Tag: Miami bankruptcy attorney

Debt Relief

Debt Relief Services: Helpful or Harmful?

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Although filing for bankruptcy can provide considerable relief to those who are facing insurmountable debt, bankruptcy is not always the best choice for everyone. While some may not qualify for bankruptcy, others may wish to use an alternative solution to solve their debt problems. This is where debt relief programs come in, claiming to help consumers negotiate with their creditors and provide a solution to settle the debt.

However, is it safe to use a national debt relief organization to resolve your debts? While some report positive experiences with these companies, others (many others) have reported negative experiences that resulted in them spending more money in the long run. Also, many consumers have been taken advantage of by debt relief companies that ended up collecting fees without actually providing any debt relief services.

student loan debt, Student Loans

5 Anticipated Student Loan Changes on the Horizon

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Student loan debt has become a hot topic in Congress and on the 2020 presidential campaign. The current COVID-19 crisis further highlighted the issue, which has student loan experts anticipating several potential changes when it comes to student loan debt.

Temporary Pause for Payments

One of the more immediate changes comes with the federal stimulus package, the Coronavirus Aid, Relief, & Economic Security Act (CARES Act). This $2.2 trillion stimulus bill offered many different benefits, one of them being a pause for all payments due on federal student loans. This temporary stop is set to last through September 30, 2020. In addition, interest will not accrue on outstanding federal student loans during this period. However, this coverage only includes loans serviced directly by the federal government and not by private providers. If borrowers have loans that were originally federal but later consolidated through a private entity, no immediate pause will occur on these debts. This fact has not stopped many states from working out arrangements with student loan servicers to include private student loans in the temporary relief. Given the fact that the COVID-19 pandemic seems to be holding on, this forbearance period could potentially extend beyond September 30, 2020. The Heroes Act has already included a provision to extend the forbearance by one year, but it is not decided yet whether the extension will occur.

Credit Card Debt

The Most Common Credit Card Fees and How to Avoid Them

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Most Americans have at least one credit card, if not more, that they use on a regular basis. These credit cards can be useful when paying for monthly expenditures, so long as the balances are kept to a minimum and paid in full. Additionally, most credit cards come with fees that make it nearly impossible to pay the card down if the balance becomes too high. According to a 2019 Consumer Reports study, one-third of American credit card consumers say that they struggle with the fees that came along with their credit cards. It is important that consumers be aware of these fees and take steps necessary to avoid them if possible.

Read the Fine Print

One of the best ways to determine what fees come with a credit card is to carefully review the fine print that comes with the consumer’s credit card contract. If any fees will be charged to the card, this information will be found in that fine print.

Bankruptcy Law

Applying for a Mortgage After Bankruptcy

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One of the biggest worries that filers have when proceeding with a bankruptcy case is how the matter will affect their ability to obtain financing in the future, including a mortgage for a new home. While a bankruptcy case does impact a person’s credit score, all hope is not lost for eventually being able to purchase a home and obtain a mortgage. It depends a great deal on the success of the bankruptcy case and the consumer’s financial habits after the case is closed.

A Chapter 7 liquidation bankruptcy case is a much faster bankruptcy route that takes several months to finalize, while a Chapter 13 reorganization bankruptcy case can take between three to five years to finalize. A Chapter 7 bankruptcy case can stay on a person’s credit report for up to ten years from the date of filing, while a Chapter 13 bankruptcy case can stay on a person’s credit report for seven years from the date of filing or ten years if the bankruptcy is not completed or discharged.

Bankruptcy Law, Lawyers in the News

Bankruptcy Attorney Timothy S. Kingcade Interviewed by The Miami Herald

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With about one out of every nine Miami-Dade workers — and nearly one out of every six in Broward — still out of a job due to the coronavirus pandemic, a question lingers in South Florida: How long can the region stave off an even worse economic disaster?

After a rough start, Florida’s unemployment system has come online to furnish tens of thousands of local workers with as much as $875 per week in unemployment insurance — the state’s standard $275, plus an extra $600 through the emergency U.S. CARES Act passed in March. But Florida’s unemployment insurance lasts only 12 weeks. And the extra $600 from Congress is set to expire July 31. Greater Miami ranks as one of the hardest hit metros in the country, thanks to its reliance on a tourism industry that has instantly dried up.

Debt Collection

Cellphone Robocall Ban Upheld by U.S. Supreme Court

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The U.S. Supreme Court issued a ruling this week that upheld a federal ban on robocalls to mobile devices. The ruling issued by the court broadened the ban, eliminating a 2015 exception that previously existed for government-debt collection while keeping the original 1991 robocall ban intact.

The matter came before the court in Barr vs. American Assn. of Political Consultants. Due to the coronavirus pandemic, the case was ironically argued remotely via telephone. The ban was originally created by the 1991 Telephone Consumer Protection Act, which issued fines up to $1,500 for any call or text placed to a mobile phone without prior consent by use of an automatic, robocall dialing or automated voice messaging system. The issue at hand arose after Congress created an exception to the law in 2015, that allowed for automated robocalls to consumers who owed debt to the U.S. government.

Bankruptcy Law, Kingcade Garcia McMaken

How to Choose a Bankruptcy Lawyer

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Making the decision to file for bankruptcy can be a difficult one, but choosing the right bankruptcy attorney to handle your case can be even harder.  It helps to do your research, not only online but in person, too. The following tips can help someone who is considering filing for bankruptcy choose the best attorney for the job.

Experience Matters

Many people will start their search on the Internet, looking online to find a bankruptcy attorney. Experience is one factor that should always be considered when choosing an attorney. Experience does not just mean years practicing law. It is important to find someone who has filed cases in bankruptcy court and handles bankruptcy matters regularly. It helps a great deal to find someone who focuses his or her practice solely on bankruptcy law and who handles the specific type of bankruptcy the filer is pursuing instead of a general practice attorney who handles a little bit of everything. Many attorneys will handle only Chapter 7 bankruptcy cases, while others will handle corporate bankruptcies, restructuring and reorganization.

Coronavirus, COVID-19, Financial Advice

When You Should Use Your Emergency Fund

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Financial experts recommend that consumers put away a little money every paycheck towards an “emergency fund.”  This money is meant to cover the ‘unexpected expense,’ whether that be a car repair, medical bill, or essential home repair. With the current coronavirus (COVID-19) pandemic and many people losing their jobs, it may be time to utilize your emergency fund.

Financial Hardship

One of the most common circumstances where a person would utilize their emergency fund is in response to financial hardship. The stimulus funds offered by the CARES Act helped for a short period of time, and many landlords, mortgage holders, credit card companies and other creditors have been willing to work with individuals who are struggling to pay their bills as a result of this crisis. However, even with that help, a person may still need to take some money from their emergency savings to pay for bills that need paid. Once your income returns, then begin replenishing the money taken from savings.

Foreclosure Defense, Foreclosures

Federal Ban on Foreclosures and Evictions Extended through End of August

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As the coronavirus has put hundreds of thousands of Americans out of work, many are struggling to pay necessary living expenses, including rent and mortgage payments.  At the start of the pandemic, many states, as well as the Federal Housing Finance Agency (FHFA) issued a temporary ban on foreclosures and evictions to help alleviate this burden.

This week, the FHFA has announced that they will be extending this ban on foreclosures and evictions through at least August 31.

COVID-19, Credit Score

Tips to Protect Your Credit Score During the Coronavirus Pandemic

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The coronavirus (COVID-19) pandemic has put many Americans in a difficult financial situation. While many are out of work either temporarily or permanently, others have found their salaries cut indefinitely as companies ride out the pandemic. The financial struggles that countless consumers are facing has put their own personal financial situations at risk, including their credit scores. Here are some tips to help protect your credit score during the pandemic.

File for Unemployment.

One of the first things a person should do after being laid off due to the pandemic is to file for unemployment. Due to the unprecedented conditions brought on by the COVID-19, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) expanded the eligibility terms for unemployment benefits.  These benefits now extend to freelancers and contract workers. Additionally, the CARES Act has provided an additional $600 per week for those who qualify.