Tag: Miami bankruptcy attorney

Bankruptcy Law, Coronavirus, COVID-19, Debt Relief

A Tidal Wave of Bankruptcies Expected in the Coming Months

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As the coronavirus (COVID-19) pandemic continues, many small businesses are filing for bankruptcy to help reorganize their debt and keep creditors at bay. The types of companies being affected include small mom and pop shops, as well as larger corporations.  Hertz and J. Crew, recently filed for Chapter 11 bankruptcy, and the number of businesses following suit are expected to rise.

According to Edward I. Altman, the man responsible for creating the Z score, a figure that is used to predict business failures, the year 2020 is expected to set a record for ‘mega bankruptcies,’ meaning businesses with $1 billion or more in debt will be filing for bankruptcy protection. The effects of this could be devastating to the U.S. economy.

Bankruptcy Law

Tips to Keep in Mind Before Filing for Bankruptcy in Florida

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Many people view bankruptcy as this great unknown and truly do not understand the process before filing. However, it helps to understand what is involved when filing for bankruptcy and what to expect during the process.

What Is Bankruptcy?

Bankruptcy is a legal proceeding that basically provides the filer a fresh financial start. While it does involve putting the filer’s financial situation in the hands of the bankruptcy court and bankruptcy trustee, it can give the person a chance to breathe and get back on his or her feet. Bankruptcy will put all collection proceedings and foreclosure cases at a stop through the automatic stay and will also stop creditors from continuing to contact the consumer.

Bankruptcy Law, COVID-19, Debt Relief, Small Business Bankruptcy

How to Handle Business Bankruptcy in the Aftermath of the Coronavirus

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The coronavirus (COVID-19) pandemic has hit South Florida businesses hard. Many small businesses have struggled to survive the shutdowns and drop in revenue, while others are pursuing bankruptcy as a means of remaining in operation while receiving financial assistance. For businesses who wish to make it through this time of crisis, help is available.

It has been reported that the number of businesses that filed Chapter 11 bankruptcy increased by 26 percent from the previous year, even though overall bankruptcy filings were down. These numbers are expected to continue to increase over the summer months as businesses begin to reopen.

Debt Collection

Consumer Groups Dispute Proposed Debt Collection Rule

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A new rule is being proposed by the Consumer Financial Protection Bureau (CFPB) that would require debt collectors to notify consumers as to whether they can be legally sued for a debt they are attempting to collect. This rule follows complaints made by consumers regarding debt collectors threatening to collect on debts that they otherwise would not be able to pursue legally.

Every state has statutes of limitation which control how long an individual or entity can bring a legal action. For collection of debt, this timeline in Florida is five years for debts resulting from written contracts, such as personal loans, and four years for oral contracts or revolving accounts, including credit cards. If a creditor contacts a consumer regarding a debt past that deadline, the consumer is not under any legal obligation to pay.

Florida Super Lawyers, Kingcade Garcia McMaken

Miami Bankruptcy Attorney Timothy S. Kingcade Named a Florida Super Lawyer 7 Consecutive Years

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MIAMI – Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken has been selected for inclusion in Florida Super Lawyers 2020, in the practice area of consumer bankruptcy. This is the seventh consecutive year Kingcade has been selected to the Florida Super Lawyers list (2014-2020). The designation means that he is a top-rated attorney as recognized by peers. The prestigious honor is awarded to only five percent of lawyers in the state.

Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 and Chapter 13 filings for the Southern District of Florida.  As an experienced CPA and proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of their rights under the bankruptcy laws to restart, rebuild and recover.

Florida Super Lawyers, Kingcade Garcia McMaken

Attorney Kristina Gonzalez of Kingcade Garcia McMaken Selected as a 2020 “Rising Star” by Florida Super Lawyers

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MIAMI – Attorney Kristina Gonzalez of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken has been selected for inclusion in Florida Super Lawyers 2020 as a Rising Star in the practice area of consumer bankruptcy.

The list recognizes the top up-and-coming attorneys in the State of Florida. A select group of 2.5 percent of attorneys are named to the prestigious Rising Stars list.

Credit Card Debt, Debt Relief

Tips for Conquering High-Interest Debt

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Being saddled with debt is a stressful experience, but paying it down can be even more difficult, especially if that debt has a high interest rate. It helps to identify and prioritize these debts.

Of the types of high-interest debts, credit card debt is arguably the most common and most expensive to pay down. One reason credit card debt can be so hard to escape is the fact that it is revolving. What this means is the consumer has access to a continuing stream of credit, which can make it tempting to continue adding to the outstanding balance owed. In fact, there is nothing preventing the consumer from adding more to the debt until he or she reaches the credit limit.

Debt Relief, student loan debt, Student Loans

President Trump Vetoes Student Loan Forgiveness Bill

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A recent move by President Trump has student loan borrowers, as well as Veteran’s and Consumer groups, concerned and disheartened after he sided with Education Secretary Betsy DeVos and vetoed the bipartisan Borrower Defense to Repayment legislation.

The Borrower Defense to Repayment program is a student loan forgiveness program that was created during the Obama administration as part of an effort to provide debt relief for students who were taken advantage of by predatory colleges and for-profit universities.  Many of the borrowers who fell prey to these predatory tactics were veterans.

student loan debt

The Hidden Cost of Student Loan Debt

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According to a recent report from the Student Borrower Protection Center (SBPC), student loan debt may lead to additional interest paid on other forms of debt, including credit cards and mortgages. Borrowers may not realize just how much their debt can influence these other payments and may be paying higher prices without even realizing it.

The effects of student loan debt are far-reaching. Approximately 44 million Americans carry a collective $1.6 trillion in student loan debt. Most of these individuals also carry other forms of debt, the most common of these being mortgages and credit card debt. According to this SBPC study, these individuals are also forced to pay up to tens of thousands more in extra costs when purchasing a home or car or even using their credit card.

Bankruptcy Law, Coronavirus, COVID-19

Bankruptcy and the Coronavirus: Help for Florida Small Businesses

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The coronavirus (COVID-19) pandemic has been hard on businesses. During the shutdown, countless South Florida businesses were forced to shutter or adjust to a new normal, bringing in significantly less income than before. Many of these business owners have also been compelled to make some tough decisions, including the decision on whether to proceed with bankruptcy.

Bankruptcy can be beneficial for businesses that are struggling during this difficult time. The bankruptcy framework and the automatic stay that occurs immediately upon filing for bankruptcy offers relief that individuals and business owners desperately need.