Miami bankruptcy attorney Archives - Page 54 of 105 - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

How Often Can A Person File for Bankruptcy?

Posted on September 27, 2018by Admin

Many clients want to know if a previous bankruptcy filing is going to prevent them from filing again in the future. A number of factors go into when and whether it can be done, but the two biggest factors are what type of bankruptcy was filed previously and how long ago the case was filed.

A Ban Does Not Exist on Subsequent Filings

The good news for bankruptcy filers is there are no limits on the number of times a person can file for bankruptcy. However, the bankruptcy courts do not want to see individuals misuse the system with multiple filings made in bad faith. It is for this reason that the law does impose certain statutory requirements and prerequisites that filers must meet to be able to file again. If an individual has filed for bankruptcy previously, it is important that he or she contact an experienced bankruptcy attorney to discuss the options available, as well as the requirements for filing again.

Previous Chapter 7 Bankruptcy Filing

If the previous bankruptcy filing was a Chapter 7 case, the individual must wait at least eight years from the date of the previous bankruptcy filing before filing a second time, if that person wants to file another Chapter 7 case. However, if the person filed a Chapter 7 bankruptcy case for the first filing but now wants to go forward with a Chapter 13 reorganization case, the time is shorter, and that person must only wait four years from the date of the first bankruptcy filing date.

Previous Chapter 13 Bankruptcy Filing

If the previous bankruptcy filing was Chapter 13, certain time limits do apply. If the previous case resulted in a bankruptcy discharge, the filer must wait at least six years from the date the first Chapter 13 case was filed before he or she can file for and get another discharge in a later Chapter 7 case. However, exceptions do exist to this rule. If the filer paid back all of his or her unsecured debts or at least 70 percent of the unsecured debts were paid, and the plan was to pay them back in good faith, the six-year rule does not apply. If the later case is a Chapter 13 bankruptcy again, the filer cannot get a later Chapter 13 bankruptcy unless the case has been filed at least two years after the date the first case was filed.

Case Dismissed with Prejudice

However, other exceptions exist to the rules listed above. The filer can be prohibited from filing a later bankruptcy case if the bankruptcy court dismissed the previous bankruptcy case with prejudice, meaning the person who had filed the case failed to comply with court orders, filed multiple cases with the purpose of deceiving creditors or the case was not filed in good faith.

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. 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, Credit, Credit Card Debt, Debt Relief, Timothy Kingcade Posts

Tips to Improve Your Credit Score

Posted on September 26, 2018by Admin

A consumer’s credit score can mean so much when it comes to buying a home or car, but once your credit score takes a serious hit, whether it be due to a default or a bankruptcy, you can start to rebuild your score immediately. One of the biggest misconceptions about filing for bankruptcy is that it will ruin your credit score and your financial future. To the contrary, after filing for bankruptcy you can begin restoring your credit right away.

Here are some tips to improve your overall credit score.

Understand How Credit Scores Are Calculated

It helps to first understand how credit scores are calculated. These reports are issued by the three major credit reporting companies, including TransUnion, Equifax, and Experian. The scores range between 350 to 800. The higher the score, the better. A credit score is calculated using that person’s payment history, the amounts owed on each account reported, how long that person has had a credit history, and how much credit activity is on their account.

Make a Goal

If you want to improve your credit score, it is important to set goals. Set the number you would like to see your credit score within a certain period of time. For example, you may choose to set a goal of increasing your credit score by 50 points within the next four months.

Keep an Eye on Your Credit Report

The best way to know where your credit score falls on the spectrum is to keep an eye on your credit report. Free credit reports can be requested annually online or by mailing a request to Annual Credit Report Request Service at P.O. Box 105281, Atlanta, GA 30348. After receiving the report, it is recommended that you carefully review all accounts listed. If you see any accounts that you know you did not open and could have been created due to identity theft, this information should be reported immediately. If an account is listed that should be closed, you can contact the company directly to update that information. The same would go for if any incorrect information is found on the report, such as a late payment incorrectly put on the account. Correcting this information can result in your credit score going up a few points. Keeping a close eye on your credit report can also allow you to track progress if you are working hard to improve the score.

Pay Your Bills on Time

The best way to keep your credit score looking good is to pay your bills on time. Credit builds up over time, and this is done through consistent and positive financial behavior. One way to ensure this happens is to sign up for automatic or online payments so that these expenses are paid automatically and require no action by the account holder. If you are not able to pay a bill on time, it is best to keep late payments to no more than 30 days. The reason for this is most creditors will not report late payments until they are 60 days late.

Focus on the Bad Debt

Paying down your debt is an excellent way to improve your credit score, and it helps to start with what is considered “bad” debt first. If you have multiple credit cards, choose the one with the highest balance and/or the highest interest rate. Focus your efforts on that one card, and once that card is paid, take the card that has the second highest rate. Many times, this “bad” card is the one that is the oldest and has the highest outstanding balance.

Use the debt avalanche method to attack the debt. What this entails is the person chooses the card with the highest interest rate, and he or she uses all extra money that he or she has available at paying off that card. After that card is paid off, the money that was used to pay that card goes to the next one, and so on. The idea is the money that goes towards the card snowballs in size, helping to pay each one down quicker than the person would be able to do with just meeting monthly minimum payments.

Do Not Open New Credit Accounts

While you are paying down debt, it is best to not open any new credit accounts during this time. Opening new accounts will only make the goal of trying to pay off open cards even harder. It can be tempting, especially if you are offered a deal at a department store to save on a purchase, but do not fall to temptation and open that new card.

Keep the Balances Low

Getting debt under control can be very difficult if the balances owed are particularly high. Credit cards that have high balances and high interest rates can be difficult to get under control. The higher the balance, the more interest is paid every month instead of money towards the principal. A good rule of thumb is to keep credit card balances capped at 30 percent of the card’s available credit. Always make sure when making payments that more money is being paid towards the card than the minimum payment. On cards with high balances, this minimum payment is normally only paying interest, which can make the cardholder feel like he or she is never going to pay the card off in full.

Set up an Emergency Fund

Experts recommend that everyone have a “rainy-day” fund of at least six months of that person’s annual income. This money should be set aside in the event of a health crisis or job loss and can help you avoid the need to use credit to keep up with daily expenses.

Click HERE to read more on this story.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Medical Debt and Steps To Take if You are Facing A Medical Debt Lawsuit

Posted on September 24, 2018by Admin

Medical debt was cited as the biggest cause of U.S. bankruptcies, according to a recent CNBC report. It is estimated that 2 million people were adversely affected. It’s not surprising, with the rising cost of healthcare. All it takes is one major medical crisis or trip to the emergency room, for a person to find themselves in over their head.

According to research from the American Enterprise Institute, more than two percent of adults have had medical bills under $200 sent to a collection agency after missing one or more payments. More than half of the medical accounts sent to collections on an annual basis were for amounts less than $600.

Not paying can lead to a lot of trouble relatively quickly. The medical service provider can make a report to a credit agency regarding the unpaid debt, even file a lawsuit against you.

You may be tempted to ignore a medical debt lawsuit and hope it goes away, but this is one of the worst things you can do because the debt collector will automatically win by default. There are steps you can take if you are facing a medical debt lawsuit.

A review of the medical bills and the amounts owed on them were not substantial in numbers. The thing they had in common was the person responsible for the medical bill did not pay for six to 12 months. Of the bills sent to collections, 16 percent of them involved medical bills.

The research also showed that, even though medical costs go up as people age, the percentage of individuals who reported medical debt issues were relatively young. In fact, individuals who were in their late 20s were three times as likely to have their medical bills sent to collections as compared to those in their 60s.

However, improvements were noted in the report. The average size of the medical debt reported dropped 40 percent for consumers between the ages of 27 to 64. It should be noted, though, that these reports only included medical bills that were sent to collections. Many individuals rely on credit cards to pay for their medical expenses. These credit cards may also fall into default, which is an indirect way for medical expenses to also end up hurting someone’s credit score.

The reasons for why these consumers fell into default vary. It can depend on the person’s savings to pay for these unexpected medical expenses, but it can also depend heavily on the person’s health insurance plan. If someone has a high deductible plan, this means he or she must meet that deductible for any medical costs before they will be reduced. If the patient ends up needing a major medical procedure, the costs can go up very quickly.

Another problem involves the fact that patients will stop receiving treatment once their bills are sent to collections. If the individual who owes money needs the treatment for an important medical condition or procedure, this worry can cause even more stress for them in an already stressful time.

Experts strongly recommend that if you owe on a medical bill you contact your medical provider immediately, especially if you do not believe you will be able to pay on the amount owed. Contact the phone number on the bill and see if a payment plan can be worked out with the provider. Most are very willing to work with their customers and would prefer they be paid through an incremental plan than not at all. They can also verify that insurance has properly processed the claim before any payments are made.

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 the 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 website at www.miamibankruptcy.com

Bankruptcy Law

Timothy S. Kingcade Rated One of the TOP 3 Bankruptcy Lawyers in Miami

Posted on September 18, 2018by Admin

MIAMI – Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken has been rated as one of the Top 3 bankruptcy lawyers in Miami, FL.

“It is an honor to have received this award,” said Timothy S. Kingcade. “It is a testament to the commitment my firm and I make every day to each and every one of our clients.”

Three Best Rated® was created with a simple goal of finding the top 3 local businesses, professionals, restaurants and health care providers in each city. The selection process involves a 50-Point Inspection and includes everything from evaluating the attorney’s reputation and history, complaints, ratings, satisfaction, trust and cost to the general standard of excellence.

Attorney Timothy S. Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 and 13 filings and foreclosure defense cases 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.

###

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, 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.

Bankruptcy Law, Student Loans, Timothy Kingcade Posts

Student Loan Debt Puts the American Dream in Jeopardy

Posted on September 17, 2018by Admin

College students graduating and entering the work force are quickly discovering that their dreams of finding the perfect job, purchasing a home and starting a family, are just that – a dream. In fact, that far-off vision of retiring after working a job that they love and living their remaining years in a secured financial status hardly seem like reality. These visions are dashed as soon as they get that first loan statement showing just how much their education has cost them.

Many of these graduates are struggling to even make enough money to make their student loan payments, let alone save for a home or retirement. It is now estimated that 44 million Americans have some type of student loan debt, which is now estimated at $1.5 trillion.

While getting an education is arguably an important goal, the cost of a four-year degree is becoming too much for many students to bear. With the high costs to attend a university, most students have to take some type of financial aid, including public and/or private student loans. The average student now walks away with $35,000 in student loan debt, but many of them have much more than that if they choose to go to a private university or go onto graduate school, law school or medical school. It is not uncommon for a student graduating with an advanced degree to owe over six figures in student loan debt.

Education researchers are now saying that these figures have indicated we are at a time of crisis. After graduating, many student loan borrowers do not get a job with an income high enough to meet basic living expenses and afford to make their monthly student loan payments. This situation only sets them up for the possibility of defaulting on their student loans, a figure which is now estimated to be $560 billion in unpaid student loan debt.

Forbearances and deferment oftentimes only postpone the inevitable, while interest accrues every month and the overall balance balloons, extending the repayment period even further.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. There are ways to file for bankruptcy with student loan debt. It is important you 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.

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

If you are facing foreclosure, Bankruptcy can help.

Posted on September 12, 2018by Admin

Every month, there are a number of Americans who fall behind on their mortgage payments. Some homeowners are able to work out loan modifications with their lenders, but many are not. It may seem counter-intuitive, but when someone is facing foreclosure and is in the middle of a major financial crisis, bankruptcy can be a viable option to help save that person’s home. Ultimately, it depends on your specific financial situation and the type of bankruptcy you file – but bankruptcy can be used as a tool to help keep your home.

The Power of the Automatic Stay

If your home is already set for a foreclosure sale, you may be asking, “how can I make it stop?” Filing for bankruptcy can put a stop to the process or at the very least postpone it. As soon as a petition for bankruptcy is filed, the court issues an order called an “automatic stay,” which puts an immediate halt to all collection activities that were happening to the homeowner before the petition was filed. This automatic stay also applies to foreclosure cases. Creditors (including your mortgage lender) must immediately cease collection attempts. Even if the mortgage lender has the home scheduled for a foreclosure sale, the sale will be postponed during a pending bankruptcy.

How a Chapter 7 Bankruptcy can Help:

Chapter 7 bankruptcy cancels all the debt secured by the home, including mortgages and home equity loans. This type of bankruptcy also goes a step further, thanks to a new law, Chapter 7 also forgives the homeowner for tax liability for losses the mortgage or home-improvement lender incurs because of the homeowner’s default.

How a Chapter 13 Bankruptcy can Help:

If you want to stay in your home and do whatever possible to get caught up on past-due mortgage payments, a Chapter 13 bankruptcy may be the best option. A Chapter 13 bankruptcy is also known as a reorganization bankruptcy. It allows you, as the bankruptcy filer, to work with the bankruptcy trustee to create a repayment plan to catch up on qualifying payments. Chapter 13 bankruptcy plans normally last anywhere between three to five years.

Florida’s Bankruptcy Exemptions

Florida has one of the most generous homestead exemptions in the country and allows homeowners to claim an unlimited value of their primary residence (if the property is not larger than half an acre in a municipality or 160 acres in a non-municipality). To use Florida’s exemptions, you must have resided in Florida for at least 730 days before filing your bankruptcy petition.

Although bankruptcy and foreclosure can be damaging to your credit, sometimes filing for bankruptcy can be the start of rebuilding your credit because it allows you to obtain a fresh start. Foreclosure not only damages your credit, but you are left with the mortgage debt, which will likely result in creditors not considering you for future mortgages. If you find yourself facing foreclosure and are concerned about your financial future, remember that filing for bankruptcy may help save your home.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

What Happens during the Debt Collections Process?

Posted on September 7, 2018by Admin

Debt collections are easily one of the most stressful situations a person can face. Dealing with debt collectors is also one of the most complained about issues, and it is not hard to see why. It helps to know how to handle debt collectors and the protections you have as a consumer.

When you are struggling to make ends meet financially, it can be frustrating to have debt collectors calling you or even worse, the threat of having your wages garnished or a lawsuit filed against you. A strong federal law, called The Fair Debt Collections Practices Act (FDCPA), protects consumers against certain unfair collection practices, which include:

Calling you repeatedly to annoy or harass you.
• Trying to collect more than you owe.
• Fail to send a written notice of the debt.
• Threatening violence.
• Threatening dire consequences (i.e. – lawsuits, criminal prosecution, wage garnishment, jail time, permanently ruining your credit).
• Using profanity and abusive language.
• Calling before 8 a.m. or after 9 p.m.
• Revealing debt to third parties (i.e. – family, neighbors, friends, co-workers, etc.).
• Contacting you at your work, after you have requested them to stop.
• Failing to verify disputed debts.
• Ignoring cease communication requests.

What Happens During Collections?

The first thing a consumer will notice after an account has been sent to collections is the number of calls from the creditor or the collection agency will increase. Debt collectors will try any means possible to get a hold of the debtor and get payment, even if this means violating a consumer’s rights. The debt collector will contact the consumer at any location possible, including home, cell phone or work number. When it comes to contacting you at work, certain restrictions do exist. The debt collector may not disclose any information regarding the individual’s debt, and if the individual requests that the communication stop at that point at the place of employment, under The Fair Debt Collections Practices Act (FDCPA), the collector may not contact the person at work further.

The FDCPA also dictates other requirements as to when the collector can call, which is only between the hours of 8 a.m. and 9 p.m. The debt collector is also restricted from using any language or tactics that may be deemed harassing, threatening or abusive. If the debt collector tries to contact other third parties, such as friends or family members of the individual, they may not disclose information on why they are trying to reach the debtor but can only contact them to get the correct contact information for them.

Validation of Debt

Consumers have the right to request written validation of the debt from the debt collector. In fact, the debt collector is required to notify you that he or she has the right to request this validation within 30 days after receiving the first written communication from the debt collector. Requesting validation of the debt from the debt collector can also be done over the phone. By requesting validation of the debt, the consumer is making the debt collector verify that the debt is actually owed.

Click here to read more on this story.

Bankruptcy Law, Debt Relief, Student Loans, Timothy Kingcade Posts

What Trump Has Done to Undermine Student Loan Debt Reform

Posted on September 6, 2018by Admin

Student loan debt has skyrocketed since President Trump took office. In fact, the amount of student loan debt has increased by $110 billion in the last 16 months to a total of $1.41 trillion nationwide. It is currently estimated that 45 million Americans have student loan debt and this figure is up two million since Trump’s inauguration.

Not only has the number of student loan borrowers increased rapidly, but actions taken by the Trump administration have raised major red flags with those who have fought for student loan reform for years. The Trump administration has methodically dismantled effective debt relief reforms set by the Obama administration in their efforts to curtail abusive lending practices.

During the Obama administration, the student loan industry was forced to give back approximately $750 million in what was found to be abusive marketing and collection practices targeting student borrowers.

Further, the Department of Education Secretary appointed under Trump, Betsy DeVos, has been moving to eliminate Obama-era rules that penalize lenders who engage in abusive student loan debt collection practices.

One of the major changes made by the Trump administration was through the reorganization of the Consumer Financial Protection Bureau (CFPB) and its student loan office. The administration argued this reorganization was routine and made no major change to the agency.

However, one of the major changes was made to the student loan debt office’s watchdog or ombudsman function. This specific office was created to address payment difficulties student loan borrowers were facing. By the time the borrowers got to the point where they were reaching out to this office, they were fielding numerous phone calls, many of them harassing and threatening, as well as lawsuits and collections cases. Other borrowers accused lenders of misleading them about any eligibility for debt relief programs, assistance that is meant to lower the borrower’s payments or have their loans forgiven.

The student loan office was key in a major lawsuit against Navient, Inc., a major student loan service provider and former division of Sallie Mae. Navient was accused of convincing borrowers to go into expensive repayment plans without telling them of more reasonable and cost-effective options. A trial date has not yet been set, which leads many to question whether one will ever be set.

Click here to read more on this story.

Bankruptcy Law, Credit, Credit Card Debt, Debt Relief

Credit Card Debt Increasing at An Alarming Rate for the Floridians

Posted on September 5, 2018by Admin

Credit card debt is a problem for many Americans across the country, but for Floridians, this problem is growing at what experts say is an alarming rate. According to recent figures released by the credit reporting agency, Experian, Floridians are using their credit cards more than ever, increasing their debt at the nation’s second fastest rate.

The State of Nevada tops the list of states with the highest credit card rate, but Florida is a close second. In fact, credit card balances have increased 8.59 percent as compared to the same time last year. Currently, the national average is at 6.58 percent, and Florida’s rate is well above this national average.

According to Experian, credit card debt nationally is at an all-time high, reaching $786 billion by the end of 2017. It is up 6.7 percent from 2016. The average American holds a credit card balance of $6,354. The use of store credit cards, mortgage debt and debt overall also increased approximately three percent.

Credit card debt can be a slippery slope and is one of the most common problems facing those with serious financial issues. With exorbitant interest rates, fees and penalties, making only the minimum payment does not even begin to make a dent in the total balance.

Credit card companies design fee and repayment structures to keep you from ever getting out of debt. An unexpected job loss or serious medical diagnosis, even a trip to the emergency room can put significant financial strain on individuals and families who are already facing mounting credit card debt.

Click here to read more on this story.

Credit, Credit Card Debt, Debt Relief, Timothy Kingcade Posts

The Truth About Credit Card Debt Forgiveness

Posted on August 31, 2018by Admin

The thought of having your credit card debt completely forgiven can seem too good to be true. However, like so many things in life, if it sounds too good to be true, it probably is. The truth is, debt settlement comes with its own set of unintended consequences.

If a consumer is not able to pay off a credit card balance and has missed a number of payments, that person may choose to either work directly with the credit card company- or if the debt is sold, a third-party debt collector to settle payment. Credit card companies want to receive payment at the end of the day, and they are willing to accept less than what is owed in lieu of not receiving payment at all if the debtor chooses to file for bankruptcy and have the debt discharged.

The problem with debt settlement involves the consequences that come along with settling your credit card debt. For one, even if the balance is settled, it can still have a negative impact on a consumer’s credit score. In addition, if the amount that originally was owed is a lot more than the amount that ended up being paid, the difference is still considered taxable income by the IRS and state government, which means the consumer will have to pay taxes on the forgiven debt.

If you are successful in negotiating the amount with the creditor, make sure these agreements are in writing and be wary of any plans that seem too good to be true. If you are receiving collection calls, unable to make payments, facing wage garnishment or have a lawsuit pending with a creditor, it is important to at least sit down with an experienced bankruptcy attorney, who can advise you of all your options.

Consumers should avoid working with debt settlement companies. The cons often outweigh the pros, as many of these companies engage in unfair practices, require their clients pay large upfront fees and result in a consumer’s credit being irreparably damaged, and still left with debt.

Click here to read more on this story.