Miami bankruptcy attorney Archives - Page 94 of 102

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

Posted on April 22, 2015by Admin

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

Posted on April 20, 2015by Admin

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

Posted on April 17, 2015by Admin

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

6 Tips to Get a Car Loan After Bankruptcy

Posted on April 13, 2015by Admin

If you have filed for bankruptcy or are considering filing for bankruptcy, you may be under the impression that it’s impossible to ever get approved for a home or car loan, again. This is simply not true.

Below are six tips to help you buy a car after filing for Chapter 7 or Chapter 13 bankruptcy:

1. Get a copy of your credit report and credit score. Be prepared before you go to the dealership. Your credit report is available for free at AnnualCreditReport.com or Credit.com. The dealership will pay particular attention to your previous auto loans, so make sure you familiarize yourself with that information.
2. Start saving for a down payment. Most consumers’ cash flow improves after bankruptcy, so you can put some of that extra money towards your down payment. Remember that the larger the down payment, the less risky you look to the lender.
3. Shop around. Try to do your car shopping in one day to avoid having multiple pulls on your credit report. It is better to be preapproved before you visit the dealer, that way you have some leverage.
4. Avoid “buy here, pay here” dealers. Do not assume that dealers with the highest interest rates will be the only option for you. Some of these dealers do not have a great selection and you may end up with a car payment with a higher interest rate along with repair bills.
5. Pay on time. Chances are your credit score has taken a hit after filing for bankruptcy. Use your auto loan to help improve your scores by making your payments on time.
6. Refinance your car loan. If you have been making your car payments on time each month, you may be eligible to refinance your auto loan at a lower interest rate after six to 12 months.

Click here to read more on ways to purchase a car loan after filing for bankruptcy.

Bankruptcy Law, Credit, Timothy Kingcade Posts

More Students Refusing to Pay Back Student Loans

Posted on April 8, 2015by Admin

What started as 15 college graduates refusing to repay their federal student loans has turned into 100, according to the Washington Post. This “debt strike” is the students’ way of pressuring the government into forgiving their student loan debt and the government is starting to take notice.

The Consumer Financial Protection Bureau (CFPB) has invited the disgruntled borrowers to Washington to discuss their demand for loan forgiveness. The CFPB does not have the power to forgive a federal loan, but it does prove lawmakers and regulators are taking these students seriously.

The revolt started a month ago when 15 former Corinthian College students publicly announced they would not pay their student loans because their school broke the law. Corinthian Colleges run Everest Institute, Wyotech and Heald College. It is a for-profit education sector known for high loan defaults and dubious degree programs. The colleges allegedly used deceptive marketing practices and lied to the government about graduation rates, resulting in the loss of federal funding and forcing the institution to shut down most of its schools.

Organizers say that anyone who joins the movement must attend a financial literacy workshop to understand the consequences of not repaying their student loan debt. These students are filing a defense to repayment claim. It is an appeal to the Education Department to discharge the federal loans on the grounds that the school broke the law. The Education Department has the authority to discharge federal student loans when a student’s rights and state law have been violated.

Click here to read more about the student loan strike.

Bankruptcy Law, Credit, Florida Bar, Timothy Kingcade Posts

How to Choose the Right Bankruptcy Attorney

Posted on April 2, 2015by Admin

Finding the right bankruptcy attorney is critical to the outcome of your case. The first place you can start is by visiting your state bar’s website to find out if the attorney is a Board Certified Consumer Bankruptcy attorney. You can also find out how many years an attorney has been practicing in the field of bankruptcy law.

Look for important award distinctions, such as an AV Preeminent Rating by Martindale-Hubbell. This distinguished award is achievable only after admission to the bar for at least ten years and indicates the highest level of legal ability and ethics. It also indicates that an attorney’s colleagues and the judiciary perceive him to be at the pinnacle of professional success.

When you check credentials and affiliations, it provides you with an assurance that the attorney has practical knowledge of the state’s bankruptcy laws. Next, visit the attorney’s website to see if the site contains educational information about filing for bankruptcy, answers frequently asked questions, provides client testimonials and informative videos.

Do your research on the bankruptcy attorney you plan to meet with and look for the following qualities:

1.The attorney should discuss alternative options with you. Chapter 7 bankruptcy is a complete discharge of eligible debts, but it is not right for everyone.

2. The attorney should display a passion for the process. You should not hire an attorney to represent you in court who is indifferent about the process. Ask the attorney why he or she chose bankruptcy law and listen carefully to the response.

3. The attorney should understand you and your individual situation. Filing for bankruptcy can be a trying time, not only financially but emotionally. You need to find an attorney who possesses empathy and the willingness to listen to you.

4. Beware of discount bankruptcy attorneys. Finally, look out for an attorney who runs an extremely discounted rate on their bankruptcy services. These firms are commonly referred to as “bankruptcy mills” and crank out many cases at a time, not giving clients the one-on-one attention they deserve.

Click here to read more on how to choose the right bankruptcy attorney.

Bankruptcy Law, Credit, Timothy Kingcade Posts

How Avoiding Bankruptcy can Backfire

Posted on April 1, 2015by Admin

Bankruptcy is often misunderstood and accompanied by a negative stigma. However, bankruptcy can mean different things to different types of entities. For example, a business filing for bankruptcy is often seen as a healing process, allowing the company to reorganize and restructure its debts, while continuing its operations.

Oftentimes, credit counselors and debt relief services will advise against bankruptcy to steer consumers toward their services of financial assistance, postponing the inevitable. Banks and personal finance gurus manipulate consumers into believing that it is impossible to rebuild your credit after bankruptcy.

The reality is that most consumers who have filed for bankruptcy have access to more “new lines of credit” than those who continue struggling with insurmountable debt. This was proven in a study conducted by the Federal Reserve Bank of New York. The study focused on the financial lives of people who continue struggling with debt and those who opted for bankruptcy.

The study revealed that those individuals who filed for bankruptcy early in the year opened a larger number of unsecured accounts than those who chose not to file for bankruptcy. The study proves that filing for bankruptcy opens doors to new lines of credit rather than closing them.

The study also revealed that those who filed for bankruptcy saw a greater improvement in their credit scores than those who did not. Also, those who did not file for bankruptcy lost a significant amount of retirement income, compared to those who did file for bankruptcy. Under federal law, most retirement accounts are fully exempt in bankruptcy.

Click here to read more on this story.

Bankruptcy Law, Credit, Timothy Kingcade Posts

The Student Loan Borrower’s Bill of Rights Explained

Posted on March 31, 2015by Admin

Following President Obama’s introduction of the “Student Aid Bill of Rights” the Senate followed suit by reintroducing the Student Loan Borrower’s Bill of Rights. The bill was first introduced last year, but failed to move forward. The bill is an effort to ensure that the 40 million Americans with student loan debt are protected and understand their rights as consumers.

“The Student Loan Borrower’s Bill of Rights” will ensure that all borrowers have basic rights and protections as they repay their student loans and offer more repayment options to them if they are unable to make their monthly payments in full,” according the Senator Dick Durbin. He was one of three senators to reintroduce the bill.

The legislation’s authors explained that the new bill would give six basic rights to both federal and private student loan borrowers:

1. The right to have options such as alternative payment plans to avoid default.
2. The right to be informed about terms and conditions of the loan and repayment options to ensure changing plans will not cost more.
3. The right to know your loan’s servicer and who to contact when there is a problem.
4. The rights to have consistent monthly payments. Lenders and servicers will also be required to honor promotions and promises that are advertised or offered to borrowers.
5. The right to fairness when it comes to issues such as grace periods, when loans are transferred, or debt cancellation when the borrower dies or becomes disabled.
6. The right to accountability including timely resolution of errors and certification of private loans.

The Bill of Rights will also ensure that service members and veteran borrowers will be provided with a liaison specifically trained in the benefits available to military borrowers.

Click here to learn more about the Student Loan Borrower’s Bill of Rights.

Bankruptcy Law, Credit, Timothy Kingcade Posts

FTC Shuts Down Fraudulent Affiliate Company

Posted on March 30, 2015by Admin

The Federal Trade Commission (FTC) recently had a hand in shutting down a fraudulent company impersonating itself, called “FTC Credit Solutions.” The company was allegedly using false connections with the FTC to market credit repair services to Spanish-speaking consumers.

The company would contact consumers by phone or claim in advertisements on the radio or Internet that it was affiliated with or licensed by the FTC. The employees told consumers that they could remove negative information from their credit reports; guaranteeing customers their credit scores would be 700 or more within six months of service.

FTC investigators called the fraudulent company posing as consumers, and discovered employees were misrepresenting the company as “working with the Federal Trade Commission.” Employees also falsely promised they could “delete” or “get a pardon” for consumers’ debts.

In addition to making false statements about the affiliation with the FTC, the company allegedly charged consumers upfront fees for “credit repair services,” and sent false information to major credit bureaus. The company and its employees allegedly violated the FTC Act by misrepresenting their affiliation with the FTC. They also allegedly violated the Credit Repair Organizations Act by charging upfront fees for credit services.

Click here to read more on the FTC shutting down a fraudulent affiliate company.

Bankruptcy Law, Credit, Timothy Kingcade Posts

6 Steps to Defeat Student Loan Debt Collectors

Posted on March 27, 2015by Admin

President Obama has promised to take action against abusive student loan debt collectors. Through his Student Aid Bill of Rights, his goal is to ensure consumer protections for student loan borrowers. More than 70 percent of college graduates have student loan debt, the second largest source of debt in America.

In the first quarter of 2015 more than twelve percent of student loan debts were in default, according to the National Student Loan Data System. Analysts predict the number of borrowers in default will continue to increase unless something is done.

Below are six steps you can take to help better manage your student loan debt:

1. Contact your lender. Lenders often sell loans, therefore several agencies may be involved in the collection of your debt. The first thing you must do is contact your lender to make sure you have information on any and all balances you have outstanding. You will need to make a list of all of your debts along with the specific lenders and account numbers.
2. Check your credit report. Oftentimes, collection agencies will report student loans multiple times and will report a separate line per semester with different account numbers. Make sure there are no duplicate loans on your credit report.
3. Apply for the rehabilitation program. Contact the collection agency that now has your student loan and explain that you wish to apply for the loan rehabilitation program with more affordable payments. The benefits of rehabilitation include: bringing your loan out of default, repairing the damage on your credit report, and after five months in the program, you can stop any garnishments being taken out of your paycheck or tax refund.
4. Make your payments on time. If you successfully make nine payments on time, your loan will be taken out of collections. In addition, the default status will be removed.
5. Ask the collection agency for a letter to confirm that your loan has been removed from the default status. You will need to request letters from every collection agency that you have been paying.
6. Contact the three major credit bureaus. Once you receive the confirmation letters, contact all three credit bureaus – Experian, TransUnion and Equifax and forward a copy to each of them.

Click here to read more on the 6 steps to defeat student loan debt collectors.