Tag: Miami bankruptcy attorney

Bankruptcy Law, Credit, Timothy Kingcade Posts

Considering filing for Chapter 7 Bankruptcy? Read this FIRST.

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Many consumers unknowingly make detrimental financial mistakes before filing for bankruptcy. These mistakes can ultimately affect the outcome of your case. By avoiding the below mistakes, you can assure your bankruptcy filing goes smoothly and avoid challenges by your creditors and the bankruptcy trustee.

• Do not transfer money or assets: Oftentimes consumers will transfer funds to a family member or change the name on titles to a child or spouse’s name. The court will view these type transfers as fraud, even if you have innocently transferred the property without any intention to conceal it.

• Do not pay off certain creditors: Consumers sometimes pay off certain bills just before filing bankruptcy to satisfy their creditors. However, if a court finds these payments as “preferential transfers” it can lead to “claw back” lawsuits where the court sues the entity you paid to get the money back.

• Avoid using your credit cards: Do not accrue unnecessary debt just because you anticipate it will be erased in bankruptcy.

• Do not make unusual deposits into your bank account: Only deposit salary or wages into your bank account. For example, do not deposit any money in your account that you have borrowed from others or that has been given to you.  A tip to small business owners: Avoid conducting transactions for the business through your personal account.

• Do not sue anyone: Any legal claim that you have is an asset that can be taken by the bankruptcy court. Even claims that you may have against others that have not been filed in court, is property of the bankruptcy estate.

• Speak to your attorney before accepting future payments: Bankruptcy court can seize funds that are not actually in your possession, but you expect to receive. For example, if you are receiving an inheritance which will be paid in the future or filing tax returns that result in a refund.

• Waiting too long to file: Many of the mistakes above can be avoided by simply not delaying the filing of your bankruptcy claim.

Click here to read more on mistakes to avoid before filing Chapter 7 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

Protecting Military Service Members from Predatory Loans Issue of National Security

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Laws such as the Military Lending Act are intended to reduce service members’ likelihood of ending up in debt to predatory creditors by capping interest rates on loans at 36%; prohibiting “roll over” loans where the borrower pays off an existing debt with another loan (usually with less favorable terms); eliminating forced arbitration with creditors; banning creditors from requiring that they carve out an automatic amount of money from their paycheck to pay back your loan; and forbidding prepayment penalties for borrowers who pay back some or all of the loan early.

These rules, which protect our military are not just about doing something nice for our soldiers, it is an issue of national security. While it is unfortunate for any consumer to end up with revolving debt, there are particular concerns when the borrower is a service member.  Someone looking for unauthorized access to military information or assets may be able to leverage that debt in their favor. This is why service members with significant debt on their credit reports may end up having their security clearance lowered or taken away. Some debt collectors are using this as leverage when trying to get service members to pay up, threatening to reveal their financial situation in a way that will negatively impact their position in the military.

According to the Consumer Financial Protection Bureau, some debt collectors have even threatened to tell the soldier’s superiors about the debt and when their status comes up for review. Such contact is illegal as outlined in the Fair Debt Collection Practices Act.  Even if a soldier’s security clearance is damaged by debt, they can appeal their case to an Administrative Judge of the Defense Office of Hearings and Appeals, where they will be given a chance to explain how they ended up in debt and what they are doing to address the problem. This can include the soldier showing that they are currently living within their means; that they are making a good faith effort to resolve the unpaid debts; disputing debts that are not theirs, etc.

Click here to read more on this story.
http://consumerist.com/2015/01/09/protecting-military-servicemembers-from-predatory-loans-is-a-national-security-issue/

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Consumers Still Struggling with Medical Debt

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The Federal Health Care Law was intended to keep an unexpected illness or injury from bankrupting Americans. When calling for the law’s passage, President Obama proudly declared, “people shouldn’t go broke because they get sick.” Even though the Affordable Health Care Act has authorized states to expand eligibility for Medicaid and created online insurance markets for those without employer coverage to qualify for federal subsidies- it hasn’t solved the problem.

In 2013, medical debt was the largest cause of personal bankruptcy — 1.7 million people lived in households experiencing bankruptcy because of health costs. The health care law brought regulations that limited for the first time the cost-sharing in plans. For example, an individual plan sold on an exchange cannot include out-of-pocket costs greater than $6,600. In practice, the average deductible (which must be paid before insurance kicks in), varies based on how expensive a plan is. This regulation still only applies to “in-network” doctors and specialists, which can be a short list. Many vulnerable consumers are incurring medical debt by visiting unapproved doctors or hospitals.

Deductibles keep growing. Last year, work-sponsored insurance plans had an average deductible of about $1,200. In 2009, the average deductible was $826. And this year, the silver plans sold through the federal marketplace require people to pay on average more than $2,500 or approximately $3,500 before their insurance benefits kick in. Bronze plans, known for having cheaper monthly premiums have average deductibles of about $5,300.

Even with the Affordable Health Care Plan in place, efforts to regulate how providers can collect on patient debt remain limited. For instance, hospitals and doctors can still obtain judgments, garnish paychecks and go after people’s assets, including their homes.

Click here to read more on this story.
http://www.usatoday.com/story/news/2015/02/01/consumers-still-struggling-with-medical-debt/22587749/

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

BBB’s Top 10 Scams of 2014

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The Better Business Bureau hears from thousands of consumers and business owners each year, reporting a variety of scams and frauds. Below are the Top 10 scams they consider to be most ‘pervasive’ last year:

10. Sweepstakes Scam: The scammers alert you that you have won a contest, a prize or the Publishers Clearing House Sweepstakes! All you have to do is pay some taxes and fees before you collect. This is not a new scam, but continues to be a common one.
9. Click Bait Scam: This scam can take many forms, but the most notorious one this year was when Malaysian Airline Flight 370 went missing, prompting online users to “click here for video.” Enticing stories like this, celebrity images and other fake news can get you to unintentionally download malware.
8. Robocall Scam: “Rachel from Cardholder Services” claims to be able to lower your credit card interest rates, taking personal information (i.e. – your card number) and charging fees to your card.
7. Government Grant Scam: You get a call saying you have been awarded a government grant for thousands of dollars. All you have to do is pay a couple hundred dollars in fees by wire transfer or a prepaid debit card.
6. Emergency Scam: Often referred to as the “grandparent scam,” because it preys on the elderly, the victim receives a call or email claiming to be a grandchild who has been severely injured, robbed or stabbed while overseas and they need money immediately via wire transfer.
5. Medical Alert Scam: This scam also preys on the elderly. The victim receives a call or visit from a company claiming a concerned family member ordered you a medical device in case of emergency. They take down the victim’s credit card or banking account information, but they receive nothing in the mail.
4. Copycat Website Scam: You receive an email, text message or social media post for an excellent deal on a popular product. You click through to what appears to be a popular retailer’s website, but when you order the product, nothing arrives. Now the company has your payment information and personal information.
3. “Are you calling yourself” Scam: The latest phone scam trick puts your phone number in the caller ID, getting you to pick up the phone out of curiosity or return the call.
2. Tech Support Scam: You receive a call or pop-up on your computer screen claiming to be a Microsoft representative from Norton or Apply, regarding a problem on your computer. The scammer says if you give them access to your hard drive, they can fix the problem. Instead, they install malware and have full access to your computer allowing them to steal your personal information.
1. Arrest Scam: You receive a phone call from someone claiming to be a police officer or government official, who says they are coming to arrest you for unpaid taxes or missing out on jury duty. The victim can avoid this by sending money via a prepaid debit card or wire transfer. Being threatened with arrest is scary and most people ultimately pay out of fear.

The Better Business Bureau has identified ways consumers can avoid becoming victims to these scams:
• Do not let anyone pressure you into making fast decisions.
• Research the organization. A quick Google search or visiting www.bbb.org, will bring up any complaints made against the company.
• Never provide your personal information (i.e. – address, date-of-birth, social security number, banking information, ID etc.) to people you do not know.
• Never click on links from unsolicited emails or text messages.
• If you are unsure about a call or email that claims to be from your bank, utility company, etc., call the number on your bill or the back of your credit card to verify.
• Never send money by wire transfer or prepaid debit card to someone you do not know or have never met in person.
• Never send money for an emergency situation unless you have been able to verify the emergency.

Click here to read more on this story.
http://www.bbb.org/council/news-events/news-releases/2015/01/bbb-top-ten-scams-of-2014/

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

‘70s Pop Icon, David Cassidy Files for Personal Bankruptcy in South Florida

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David Cassidy filed for Chapter 11 bankruptcy protection last week in Fort Lauderdale, where he owns a waterfront home. The 64-year-old former teen idol with hits like “I Think I Love You” and “I Woke up in Love This Morning,” reported debts including a $292,598 mortgage, $39,102 on credit cards and considerable attorney and accountant fees. Cassidy listed assets and debts in the estimated range of $1 million to $10 million.

The clerk’s office concluded that Cassidy’s petition was incomplete for missing 16 documents, including forms listing real property, creditors holding secured claims, executory contracts, unexpired leases and current income. All are due by February 25th.

The filing said Cassidy owes money to more than 10 lawyers and accountants in South Florida. Hallandale Beach attorney, Brian Rodier who represented Cassidy from 2006 to 2011 claims Cassidy racked up $134,221 in legal bills, which he never paid. According to the bankruptcy filing Cassidy owes American Express $21,952 and the Villas at Polo Towers in Las Vegas $1,420 in maintenance fees, where he frequently performs.

The former star and teen heartthrob of the 1970s TV show, “The Partridge Family,” has struggled the past several years. He faced four drunken-driving charges, court-ordered rehabilitation and his wife, Sue Shifrin, filed for divorce last year. Cassidy has been a defendant in 12 civil cases in Broward Circuit Court, with several still pending. One of them involved a foreclosure on a Fort Lauderdale penthouse.

Click here to read more on this story.
http://www.dailybusinessreview.com/id=1202717845853/70s-Pop-Star-David-Cassidy-Isnt-Singing-I-Think-I-Love-You-Now-Files-Personal-Bankruptcy?mcode=1202615581416&slreturn=20150115134105

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

T-Mobile will Ignore Bad Credit if Bills are paid on Time for One Year

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Many Americans miss out on qualifying for the favorable rate plans mobile carriers offer due to having a less than perfect credit score. In fact, 63% of Americans have a less than desirable credit score, so they do not qualify for the deals many of the wireless companies spend billions of dollars promoting.

John Legere, T-Mobile’s CEO and President, wants to change all that by offering a new service called Smartphone Equality. This plan will offer the same financing options for all customers, including those with bad credit. This will be available to customers who have paid their T-Mobile bill on time for 12 months.

Smartphone Equality puts the relationships the cellular company has with loyal customers above their credit scores. Legere believes that T-Mobile’s relationship with those customers is a better predictor of future behavior than their credit history.

Click here to read more on this story.
http://www.forbes.com/sites/amitchowdhry/2015/01/26/t-mobile-smartphone-equality/

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

New Bill Introduced to Forgive Student Loan Debts during Bankruptcy

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A lawmaker has filed legislation in Congress which will allow student loan debt to be treated just as other forms of debt that can be discharged in bankruptcy. As we all know, student loan debt is treated differently in bankruptcy court than credit card debt, auto loans or mortgage debt, and cannot be discharged.  Representative John K. Delaney, D-Md., introduced the Discharge Student Loans in Bankruptcy Act (H.R. 449).

In a statement he said, “Student loan debt is dragging down economic growth, keeping the American Dream out of reach for many and is a monthly strain for millions.” Student loan debt continues to increase as the cost of college tuition continues to rise. According to a study by the Institute for College Access & Success, 69 percent of graduates from the class of 2013 left school with an average of $28,400 in student loan debt.

Delaney has backed several bills focused on student loans and financial aid. He is also a cosponsor of the Middle Class CHANCE Act, which increases support provided by Pell Grants. In his previous term, Delaney voted for legislation in the House to prevent student loan rates from rapidly increasing and cosponsored the Truth in Tuition Act, which requires institutions to provide multi-year tuition and fee schedules.

Click here to read more on this story.
http://www.accountingtoday.com/news/education-planning/congressman-introduces-bill-to-forgive-student-loan-debts-during-bankruptcy-73395-1.html

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

Top 5 Predictions for Student Loans this Year

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Last year, we saw small signs of change and new advocates gearing up to address the student loan crisis. You may be wondering what to expect this year. Here are five predictions for student loans in 2015.

1.) Policy changes. There will continue to be a lot of attention on student loans in Washington. There will likely be a bill passed by a Congressional Democrat, but it will be tough to pass with a Republican-run Congress.

2.) Rising rates. Interest rates will remain relatively stable, with the possibility of increasing towards the end of the year. It has been widely anticipated that interest rates will rise towards the end of this year.

3.) Better student loan options for more people. New companies have entered the market with the goal of “fixing the broken student loan market.” These online lenders focus on giving student loan borrowers a better rate and overall better experience. They focus mainly on refinancing student loan debt into lower interest rate loans. These companies will continue to expand this year, providing more positive options for those with student loan debt.

4.) More talk about the value of an education. Price-conscious consumers will rigorously evaluate the ROI of their education. People will become more educated on the university system today- and determine the high cost of education is economically “worth it” for some schools and degrees, but not as much for others.

5.) Broader attention from investors. Investor demand for student loan assets will increase. The last 1-2 years have seen increased student loan activity in the capital markets- securitizations, whole loan sales and equity investments. There is expected to be more of this in 2015 and an increased demand from investors.

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 http://www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

To Collect Debts, Nursing Homes are Seizing Control over Patients

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Lillian Palermo did her best to prepare for end of life care. She arranged for her power of attorney and health care proxy to be her husband, if she ever became incapacitated. Now in her 80’s, her husband Dino, eight years her junior, feeds her home-cooked Italian meals, sings her favorite songs and pays a private aide to be there when he cannot at the Catholic nursing home in Manhattan.

Last summer, after he disputed nursing home bills that had suddenly doubled his wife’s co-pays, and complained about the inexperienced employees who dropped his wife on the floor, Mr. Palmero was shocked to find a six-page legal document lying on her bed. It was a guardianship petition filed by the nursing home, asking the court to give a stranger full legal power over Mrs. Palermo, now 90, and complete control of her money.

Many people are unaware that a nursing home can take such a step. However, interviews with system veterans and a review of the guardianship court data show this practice has become routine, shedding light on the growing power nursing homes have over residents and family members amid changes in the financing of long-term care. At least one judge has ruled this tactic by nursing homes is an abuse of the law, but the petitions, even if they are ultimately unsuccessful, force families into costly legal battles.

Mr. Palermo, 82, was devastated by the petition. A court evaluator eventually reported that Mr. Palermo was the appropriate guardian, but not before his legal expenses reached $10,000. In the end, Medicaid’s recalculation put his wife’s monthly co-pay at $4,558.54, almost $600 less than the nursing home had claimed, but far more than the $2,642 Mr. Palermo had been paying under an earlier Medicaid calculation. As soon as the nursing home cashed his check for the outstanding balance, it withdrew the guardianship petition.

Click here to read more on this story.

http://www.nytimes.com/2015/01/26/nyregion/to-collect-debts-nursing-home-seizing-control-over-patients.html

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

New Rules Limit Hospitals’ Collection Fee Tactics

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The Obama administration has adopted a new set of rules to discourage nonprofit hospitals from using aggressive tactics to collect payment from low-income patients. These new rules require nonprofit hospitals to offer discounts, free care or other financial assistance to low-income patients. In addition, hospitals are required to try and determine whether a patient is eligible for assistance before the case is referred to a debt collector, negative information is sent to a credit agency, a lien is placed on the patient’s home, filing a lawsuit or seeking a court order to garnish a patient’s wages.

The rules apply to nonprofit hospitals that are seeking or have tax-exempt status, about 60 percent of hospitals nationwide. Because the Consumer Financial Protection Bureau has endorsed these new rules, health care lawyers believe this could set an industry standard, influencing the practices of for-profit hospitals.

These new rules should make it easier for low- and moderate-income patients to get valuable medical care without having to worry about a large hospital bill or collection agency harassing them for money they do not have. The rules do not prevent a hospital from engaging in lawful debt collection; however, it does require hospitals to first evaluate a patient’s need for financial assistance. In addition, each nonprofit hospital must establish and publicize in a written policy stating who is eligible for financial assistance and how patients can apply.

Many people are just one medical emergency or illness away from a financial crisis. In fact, medical bills are the number one reason people file bankruptcy. For those struggling with the financial weight of a health crisis, Chapter 7 bankruptcy is a way for you to eliminate all of your medical bills in only a couple of months, and start fresh!

Click here to read more on this story.
http://www.nytimes.com/2015/01/12/us/politics/new-rules-to-limit-tactics-on-hospitals-fee-collections.html?_r=1

If you are burdened with medical debt and wondering how Chapter 7 bankruptcy can help, 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.