Tag: Miami bankruptcy attorney

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.

Bankruptcy Law, Timothy Kingcade Posts

Miami Bankruptcy Attorney Timothy S. Kingcade Receives the AVVO Clients’ Choice Award 2015

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Managing Shareholder, Timothy S. Kingcade of the Miami-based law firm of Kingcade & Garcia, P.A. was recently honored with the 2015 AVVO Clients’ Choice Award.  In order to achieve this honor, an attorney must have received five or more exceptional client reviews within the last year.

One of attorney Kingcade’s reviews on AVVO had this to say, “It’s never easy for a hard working, honest person to file for bankruptcy. But after years of struggling with a workplace injury, decreased earnings, and a dishonest bank, it was time to make a quality decision. I am so grateful that we chose the Law Firm of Kingcade & Garcia!  From the very first interview, it was clear; Mr. Kingcade was no ordinary attorney.  There is no question Mr. Kingcade is a brilliant legal intellect, but what is most striking is the sincere passion he has for his work.  Fighting for families in financial straits is not just a career, but a calling for him. He truly understands the negative impact financial hardships have on couples and families. His confidence, transparency and availability, afforded us peace-of-mind we hadn’t had in a long time! Excellence is not just concentrated behind Mr. Kingcade’s desk. It permeates the entire office. As a result, our bankruptcy was completed according to plan and ahead of schedule!”

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

The WRONG Reasons to File Bankruptcy

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Although you may be receiving unwanted collections calls and falling behind on some bills, bankruptcy may not be the best option for you. There are certain types of debt which bankruptcy cannot erase. For example, back child support, alimony obligations, student loans and certain tax debts are non-dischargeable in bankruptcy.

Below are four reasons you should NOT file for bankruptcy:

1. You cannot make small payments on unsecured debt. Unsecured debt consists of most credit card debt and medical bills. In other words, it is debt that the lender has allowed you to run up without asking for a collateral in return. If you default on unsecured debt, the lender has nothing to repossess. Most consumers think that failing to make these payments will result in wage garnishment or other significant consequences.   However, most lenders cannot take action unless they sue you. This can oftentimes be a lengthy process, providing you time to come up with the payments. If the amount you owe is small, the lender may write it off as uncollectable, rather than taking legal action. There are also options such as the negotiation of your interest rate or being placed on a realistic payment plan.

2. You want debt collectors to stop contacting you. The Fair Debt Collection Practices Act (FDCPA) requires debt collectors stop contacting you if you ask them. You must send the collection company a certified letter requesting this. After you have taken such action, it is against the law for the collection company to contact you, except to let you know they are either going to take legal action against you or stop their collection efforts.

3. Most of your debts are from recent income taxes, court judgments, child support payments or student loans. These are some of the debts that are oftentimes non-dischargeable in bankruptcy court. Filing for bankruptcy will not relieve you of these type debts.

4. You do not have any assets or income outside of Social Security, unemployment or welfare. Creditors cannot garnish your Social Security income, unemployment or welfare, even if they sue you. It is not necessary to file bankruptcy if you do not have an income that creditors can take or assets they can seize.

Click here to read more on the wrong reasons to file bankruptcy.

If you are in a financial crisis and are considering filing 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, Credit, Timothy Kingcade Posts

Find out the Jobs that Qualify You for Student Loan Forgiveness

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Student loan debt is the second largest source of debt in America, behind home mortgages. Last year’s graduates entered into the job market with an average of $33,000 in student loan debt, the largest average debt for college graduates to date, according to an analysis by Edvisors.

Students do have options, such as deferment and income-based repayment plans to assist on a short-term basis. Some students have even turned to refinancing their student loans. However, there are some jobs that make you eligible for true student loan forgiveness.

Last year the Consumer Financial Protection Bureau revealed that approximately 25 percent of the U.S. workforce employed by a public service employer may be eligible for student loan forgiveness.

Although there is no student loan forgiveness program for private student loans, the programs cover many different types of federal student loans. In addition, forgiveness programs vary depending on the type of federal loan.

The Department of Education has created a reference charge that provides all of the conditions that may lead to the cancellation or forgiveness of a federal student loan.

Teacher Forgiveness
One of the most common ways to qualify for student loan forgiveness is to work as a teacher in the public service sector or for a nonprofit organization. You must first work for five consecutive years in a designated elementary, secondary or educational service agency to be eligible for up to $5,000 of the total amount to be forgiven.

Up to 100 percent of a Perkins loan may be forgiven if you have served full-time in a public or nonprofit elementary or secondary school system serving low-income families. You may also qualify if you are a special education teacher for infants, toddlers, children or youth with disabilities. If you teach in the fields of mathematics, science, foreign languages, bilingual education or any other field determined by the state education agency to have a shortage of qualified teachers in your state, you may also be eligible for student loan forgiveness.

If you qualify, the following formulas may be applied:

• 15 percent canceled per year for the first and second years of service;
• 20 percent canceled for the third and fourth years of service;
• 30 percent canceled for the fifth year of service.

Public Service Employee Forgiveness
Direct Loans are the most common loan considered for forgiveness for public service employees. If you hold a Perkins or FFEL loan, you may need to consolidate your loans in the Direct Loans program to qualify. PLUS loans for parents and graduate students are part of the Direct Loans Program.

If you are employed with a federal, state or local government agency, entity or organization or a not-for-profit organization that has been designated as tax exempt by the IRS, you may qualify for this program.

You may also qualify if the following apply to you:

• You have made 120 on-time, full scheduled, monthly payments on your Direct Loans after October 1, 2007. If you have consolidated your Perkins or FFEL loans, the 120-payment cycle must begin after the loans are consolidated;
• You have made those 120 payments under a qualified repayment plan;
• While you have made each of those payments, you must be working full-time at a qualifying public-service organization.

Click here to read more on jobs that may qualify you for student loan forgiveness.

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 http://www.miamibankruptcy.com.