Tag: Miami bankruptcy attorney

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

New Bankruptcy Paperwork May Result in More Inaccurate Filings

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As we discussed in an earlier blog, the paperwork that people and businesses have used to file for bankruptcy protection since the 1980s is being replaced effective December 1, 2015. Perhaps the biggest change with the new forms is that people and business owners will use two different sets of paperwork to file for bankruptcy. Historically, they have used the same three-page petition.

Bankruptcy experts have expressed concern that the new forms with clearer and more concise instructions (free of legalese) will encourage more people to file for bankruptcy without the help of an attorney.  This could lead to people making BIG mistakes.

It is estimated that approximately 10% of bankruptcy filers nationally file without an attorney.  While you may think you are saving money, the results can be devastating- jeopardizing your chances of a successful bankruptcy discharge.  Studies have shown that filers who hire an attorney to file their Chapter 7 bankruptcy obtained a discharge 95% of the time. By contrast, those debtors who filed “pro se” only received their discharge in 61% of cases.

There are other benefits to hiring an attorney when filing for bankruptcy.  A bankruptcy petition incorrectly or untimely filed can negatively affect a debtor’s future, rather than provide them with a much-needed financial fresh start.  Bankruptcy is not about filling out forms, it is about understanding the rules, statutes and case law that determine how these forms are completed.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, 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, Student Loans, Timothy Kingcade Posts

More Lawsuits being filed over Student Loans

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Lenders are taking more extreme measures when it comes to collecting student loan payments- they are taking borrowers to court for the money.  It used to be that if you fell behind on your student loan payments you would receive collection calls and threatening letters, now borrowers are being sued.

The number of lawsuits filed over delinquent student loans has significantly increased in the past two years.  The lawsuits come as the student loan industry finds itself under heightened government scrutiny over complaints involving paperwork errors and deceptive collection practices.

Why the increase in these lawsuits?  One explanation  is that many lenders are now able to sue because bankruptcy cases filed by borrowers around the recession have been resolved.  Another reason is the sheer amount of money at stake- billions of dollars in delinquent loans.  Another possible reason for the rise in lawsuits: Loan companies are more efficient at producing the thorough documentation some judges are now demanding.

Litigation has become a more accepted (and effective) collection practice.  Lenders typically go to court to try and garnish the borrower’s wages or force the person to make a certain payment every month.  Student loans backed by the federal government come with rules that allow the lender to take such action without going to court, while holders of private loans must get a judge to sign off on such steps.

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 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, Timothy Kingcade Posts

New Bankruptcy Forms Effective December 1, 2015

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The majority of the bankruptcy forms are being replaced effective December 1, 2015.  This change is in an effort to improve the official bankruptcy forms and the interface between these forms and available technology.  In creating the new forms, surveys were conducted to determine the problems with the current forms and input was utilized at the design phase from practitioners, trustees, along with software vendors.

It’s important that bankruptcy attorneys do not assume these are the same forms as the old ones.  Read the questions and instructions thoroughly.  Make sure and get your clients to disclose all of their assets and claims, including the contingent ones.

One of the key features of the new forms is that there is a separate case-opening form for individuals, new Form B101, Voluntary Petition for Individuals Filing for Bankruptcy, and a new form for non-individual debtors, new Form B201, Voluntary Petition for Non-Individuals Filing for Bankruptcy.

The new form for individual debtors would also be used for married debtors. Only business entities would use the non-individual form. The non-individual debtor’s form reflects how businesses keep financial records.  The new forms also remove questions relevant only to individuals.

There’s been concern that because these forms are reportedly easier to use, it will encourage more pro se filings.  There are warnings throughout the new forms against pro se filings, but these are always a reality.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, 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

Three Times Bankruptcy is the Right Decision

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Bankruptcy can have significant consequences to your credit score, but sometimes the hit can be worth it if it means getting out from under a mountain of debt and gaining a fresh financial start.  Filing for bankruptcy should not be taken lightly, but if paying down the debt would leave you with no money to put food on the table and pay the mortgage, filing for bankruptcy makes sense.

Here are some additional circumstances when it makes sense to file for bankruptcy.

Your liabilities are more than your assets. Bankruptcy is often the best option when debtors owe so much that their liabilities far outweigh the value of their assets.  In such cases, it’s often impossible to ever get caught up.

Negotiations didn’t work. Before filing for bankruptcy, it’s a good idea to try and negotiate with your creditors.  There is a possibility they will settle the debt for less money than you owe if you can prove that you are struggling financially.  But if your creditors are unwilling to negotiate with you, the only other option may be to file for bankruptcy protection.

A job loss, medical emergency or other financial disaster has eliminated your ability to generate monthly income.  Medical bills are the number one cause of U.S. bankruptcy filings.  Even having health insurance does not shield consumers from overwhelming medical debt.  Bills and debt can pile up quickly without the monthly income, leaving consumers with no way out.

If you are in financial crisis and considering filing for bankruptcy, 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.

Related Resources:

http://www.csmonitor.com/Business/Saving-Money/2015/1116/Three-times-bankruptcy-is-the-right-decision

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

What’s Considered Bankruptcy Fraud? The Supreme Court will decide in New Case

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Bankruptcy relief is not available to those who defraud their creditors, but what is the definition of fraud?  The Supreme Court is getting ready to decide this in a new case.  Bankruptcy laws require debtors pay back the money they owe if it was obtained by “false pretenses,” “false representation” or “actual fraud.”

Two circuits have broadly interpreted “actual fraud” as when a debtor obtains money through a scheme that is intended to cheat creditors. However, another appellate court, ruled that it is not “actual fraud” unless a debtor actually lies to the creditor.  As a result, the Supreme Court will have to decide between the narrow and broad definitions of “actual fraud” to determine when certain debts will be discharged or must be dealt with in bankruptcy.

The case involves business owner Daniel Lee Ritz Jr., whose company, Chrysalis Manufacturing Corp., purchased $164,000 worth of goods from Husky International Electronics Inc. between 2003 and 2007. During the four-year period, Chrysalis never paid for the goods, and Ritz funneled more than $1 million of Chrysalis’s funds to other companies under his control.

Husky later sued Ritz to hold him personally liable for Chrysalis’s debt, but before a judge could rule on the suit, Ritz filed for Chapter 7 bankruptcy protection. Husky countered and sued Ritz in bankruptcy court, arguing that he should pay the debt because he defrauded Husky by moving Chrysalis’s funds out of its reach. A bankruptcy court found in 2011 that although Chrysalis did not benefit from the transfer of its funds, and although Ritz was not a “credible witness,” his conduct did not meet the definition of “actual fraud” for one reason: He did not lie to Husky.

A lack of misrepresentation from Ritz to Husky is what also caused a district court and appellate court to each conclude that there was no “actual fraud” and therefore Ritz could be set free from the debt he owed Husky.  Husky has requested the Supreme Court take the case, which they agreed to last week.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, 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

Bankruptcy Filers Targeted by Scammers

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Bankruptcy Filers Beware: Telephone Scam Soliciting Wire Transfers 

The National Association of Consumer Bankruptcy Attorneys (NACBA) is warning its members to remain in contact with current and past clients regarding “scammers” posing as bankruptcy attorneys.  The elaborate scam targets people who have filed for bankruptcy and those who are just starting the process.  The scammers use software that “spoofs” the caller ID system to appear that it is coming from the phone line of a consumer bankruptcy attorney.

Victims of the scam are being instructed to wire funds to satisfy a debt, supposedly outside of the bankruptcy proceeding.  Some consumers have even been threatened with arrest if they do not wire the money.   These calls come in after business hours, making it hard for consumers to verify their authenticity.  In addition, to make themselves sound even more legitimate, these scammers are pulling consumers’ personal information from public records.

NACBA has been in contact with the courts and media regarding this complex scam.  Warnings have been issued by the Office of the Attorney General in New Hampshire and by Virginia Eastern District bankruptcy clerk William C. Redden.   However, despite these warnings, incidents continue to be reported- one coming from a client of ours last week!

It is important for consumers to know that under no circumstances would a bankruptcy attorney or staff member ask a client for an immediate wire transfer to satisfy a debt nor would they threaten arrest if the debt is not paid.

Members of the NACBA Legislative Committee will soon approach the Department of Justice to not only request a more thorough investigation into how consumer information is being compromised but also recommend steps that can be taken to further protect the identity of those going through the bankruptcy process.

You can click here to learn more about the consumer bulletin sent out by NACBA.

If you are in financial crisis and considering filing for bankruptcy, 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

A WIN for Consumers! FTC Announces Major Enforcement Action against Debt Collectors

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The Federal Trade Commission and other law enforcement authorities around the country have announced the first coordinated federal-state enforcement initiative targeting deceptive and abusive debt collection practices.  This nationwide crackdown encompasses 30 new law enforcement actions by federal, state and local law enforcement authorities against debt collectors who use illegal tactics.  These tactics include, but are not limited to: harassing phone calls, phony impersonations, false threats of litigation, wage garnishment – even arrest.

It has been documented that collectors even tried to collect on so-called phantom debts – phony debts that consumers do not actually owe. The illegal practices also included the failure to give consumers legally required disclosures and notices, or to follow state and local licensing requirements.

“Being in debt is stressful enough for many Americans without also being subjected to intimidation and false threats,” FTC Chairwoman Edith Ramirez said. “Debtors have certain rights and rogue collectors that step outside the law will face the consequences of illegal behavior.”

According to the complaint, the defendants also failed to identify themselves to consumers as debt collectors, falsely portrayed themselves as process servers or attorneys, and falsely threatened arrest or litigation. The defendants unlawfully disclosed consumers’ debts to third parties in an attempt to embarrass the consumers into paying them.  All of these are in violation of the Fair Debt Collection Practices Act (FDCPA), which was designed to help prevent creditor abuse and harassment.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, 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, Debt Relief, Student Loans, Timothy Kingcade Posts

Read these 4 Tips before you start making your Student Loan Payments

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Recent college graduates are in for a rude awakening.  The grace period extended to them upon graduation is about to expire- meaning those students who took out student loans will have to start paying up.  Here are some tips you should know before making your first payment.

  • Depending on your financial situation after graduation, you may want to opt for a repayment plan that fits your circumstance. If you find yourself unable to make the minimum monthly payments on your loan- you have options. You can opt for income-based repayments (your maximum payment will be 15% of your discretionary income), an extended repayment plan (stretches your payment period out past the 10-year standard) or an income-sensitive repayment plan (your monthly payment is based on your annual income.  Payments change as your income changes).
  • Know when you will have to start making payments. In most cases, student loan payments become due six months after graduation. However with some loans, like the federal Direct PLUS loans, payment becomes due the day after the final disbursement is made and private student student loans can have varying grace periods. Knowing when you need to start making those payments will help you get a head start on saving and get the repayment process off on the right foot.
  • The consequences of late or missed payments. Failing to make timely payments on your student loans will hurt your credit score.  If you have trouble remembering due dates or simply have too many bills to keep track of, it may be a good idea to set your student loan payments up on auto pay.  Adjust your budget accordingly to account for the monthly deduction.
  • Set a realistic budget. Tracking expenses and weighing them against your current income will determine how much you will be able to comfortably put towards an apartment, new car, groceries, eating out, and other expenditures. A well-constructed budget could mean the difference between paying off your loans in 10 years, instead of 20.

 

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 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.

Foreclosures, Timothy Kingcade Posts

The Latest Online Scam: Tricking Homebuyers into Wiring Settlement Funds

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You are about to settle on your home.  You receive an email from your real estate agent or title company, requesting funds be wired to an account for settlement, which also informs you of a last minute change in writing instructions.   Upon the request, you wire the money using the new instructions.

A few days later, you receive a call from your title company, asking why you have not sent your funds for settlement.  This is the moment you realize you have been SCAMMED.  This wire transfer scheme is nothing new.  However, the increase in its sophistication and the prevalence of wire fraud in the real estate industry has prompted the National Association of Realtors (NAR) to issue warning bulletins.

According to the NAR, the hackers are monitoring emails and waiting to determine the best possible scam.  They realize these real estate transactions involve large amounts of money right before settlement.   Someone in Chicago recently lost $130,000, and in Texas there was a reported loss of $30,000. The scams are getting harder to catch, too.  Hackers have improved their grammar and obtain almost identical email addresses to the broker or title company the seller / buyer is working with, making it very difficult to identify the scam.

Below are some tips for buyers and sellers to protect themselves from becoming a victim of wire fraud:

  • Never send sensitive financial information via email. This includes bank account routing numbers, PIN numbers, security codes, etc.
  • Prior to doing a wire transfer, you should contact the intended recipient by phone and confirm the wiring information and instructions are correct.
  • Change your email usernames and passwords on a regular basis.
  • Clean out your email account. Your email use can establish patterns in your business practice, which hackers can pick up on and use against you.
  • Make sure you have the most up-to-date firewalls and anti-virus software on your computer.  Download these from a trusted source, like your internet service provider.
  • If you suspect any fraudulent activity, report it immediately to the FBI’s Internet Crime Complaint Center.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Kingcade & Garcia, P.A. Receives Prestigious 2015 Florida Excellence Award

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HONHW30The Miami-based law firm of Kingcade & Garcia, P.A. has recently been selected for the 2015 Florida Excellence Award by the US Commerce & Trade Research Institute (USCTRI).  This prestigious honor is awarded to companies that have achieved demonstrable success in their local business environment and industry category.

“We are extremely honored as a firm to have received this award,” says founding partner, Timothy S. Kingcade.  “We take great pride in upholding business ethics and company values at our firm.  It is the driving force behind our firm’s corporate culture and success.”

Kingcade & Garcia has been recognized as having enhanced the commitment and contribution of small businesses through service to their customers and the community.  Small businesses of this caliber enhance the consumer driven environment that Florida is renowned for.  This recognition by USCTRI marks a significant achievement as an emerging leader and sets benchmarks that the industry should follow.

Selection is determined through industry research, business surveys and various sources of information gathered by the USCTRI.  The research is part of an exhaustive process that encapsulates a year-long immersion in the business climate of Florida.   USCTRI is a leading authority on researching, evaluating and recognizing companies across a wide spectrum of industries that meet its stringent standards of excellence.

Timothy S. Kingcade founded the law firm of Kingcade & Garcia, P.A., in 1996. Today, he and his firm handle more than one thousand bankruptcy filings each year. As Managing Shareholder of Kingcade & Garcia, P.A., Timothy and his firm represent clients throughout the State of Florida in Chapter 7 bankruptcy, foreclosure defense, personal injury and PIP claims. To compliment Attorney Kingcade’s extensive legal experience, he is also a certified public accountant (CPA), which provides him with a unique understanding of how to handle tax-motivated bankruptcy cases against the IRS.

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Miami-based Kingcade & Garcia, P.A. was established by managing partner and attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy, foreclosure defense, personal injury and PIP claims. The firm is committed to providing personalized service to each and every client. The office environment and the service provided are centered on a culture of superior client care. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.