Miami bankruptcy attorney Archives - Page 97 of 101

Housing Outlook 2015: Predictions from the Experts

Posted on January 5, 2015by Admin

It’s been an interesting year for the nation’s housing market. The ‘Polar Vortex’ was blamed for the decrease in home sales in early 2014. Price gains for previously owned homes slowed significantly. However, builder confidence for newly constructed, single-family homes has increased for six straight months. What does it all mean? Experts attribute these confusing signals to a shift out of rapid recovery and into a more stable phase that economists are calling the new normal.

Below are 10 predictions from the experts for the housing market in 2015:

1. Prices will rise more slowly. Housing price gains slowed dramatically in 2014 and are expected to continue in 2015. Easing housing inventory levels and the exit of investors from the market are helping put the brakes on home price escalation. Nationally, prices are near their spring 2005 levels.

2. Affordability will worsen. Unfortunately, for those looking to buy this year, slowing housing prices does not mean that home ownership will be more affordable. Housing experts predict homes are just 3% undervalued now, leaving little room for them to rise without becoming overvalued.

3. The buying frenzy will fade. With more investors leaving the market, the home buying process should be a bit easier in 2015, thanks to a lessened inventory and credit requirements. With rising prices, fewer bargains are on the market, making housing less attractive to investors.

4. Mortgage interest rates will rise. The Mortgage Bankers’ Association predicts that rates will rise to 5% by the end of 2015. For most of 2014 interest rates were flat or declining. A great reminder that economists can make predictions, but not to bet the farm on them.

5. Millennials overtake Gen X as homebuyers. Zillow predicts that by the end of 2015, Millennials (those under the age of 35) will overtake Gen X (35-50 years old) to become the largest group of homebuyers in the U.S.

6. Rent increase will outpace home value growth. Housing experts forecast that rents will rise 3.5% in 2015, outpacing the predicted 2.5% for annual home price gains. This, in turn, may push some Millennials to become buyers. The allure of fixed mortgage payments and a stable housing market is expected to entice more renters to become homebuyers.

7. Multi-family construction will dominate. Trulia’s research indicates that more people will try to sell their homes in 2015 and Realtor.com predicts that existing, or previously owned, home sales will grow 8% this year. The entry of these previously owned homes into the market could suppress the demand for more expensive newly constructed homes. The vacancy rate for single-family homes is still near its recession high, which is likely to further depress construction of new single-family homes. So builders will continue to meet the demand for apartments–and multifamily housing could have another strong year.

8. Builders shift to cheaper homes. In recent years, builders have chosen to build fewer, more expensive homes instead of cheaper homes in larger quantities. The trend—driven in part by a limited supply of land during the recovery–has left a price gap between more expensive new homes and less expensive existing homes. Experts agree that new home sales will top the 500,000 mark in 2015.

9. Foreclosures will match pre-recession levels. From January through November 2014, there were 1,256,070 foreclosure filings in the U.S., according to RealtyTrac, down about 17.2% from the same period the previous year, when there were 1,516,332 filings. In 2015, expect foreclosures to fall to pre-crisis levels.

10. The housing market will be driven by fundamentals. In 2015, the housing market is expected to be driven by underlying economic fundamentals (i.e. – job growth, incomes, and household formation). Mortgage interest rates and price recovery have driven the housing market for years, but now experts predict these factors will not be nearly as important as local economics in 2015.

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, Foreclosures, Timothy Kingcade Posts

A Win for Consumers! Elderly Couple Wins $1 Million in BOA Lawsuit over Harassing Debt Collection Calls

Posted on December 18, 2014by Admin

Nelson and Joyce Coniglio were called repeatedly and endured years of harassment after they fell behind on their mortgage payments in 2009. According to court documents, for more than four years the couple received approximately 700 collection calls from Bank of America’s automated robo calling system.

The automated system also dialed each number that the couple had available- home phone and cell phones, leaving messages on each one. The collection calls would come at all times of the day and night, leaving the 69-year-old couple completely overwhelmed and feeling helpless.

When Bank of America was not bombarding the couple with relentless and harassing phone calls, they were mailing them letters threatening foreclosure. The Coniglios say they even sent letters to the bank asking them to cease all phone calls, but the calls continued.

Fed up, the couple decided to take action, using the Fair Debt Collection Practices Act and the Telephone Consumer Protection Act, which outlines the manner in which these collection companies, agencies, and banks collect on money owed to them.

The judge awarded the elderly couple exactly $1,051,000 in monies due, including court costs and other attorney fees related to the suit.

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 of your options. 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, Timothy Kingcade Posts

Miami Bankruptcy Attorney Timothy S. Kingcade Receives “Superb” 10.0 AVVO Rating

Posted on December 16, 2014by Admin

Managing Shareholder, Timothy S. Kingcade of the Miami-based law firm of Kingcade & Garcia, P.A. has received the “Superb” 10.0 AVVO rating in the area of bankruptcy law, the highest rating an attorney can receive.

The rating is calculated using a mathematical model, which takes into consideration the years an attorney has practiced law, their professional achievements, discipline history and industry recognitions. The rating is completely objective and unbiased. Attorneys cannot pay or petition the site to have their rating changed, which makes AVVO one of the most respected lawyer rating services in country and an invaluable legal resource for consumers.

In addition to earning the “Superb” 10.0 rating, Timothy was awarded the 2014 Clients’ Choice Award. To receive this honor, an attorney must have received five or more exceptional client reviews within the last year.

Attorney Kingcade practices in the field of bankruptcy law, handling Chapter 7 filings and foreclosure defense cases for the Southern District of Florida. As an experienced CPA and proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of their rights under bankruptcy protection to restart, rebuild and recover.

AVVO was founded to empower consumers to make smarter, more confident legal decisions. It is a free legal directory that gives consumers access to first-rate, personal legal advice from the best lawyers in the country.

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Miami-based Kingcade & Garcia, P.A. (www.miamibankruptcy.com) 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 and personal injury 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

5 Steps to Take after Bankruptcy

Posted on December 8, 2014by Admin

Once your case is finalized and you receive your bankruptcy discharge, there are some important steps you should take to help ensure a secure financial future.

1.) Collect and preserve all paperwork from your case. You should have received a full copy of your petition from your attorney, approximately 40-50 pages of detailed financial information, including the facts about debts and assets involved in your case. You should have received a notice of bankruptcy filing directly from the court along with a copy of your discharge order entered by the bankruptcy judge. This is important to have because lenders typically like to see a copy of the bankruptcy papers when considering you for new credit- particularly mortgage lenders. It is also important to have in case anyone attempts to collect on an old debt in the future.

2.) Check / Monitor your credit report for errors. You can access your credit reports from the three major credit reporting agencies for free. Wait three to six months after you receive your bankruptcy discharge to do this. You want to make sure that all of your discharged debt is being reported to the credit bureaus, so you are not shown to have outstanding debt. This is especially important if you are applying for new credit.

3.) Start a budget. Create a basic budget to better understand your income and expenses. You may remember the Means Test from the bankruptcy paperwork that compared your income and expenses over a six-month period. The concept was to identify those who really had the means to pay their debts, but who were living an extravagant lifestyle financed on credit cards and other debt. Oftentimes, bankruptcy is caused by unexpected expenses, including medical bills caused by illness, loss of income from job loss and divorce. Once you have created a realistic budget, start planning out financial goals for the future.

4.) Start an emergency fund. Once you have established your budget, you should make sure and have a portion of your income set aside for savings. As the fund grows, you can begin putting some of it aside for retirement or a college savings account.

5.) Consider new credit. When applying for credit, start with a small credit limit and monitor your charges carefully. Charge no more than you can pay in full each month. Unplanned debt is where people get into trouble.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Common Filing Concerns & Bankruptcy Exemptions

Posted on November 24, 2014by Admin

One of the most common concerns people have when filing for bankruptcy is that they will lose everything. At Kingcade & Garcia, we understand these concerns and want to put your mind at ease. Since 1996, we have helped more than 15,000 Miami-Dade County clients handle their Chapter 7 and Chapter 13 bankruptcies.

Bankruptcy laws were created to give hard-working people a fresh financial start. Whether you have fallen on hard times as a result of a sudden illness, divorce and / or unemployment, federal bankruptcy laws were created to help consumers and families get back on their feet and provide relief from burdensome debt.

A common question people have about bankruptcy is: What assets will I be able to keep? Many people are mislead to believe that bankruptcy can only make problems worse by causing them to lose their home, vehicles or their ability to ever qualify for credit, again. This could not be further from the truth.

In fact, those filing under Chapter 7 or Chapter 13 can keep almost everything. Depending on your specific case, Florida bankruptcy laws allow you to keep the following:

• Homes
• Cars
• Retirement accounts
• Pensions
• Wages
• Personal property
• Savings
• Veterans or workers’ compensation benefits

If you have any questions on the topic of bankruptcy exemptions or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Consumer Protections: Fair Debt Collection Practices Act & Florida’s Wage Garnishment Exemptions

Posted on November 17, 2014by Admin

When you are struggling to make ends meet financially, it can be frustrating to have debt collectors calling you or even worse, having your wages garnished. A strong federal law, called the Fair Debt Collection Practices Act, protects consumers against certain unfair collection practices, which include:

• Calling you repeatedly to annoy or harass you.
• Trying to collect more than you owe.
• Fail to send a written notice of the debt.
• Threatening violence.
• Threatening dire consequences (i.e. – lawsuits, criminal prosecution, wage garnishment, jail time, permanently ruining your credit).
• Using profanity and abusive language.
• Calling before 8 a.m. or after 9 p.m.
• Revealing debt to third parties (i.e. – family, neighbors, friends, co-workers, etc.).
• Contacting you at your work, after you have requested them to stop.
• Failing to verify disputed debts.
• Ignoring cease communication requests.

Following the 2008 recession, Florida legislatures have made changes in the laws to help individuals and families struggling to keep their homes and stay out of debt. Under Florida Statutes Section 222.11, there are specific exemptions laid out for those who are having their wages garnished by creditors, the IRS and hospitals.

Section 222.11 provides exemptions from wage garnishments if:

• You are the head of the household and earn more than $750 a week in disposable income (unless the person agrees to this in writing).
• If you are exempt from wage garnishments, your accumulated income deposited in a financial institution is also exempt for six months after the deposit.
• Any persons not considered “head of the household” are also exempt from having 75 percent of their earning garnished (over six-month period).
• If the head of the household does earn more than $750 a week in disposable income, creditors cannot garnish wages unless they receive written permission specified under the statute.

If you have any questions on the topic of wage garnishment or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Financial Planners warn about “prepaying” Student Loan Debt over Retirement Savings

Posted on October 14, 2014by Admin

National student loan debt has been increasing at a rapid pace over the past two decades. The total now tops $1.2 trillion, surpassing auto and credit card debt. It’s hampered many young people’s ability to purchase a home and even keep current on monthly bills.

However, financial planners are warning borrowers to not be in such a hurry to pay off this debt. In fact, young borrowers could wind up being poorer if they accelerate student loan debt repayment over saving for retirement.

Here’s why: Retirement contributions typically offer tax breaks, company matches and future compounding that are worth far more than the interest saved by accelerated loan repayment. Many young borrowers focus on the now, putting retirement savings on the back burner, which can be a costly mistake.

A $1,000 contribution made at age 25 would typically be worth $20,000 or more at retirement age, while the same contribution would be worth about $10,000 when made at age 35, assuming 8 percent average annual returns. Even if participants do not achieve 8 percent, which is the historical stock market average for periods over 30 years, the math still holds: contributions made earlier return dramatically more.

Thanks to compounding, contributions made when workers are in their 20s can be worth twice as contributions made later. That’s because the money has longer to grow.

A recent TransUnion study of “credit active” consumers — people with at least one credit account or loan — found that 51 percent of those aged 20 to 29 have student loan debt, compared to 31 percent in 2005. Balances have soared as well, the study found. The average balance for a 20-something borrower in 2014 was $25,525, compared to $15,853 in 2007. That’s a 60 percent increase.

An Experian study found an even greater rise in student loan debt when the rest of the population was counted in. The study found that student loan debt had risen 84 percent between 2008 and 2014 and that the average balance for borrowers of all ages was $29,000.

Some good advice… Student loan borrowers should always make the required payments on their federal education loans, since the penalties for default are severe. But do not postpone saving for retirement. Make sure your employer is matching you on your retirement contributions, since that money is essentially free, before using any extra money to pay down student loan debt.

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

Credit Card Debt or Student Loan Debt: Which to pay off first?

Posted on September 23, 2014by Admin

It is important to first realize, that all debt is not created equal. Some debt can actually work for you. For example, debt that is tax deductible, such as mortgage and student loan debt falls into the category of “good” debt. On the other hand, debts like credit card debt and car loans fall into the “bad” debt category.

Student loans offer fixed rates and tax deductible interest. You should not be in a rush to pay these off, particularly if you are not already saving adequately for retirement and other emergencies. Federal student loans offer the opportunity to reduce or even suspend payment without damaging your credit scores if you face financial difficulty and have the possibility of forgiveness. Those options are not available for credit card debt.

If your student loan payments exceed 10% of your income when you enter into repayment, the federal government has a “Pay as you Earn” program, which offers more manageable payments for borrowers, especially those with large amounts of debt.

Bankruptcy Law, Credit, Timothy Kingcade Posts

New Study Reveals Surprising Impact Student Loan Debt has on the Housing Market

Posted on September 22, 2014by Admin

A new study reveals the impact of student loan debt on home ownership. The impact is 414,000. That is how many home sales will not happen this year as a result of high levels of student loan debt, according to a report from John Burns Consulting, a firm that advises home builders. This number is the equivalent of about 8% of all home sales, enough to dent the housing industry by $83 billion a year!

The report estimates that the number of borrowers under the age of 40 that owe $250 or more each month in student loans has nearly tripled since 2005, to 5.9 million. And it projects that every $250 in monthly student loan payments decreases home borrowing and purchasing power by $44,000. With the typical sale price of a home being $200,000, you get $83 billion in lost sales.

The Federal Reserve Bank of New York has found that young people with student loan debt are now less likely to own a home than people who never attended college, a reversal of the long-standing trend linking higher education to home ownership and higher earnings. Student debt has been a key factor in the lower-than-normal rates, particularly for first-time home buyers, according to the National Association of Realtors.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Debt Collectors Come under Fire in Recent Lawsuit

Posted on September 2, 2014by Admin

The U.S. Consumer Financial Protection Bureau (CFPB) filed its first lawsuit against Frederick J. Hanna & Associates, a debt-collection firm, based in Marietta, GA. The firm is accused of violating federal consumer protection laws, processing more than 350,000 credit card collection complaints against consumers, some of whom may owe nothing or owed less than was claimed.

These collection practices are widespread. Roughly 77 million Americans have debt in collections, according to a recent study published by Urban Institute. CFPB officials say the regulator may sue law firms if they operate as debt-collection businesses rather than legal advisers.

The vast majority of borrowers sued in these cases do not appear in court and as a result, many of the cases end in a default judgment allowing the collector to garnish wages, freeze bank accounts or put a lien on property. These judgments can be difficult to correct.

CFPB officials are weighing regulations that would impose tougher requirements on debt collectors to establish they have the right to collect on a debt and ensure the amount is accurate. These rules would also impact banks and debt buyers as well.

Legal experts say the suit could signal the regulator’s intent to target similar high-volume law firms, and potentially banks and debt buyers, over allegations that debt collection claims can be out of date, incorrect in their amounts, lacking in documentary support or overlapping with claims filed against the same debtors.

If you are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.