Tag: Miami bankruptcy attorney

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

We are pleased to announce the launch of our NEW website and new firm name, Kingcade Garcia McMaken!

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The new site URL is https://www.miamibankruptcy.com/ and features valuable consumer information and extensive resources in our main area of practice: Bankruptcy law. The updated site is interactive and mobile-friendly.  We have improved the configuration of our content, making it easier to navigate.

Special features of the new site include an updated News & Resources section with informative videos and media coverage, a special section devoted to Tips for Dealing with Debt Collectors, hundreds of new Client Testimonials and the Miami Bankruptcy Law Blog, your go-to resource for all things bankruptcy!

Have a bankruptcy question?  Visit our Miami Bankruptcy Q & A section.

The new site is customized for our Spanish speaking clients as well. Readers can find biographical information about the attorneys and staff, along with notable case results and significant verdicts the firm has obtained for its clients.

We offer a wide array of information to potential clients seeking bankruptcy information. Among other topics, we invite you to learn about:

We have included numerous calls-to-action throughout the new site and an opt-in form to sign up for our firm’s monthly e-newsletter.  We will be updating the new site continuously with informative articles, blogs and firm announcements – so please come back and visit, soon!

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.

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

U.S. Cracks Down on Collection of Private Student Loan Debt

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The U.S. consumer financial watchdog has ordered National College Student Loan Trusts and its debt collector, Transworld Systems Inc., to pay at least $21.6 million for attempting to collect on out-of-date loans and possible non-existent loans.

The Consumer Financial Protection Bureau (CFPB) alleges that the companies sued borrowers without being able to prove the debt was even owed or pursued collections where the debt was too old, relying on false and misleading legal documents.  There were at least 486 lawsuits filed where the statute of limitations had expired on the debt.

As a result, consumers made payments of at least $3.5 million on debt they did not owe, according to the CFPB. Transworld agreed to settle by paying a $2.5 million, which is part of the total of amount of at least $21.6 million.

Offered by banks and other companies, private student loans do not provide the same borrower protections and repayment options as federal student loans.

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. 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, 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, Credit, Debt Relief, Timothy Kingcade Posts

Step-by-Step Guide to Surviving the Equifax Data Breach

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One of the largest data breaches in history has compromised the personal data of 143 million people. Equifax, a major credit bureau, lost control of customer data that included social security numbers, home addresses, credit card numbers, drivers’ license numbers and date of births.  The company estimates roughly half of the U.S. population has been affected by the breach, and this sensitive data could have been exposed to hackers.

Equifax will not specifically tell you if you are a victim, but we have a guide for you and a quick recap of what you may have missed post Hurricane Irma.

The data breach could have started as early as May 2017, which means the data could have been exposed for more than three months.  It is unclear what the hackers may have done with the data during those months.

Here is what you can do to protect yourself:

Check your credit reports. When looking through your reports, keep an eye out for any new accounts you did not open, late payments on debts you do not recognize and any other suspicious activity.  You are guaranteed a free annual credit report from the three major bureaus.  Click HERE to download your free credit report.  You will not be held responsible for charges made on a fraudulent credit card.  However, this must be reported in a timely manner.

Freeze your credit. Even if your credit comes back clean it is still early and one of the most reliable ways to prevent someone from opening up credit cards in your name is to place what is called a “credit freeze.”   You can contact each of the three credit bureaus by calling:

Set up a fraud alert.  When you set up a fraud alert, credit card companies will be required to verify your identity before opening an account. To activate a fraud alert, contact just one of the credit card bureaus and ask for an initial fraud alert. When the alert is set, it will be in effect for 90 days.

Be mindful of tax season.  Identity thieves can use stolen social security numbers to file fraudulent tax returns and receive refunds.  Many victims find out they are a victim of tax fraud after the IRS tells them their taxes have already been filed.  One of the best ways to prevent this from happening is to file early.

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 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, 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 website at www.miamibankruptcy.com.

Related Resources: https://www.cnet.com/how-to/your-guide-to-surviving-equifax-data-breach/

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

What Debt Collectors Can and Cannot Do

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The Fair Debt Collections Practices Act (FDCPA) limits the tactics that debt collectors can take to collect on a debt.  Here are 10 things debt collectors can and cannot do.

5 Things Debt Collectors Cannot Do:

  1. Come to your place of work. It is illegal for a debt collector to come to your workplace to collect on a debt. The FDCPA prohibits a debt collector publicizing your debts and showing up at your place of work to collect on a debt.
  2. Harass you. Harassment can come in a variety of forms and include: repeated phone calls, threats of violence, publishing information about you, abusive or obscene language.
  3. Arrest you for debt. You cannot be arrested for a debt you owe.
  4. Purse you for a debt you do not owe. Incomplete or inaccurate documentation can lead to a debt collector pursuing the wrong person for payment.  The issue is not uncommon, but it is illegal.
  5. Call you at any time. It is illegal for debt collectors to call you before 8 a.m. and after 9 p.m. You can request that a debt collector stop calling you, but your obligation to pay still remains.

 

5 Things Debt Collectors Can Do:

  1. Seek payment on an expired debt. Even debts that expired according to the statute of limitations can still be requested from debt collectors.  These unsecured debts can include credit cards and medical bills.  Remember: You cannot be sued for payment on these expired debts.
  2. Pressure you. While debt collectors cannot threaten you, they can apply pressure to collect payment.  Pressure can include daily calls, frequent letters or talk about pursuing a lawsuit for payment.
  3. Sue you for payment on a debt. A debt collector can sue you for non-payment. These type lawsuits can result in wage garnishment, bank levies or both.  It is best to consult with an experienced bankruptcy attorney before you are sued or there is a judgment entered against you in regard to an outstanding debt.
  4. Sell your debt. A collector can resell debt it has not been able to collect on. So if one debt collector stops contacting you about a debt, do not be surprised if another starts.
  5. Negotiate what you owe. Because debt collectors buy debts for sometimes pennies on the dollar, they have fairly large profit margins if they collect the original amount owed. This gives them more flexibility in negotiating payment. You may be able to negotiate a settlement for 25% or 30% of what you originally owed.  Remember, to get the agreement in writing so you have proof that the amount paid was all that was required in the settlement.

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 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, 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 website at www.miamibankruptcy.com.

Related Resources:

https://www.nerdwallet.com/blog/finance/things-debt-collectors-cannot-do/

 

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

Regulators able to get $192 million in Student Loan Debt Settlement from Aequitas

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Aequitas Capital executives believed they had purchased a gold mine when they began buying student loans from Corinthian Colleges- instead, the debt proved to be the company’s downfall.  Following the for-profit college’s decent into bankruptcy and liquidation; Aequitas also collapsed amid accusations the company’s top execs were running a Ponzi scheme.

However, Aequitas continued to collect payments on the debt- until now. The U.S. Consumer Financial Protection Bureau and several state attorneys general and the Aequitas receiver reached a deal in which about 41,000 former Corinthian students whose debt is held by Aequitas could get more than half- possibly all, of their debt eliminated.

In July 2015, Aequitas became a key ally and vital source of liquidity for Corinthian by buying massive amounts of student debt. By helping finance Corinthian’s in-house private loans, Aequitas enabled Corinthian to access billions in student loan money from the U.S. government.

The bureau recently filed a lawsuit against Aequitas as part of the settlement. It claims Aequitas employees privately expressed anxiety about the huge percentage of Corinthian students who were failing to make their loan payments. “With defaults this high, how can we defend our practices,” the unidentified employee wrote in a 2011 note.

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. 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, 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 website at www.miamibankruptcy.com.

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

Credit Card Debt a Growing Concern for College Students

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A recent study conducted by Nellie Mae, the nation’s leading student finance firm, revealed that the average undergraduate carries a credit card balance of $2,169.  According to the study, many students use their credit cards without knowing how the bills will even be paid off.  It also showed that many students used credit cards to pay for tuition and books, instead of federal student loans that offer lower interest rates.

Four out of five college students amass nearly $1,000 a year in credit card debt.  One cause of credit card debt is college students’ difficulty in adjusting to their newfound financial freedom.  Parents and students need to come up with a budget for credit card spending before their child leaves for college.  Make sure your college student knows not to use money they do not have, even for a one-time purchase.

Use resources available to keep them on the right path.  You and your college student should sign-up for overdraft alerts on all accounts. Online alerts and apps on your Smartphone can help with this.

If you 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, 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 website at www.miamibankruptcy.com.

Related Resources:

https://www.fastweb.com/personal-finance/articles/dealing-with-credit-card-debt

http://www.nbcdfw.com/news/local/Credit-card-debt-a-mounting-concern-for-college-students-441338263.html

Bankruptcy Law, Credit, Student Loans, Timothy Kingcade Posts

Student Loan Servicer Accused of Mismanaging Debt Forgiveness Program

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According to a lawsuit filed by the attorney general of Massachusetts, one of the country’s biggest servicers of federal student loans has mismanaged its debt forgiveness program, raising repayment costs for hundreds of thousands of borrowers who work in public service jobs.

The loan servicer, FedLoan, has made numerous errors, potentially keeping many students in debt far longer than they expected, according to Maura Healey, the Massachusetts attorney general.

The company’s actions have jeopardized the financial futures of teachers and public servants nationwide. Consumer watchdogs and government officials have raised concern with the government’s public service loan forgiveness program, which promises qualifying workers — including teachers, librarians, police officers and doctors and nurses — forgiveness of their remaining federal student loans in return for a decade of full-time service.

Approximately 612,000 borrowers have signed up for the loan forgiveness program and submitted at least one approved certification, according to data from the Education Department.  However, many of the borrowers are concerned about how many of their monthly payments will be counted — or even if the certification itself will be revoked.

The Education Department said that the approval notices the company sends to borrowers seeking certification are not binding and can be rescinded by the department at any time. Four of those borrowers whose approvals were withdrawn are in continuing litigation with the department.  The Education Department says their student loan debt forgiveness was in error.

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. 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, 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Top Debt Mistakes to Avoid

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From credit cards to car loans, there are many ways to get in over your head with debt.  Here are some common debt mistakes to avoid.

  1. Credit card debt. Avoid this at all costs- if you can.  Most of these cards come with high interest rates, so any remaining debt at the end of the month increases daily.  Make sure you are only using credit cards on items you can (and will) pay off each month.
  2. Amassing bad debt. Borrowing money should be something you do as an investment in your future.  Student loan debt and a mortgage loan are examples.  In contrast, “bad debt” is money you borrow for purchases that decrease in value.
  3. Paying late. Constant late payments or missing payments can cost you penalties and lower your credit score. If you struggle to remember your payments, take advantage of automatic payments.
  4. Paying only the minimum. Making minimum payments on your credit card is tempting, but it will ultimately cost you more money due to the loan debt interest rate.
  5. Not budgeting. The only way to get out of debt is to stop living beyond your means, and the only way to stop living beyond your means is to stick to a strict budget.
  6. Ignoring your lender.  Lenders want their money, and they want you to be able to pay it- even if that means settling for less. Do not ignore their calls.  If you cannot afford to pay, tell them.  Never promise to pay or give your bank account information if you cannot afford to pay.  Chances are, a simple conversation will lead to a solution, whether that is a lower interest rate or a simple payment plan.

Click here to read more on this story.

If you have any questions on this topic or are in a 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, 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 website at www.miamibankruptcy.com.

 

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

The Costs of Deferring Your Student Loans

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Many Americans are struggling to pay back their student loans.  According to a recent study, 30 percent of direct loans are in deferment.  When a borrower defers a student loan, temporarily suspending repayment due to unemployment or other financial hardship- the interest on the loan continues to accrue.  If no payments are made during the deferment period, the interest will capitalize and be added to the total amount of the loan.

Interest rates are expected to rise in 2018.  Undergrads will pay 4.45 percent on loans distributed from July 1, 2017 to June 30, 2018, which is up from 3.76 last year. There are limited time frames for how long a loan can be in deferment.  Deferring your student loans can also eliminate your eligibility for certain public forgiveness programs.

Deferring your student loans can be costly.  Here are some alternatives:

  • Utilize income-driven repayment plans offered by your lender;
  • Refinance your student loans;
  • See if your employer offers loan assistance to employees;
  • Forbearance, which suspends student loan payments is typically at the loan holder’s discretion. These specific qualifications are detailed on the government’s Federal Student Aid

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. 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, 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief

Record High Credit Card Debt Exceeds Previous Numbers Set Prior to the 2008 Recession

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U.S. credit card debt is just over $1 trillion, exceeding the previous high set in April 2008 right before the Great Recession. The average amount of credit card debt per household is $9,600. That equals about 17% of the average U.S. household income. Since the average interest rate on a credit card is 16%, and about 24% for those with “less than perfect” credit, that debt grows between $1,600 and $2,300 each year.

A recent survey found millennials’ knowledge on credit card use troubling. A few millennials (6%) actually believe that missing a credit card payment would “improve” their credit rating. 17% said missing a card payment would have no effect on their score. Some 36% have maxed out credit cards and 48% carry card balances over to the next month, paying high interest rates and other monthly fees.

Click here to read more on this story.

If you have any questions on this topic or are in a 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, 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 website at www.miamibankruptcy.com.