should be taken to ensure the case goes smoothly and is successful.

  1. Stop using credit cards.

One of the reasons people file for bankruptcy is due to overwhelming credit card debt. As soon as someone decides to file for bankruptcy, it is always recommended that he or she immediately ceases using their credit cards. Bankruptcy courts will view creating more debt when the person knows that it will never be repaid as a form of bankruptcy fraud.

  1. Pay for the essentials.

Many filers find themselves behind on bills prior to filing, including rent and utilities. Prior to filing for bankruptcy, make sure you are caught up on essential living expenses, including paying rent and utilities.

  1. End automated payments.

Many consumers set up automatic payments with their bank and creditors, allowing creditors to auto debit their bank account. While this may be a convenient method, once a bankruptcy case is filed, it can quickly become a giant inconvenience. With the automatic stay, creditors are prohibited from directly soliciting payments on debts owed by the filer, but this does not necessarily mean these payments cannot be made via automatic monthly withdrawals that were in place prior to filing. To avoid this problem, prior to filing, consumers should sign on to all online accounts with creditors and end automatic payments.

  1. Gather financial records.

Organize recent pay stubs (60 days), bank statements, tax returns (2 years), asset details (home, cars), and creditor statements.

  1. File your tax return.   

If someone is considering bankruptcy, taxes are often the last thing on that person’s mind. However, it is important that a consumer considering bankruptcy file his or her tax returns prior to filing. After all, the bankruptcy court will be looking at the consumer’s income and assets when deciding bon what type of bankruptcy can be pursued, and tax returns are vital documents needed to make that determination.

5. Review Your Credit Report.

Get a copy of your credit report for free by visiting Annual Credit Report.com – Home Page. Free weekly online credit reports are available from Equifax, Experian and TransUnion. Credit reports play an important role in your financial life, and we encourage you to regularly check your credit history to ensure accuracy.

You can regain control of your financial future in 2026. The consultation is free; the relief is real. Since 1996 Kingcade Garcia McMaken 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 McMaken website at www.miamibankruptcy.com.

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305-285-9100

1370 Coral Way, Miami FL 33145

Bankruptcy Trends, Consumer Bankruptcy

Consumer Bankruptcy Filings Increase in December 2025

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Unlike previous years, consumer bankruptcy filings in December 2025 increased both month-over-month and year-over-year, according to the latest data from G2 Risk Solutions. Consumer bankruptcy filings increased 5.8% from November 2025 and nearly 21% over December 2024. A departure from historical norms, bankruptcy filings tend to see a decline in the months of November and December, as many choose to defer the stress and filing fees until after the holidays.  The total number of consumer filings reached 44,890 in December.

Even though consumer bankruptcy filings have increased over the past five years, filings remain about 25% below pre-pandemic levels.

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If you have questions on this topic or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can assist you and address 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Legal Awards

Timothy S. Kingcade Named a Top 3 Bankruptcy Lawyer in Miami for 2026

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MIAMI (January 17, 2026)– Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy law firm of Kingcade Garcia McMaken  has been named one of the Top 3 bankruptcy lawyers in Miami, FL by Three Best Rated®. Kingcade obtained the highest score out of all the nominees, and it marks the 11th consecutive year he has received this honor.

“I am honored and humbled to be recognized as a Top 3 Bankruptcy Lawyer by Three Best Rated 11 years in a row,” said Timothy S. Kingcade. “Beyond managing the legal aspects, we provide our clients with protection and peace of mind during the bankruptcy process. We know what our clients are going through when they come into our offices, and we treat them with the upmost care and respect during their most challenging times.”

Three Best Rated® was created with a goal of finding the top three local businesses, professionals, restaurants, and health care providers in each city. The selection process involves a rigorous 50-Point inspection and includes everything from evaluating the attorney’s reputation, history, client reviews, ratings, complaints, satisfaction, trust, pricing, and overall excellence, forming the basis of the TBR Inspection Score.

Attorney Timothy S. Kingcade founded Kingcade Garcia McMaken in 1996, a prominent law firm that handles a substantial number of bankruptcy filings each year. Timothy, along with his dedicated team, provide comprehensive legal representation to clients throughout South Florida.

Kingcade Garcia McMaken is committed to helping clients navigate the complexities of bankruptcy law. Their experienced attorneys guide individuals in understanding recent changes in bankruptcy regulations and the critical distinctions between filing under Chapter 7 or Chapter 13 bankruptcy. The firm also handles foreclosure cases alongside bankruptcy matters.

Throughout South Florida, Kingcade Garcia McMaken has earned a solid reputation as a dependable and effective advocate for clients from diverse backgrounds. The firm’s commitment to providing personalized service is evident, with their attorneys taking the time to clearly explain the available options based on each client’s unique circumstances. The personalized approach ensures that clients receive the individual attention and care they deserve during the legal process.

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Miami-based Kingcade Garcia McMaken, P.A. was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade Garcia McMaken P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish. For more information, visit https://www.miamibankruptcy.com/ or call (305) 285-9100.

Consumer Bankruptcy, Debt Relief

Debt Relief vs. Bankruptcy in 2025

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Debt relief and bankruptcy can offer real financial help in a challenging economic environment- but there are a few things you should know about each option.

American households are struggling with debt like never before, as total credit card balances have soared past $1.21 trillion nationally. With credit card interest rates approaching record highs and the cost of living rising, many people have found themselves trapped in a cycle of making minimum payments.

Amid the financial pressure, people are exploring different options to regain control over their debt.

Debt relief programs, such as credit card settlement plans, are increasingly accessible, while bankruptcy remains an option for those facing overwhelming debt.

Each option has unique benefits, costs, and long-term implications.

Debt relief programs only address unsecured debt, like credit cards, personal loans, and medical bills. These type programs cannot help with secured debts, like a mortgage or car loan.

filing for bankruptcy

Bankruptcy, on the other hand, can wipe out certain unsecured debts entirely, and in some cases, provide options for addressing secured debt. Understanding exactly what you owe, and to whom is the first step in deciding which approach to choose.

Debt relief programs work best if you have a steady income that allows you to make monthly payments. If your earnings are inconsistent or barely cover your living expenses, these programs can prove challenging to sustain.

For those whose income will not support repayment, bankruptcy provides a better option. However, post-bankruptcy budgeting is essential to avoid falling back into debt.

Choosing between bankruptcy and debt relief is a personal decision influenced by your total debt, income, credit outlook, and long-term goals.

Debt relief can offer structured repayment and lower interest costs without the long-lasting credit hit of bankruptcy, but it requires discipline and consistent payments. Bankruptcy, however, can immediately wipe out your debt and provide you with a fresh financial start when debt becomes unmanageable.

As you weigh your options, it is important to review each one carefully, ideally with a financial counselor, certified debt specialist, or experienced bankruptcy attorney before deciding.

Click here to read more on this story.

If you have questions on this topic or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can assist you and address 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Chapter 13 Bankruptcy

Does Chapter 13 Bankruptcy Take All Your Income?

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Bankruptcy filings have been rising, and personal bankruptcy inquiries have been increasing for those struggling with persistent inflation. Among the options available, Chapter 13 bankruptcy, often referred to as a “wage earner’s plan” or “reorganization bankruptcy,” has become an increasingly common choice for people who need time to catch up on their debts.

Chapter 13 bankruptcy allows the debtor to keep their property and pay their debts over time, through a court-appointed repayment plan that typically lasts three to five years.

But does filing for Chapter 13 mean you have to give up all your income?  Here’s How It Works:

When you file for Chapter 13 bankruptcy, you will submit a detailed budget showing your monthly income and expenses. The bankruptcy court uses this information to determine how much you can realistically afford to pay your creditors each month. Allowed expenses include housing, utilities, food, transportation, insurance, medical care, and other necessary costs. The court follows standardized guidelines for many of these expenses, but there’s flexibility based on a filer’s specific circumstances.

The remaining amount becomes your monthly Chapter 13 payment. This means you keep enough of your income to maintain a basic standard of living while repaying what you can afford with your creditors.

It is also worth noting that not everyone pays back the same percentage of their debt. Some people repay their unsecured creditors in full, while others might pay back only a fraction, sometimes as little as 10% or even less, depending on their disposable income and the value of their assets. The point here is that your payment is based on what you can afford, not on taking everything you earn.

Click here to read more.

If you have questions on this topic or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can assist you and address 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Related Resources:

Chapter 13 – Bankruptcy Basics