Tag: Miami bankruptcy attorney

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.

Bankruptcy Law

Bankruptcy Explained: The Qualifications and How to File

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Filing for bankruptcy can be an emotional and sometimes stressful process. However, enlisting the help of an experienced bankruptcy attorney can make the process painless and worry-free.  Many clients have little understanding about what is involved when they file for bankruptcy.  Bankruptcy is a legal proceeding where a judge and bankruptcy trustee review the financial situation of individuals or businesses who are not able to pay their financial obligations and discharge qualifying debts that they are no longer able to pay.

The Purpose of Bankruptcy

Bankruptcy is meant to give an individual a fresh financial start, allowing that person to wipe the slate clean. It also serves as a way to give the filer some sense of relief through the protection of the automatic stay, which means creditors are prohibited from continuing collection actions against the filer. This allows the person time to regroup, protect valuable assets and work with the bankruptcy trustee to eliminate their debts.

Coronavirus, COVID-19, student loan debt

Tips for Keeping Student Loan Debt Under Control During Covid-19

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Student loan debt was already a financial burden for many Americans, but the COVID-19 crisis has made it worse. It helps to understand what options are available for borrowers who are struggling to keep up with their student loan debt during this time of crisis.   

Federal Assistance and Forbearance

In March 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act in light of the growing pandemic. The CARES Act includes certain provisions that lighten the burden carried by student loan borrowers. As of March 13, 2020, most federal student loans were put on administrative forbearance which means no payments were due, beginning March 13, 2020 and ending September 30, 2020.

Coronavirus, COVID-19, Credit Card Debt, Debt Relief

Nearly Half of U.S. Adults Now Carrying Credit Card Debt Amid Pandemic

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Credit card debt has dramatically increased since the coronavirus (COVID-19) pandemic, according to recent data from CreditCards.com. Their data reports that 120 million U.S. consumers, or 47 percent of all consumers, had credit card debt as of April 2020, which is a 43 percent increase from March.

Millennials were hit the hardest with 34 percent of them reporting that they used credit regularly. Experian, one of the three main credit reporting agencies, reported in March that U.S. consumer debt reached a staggering $14.1 trillion with credit cards making up $829 billion of this debt. This level is the highest seen since the Great Recession.

Bankruptcy Law, Coronavirus, COVID-19, Debt Relief

How Has the Coronavirus Affected Bankruptcy Filings?

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Even though unemployment filings have skyrocketed, and countless businesses have been struggling during the coronavirus pandemic, bankruptcy courts have not been flooded with new cases- yet.

When compared to bankruptcy filings in April 2019, there were 47 percent fewer consumer bankruptcy filings in April 2020, according to the American Bankruptcy Institute (ABI).