Wage garnishment is a legal process in which a person’s earnings are required by court order to be withheld by an employer for the payment of a debt.
Filing for bankruptcy in Florida puts an automatic stay on wage garnishment, which immediately stops Florida wage garnishment. The automatic stay lasts for as long as the bankruptcy. With the automatic stay in place, you will be able to take home your entire paycheck.
August and September 2021 bankruptcy filings have been mixed. While certain types of bankruptcy cases have increased, others have gone down, according to data from Epiq’s AACER bankruptcy information services.
According to Epiq, overall bankruptcy filings for all chapters have declined by four percent, with 32,263 new filings made in August 2021 to 30,907 new filings reported in September 2021. Additionally, individual Chapter 7 filings decreased by nine percent between August and September.
Credit card debt is a major problem that plagues so many Americans, with the total amount of credit card debt estimated to be over $870 billion in total. According to data from Experian, the average credit card balance is $6,629. If you are struggling with credit card debt, certain behaviors can be counterproductive and make the problem worse when trying to pay down a credit card balance.
Skipping Payments.
One of the worst things a consumer can do is to skip a credit card payment, intending to pay it next month or forgetting completely. When it comes to debt- unfortunately, out of sight, out of mind does not work. Missing just one month’s payment can result in a sharp increase in interest rates, as well as late fees. The higher the interest rate is, the less likely it is that the cardholder will make any progress towards paying off the principal every month.
Parents will often do anything they need to when it comes to their children, and for many parents, that means taking on student loans for them, on top of the ones they already have left over from their own college education. These loans are normally taken on in the form of Parent PLUS Loans, and can often end up being a struggle for the parent to pay off in the end.
The Parent PLUS program was introduced in the 1980s as a means of financial support for middle- and upper-income families to help pay for their children’s college expenses. Most of the time, parents in these income classes did not qualify for other financial assistance, but the Parent PLUS program allowed them to obtain financing while keeping their liquid assets. However, since that time, the program has also become more popular among lower-income families who may not be able to pay down the loans once they are taken so easily.
The student loan debt crisis is at an all-time high, but it appears that when it comes to the age of the borrower, this type of debt does not discriminate. According to Experian, a review of student loan balances across different age categories showed that borrowers who were in their 30s and borrowers who were in their 60s carried around the same amount of student loan debt.
According to Experian, the average 30-year-old borrower owes $36,406 in student loan debt while the average 60-year-old borrower owes $35,637.
If someone is struggling with large amounts of debt, they may be weighing their options between debt consolidation and bankruptcy. There are positives and negatives to both- but ultimately, it depends on a person’s specific financial situation and life circumstance as to which choice is the right one for him or her.
What is Debt Consolidation?
Debt consolidation involves combining a person’s older debt from various sources into one new debt. This consolidation could be done by taking an unsecured personal loan to pay for the total amount owed or by transferring balances from multiple credit cards into one credit card.
Debt consolidation involves making payment to one lender, oftentimes at a lower interest rate. These are two of its appealing factors. However, we can tell you that debt consolidation rarely provides a long-term solution. Our attorneys have helped many clients who were promised one result from a debt consolidation company only to receive far less, and stuck with the remaining debt.
Here are some of the disadvantages of debt consolidation.
Choosing Bankruptcy as an Option.
Depending on an individual’s income and amount of debt, pursuing a Chapter 7 bankruptcy case may be the wisest option to discharge the debt or a Chapter 13 bankruptcy case to reorganize and pay down qualifying debt. One factor to keep in mind is debt consolidation is a big business. It can be successful for some people, but for others, it may not provide the long-term solution the consumer needs. The attorneys at Kingcade Garcia McMaken have helped thousands of people restart, rebuilt and recover through bankruptcy.
If you have questions on this topic 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 McMaken 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 McMaken website at www.miamibankruptcy.com.
Related Resources:
https://studentloanhero.com/featured/debt-consolidation-vs-bankruptcy/
Americans are borrowing more this year, as the average household carries $8,284 in credit card debt, according to the personal finance site WalletHub. This total surpasses the previous year, where the amount of debt was $8,107 per household.
The total amount of credit card debt held by Americans is now at a staggering $974.2 billion, which is three percent more than the $949.9 billion reported last year. Miami is reported as the second highest metropolitan area with the most credit card debt in the U.S.
One major problem with these figures is how close the debt is to being at the point where it is considered “unsustainable” when comparing the debt held to the average income being brought in by the average American.
The current debt load is said to be $177 from this point of “unsustainability.” What is even more worrisome is the Federal Reserve is expected to increase interest rates on December 19.
The study reports that American credit card debt is nearing the highest point it has been since the Great Recession. Financial experts are concerned that it could go past that point in 2019 if things do not change.
Not all the figures from this study were so dismal. Many Americans have worked diligently to pay off their debt, and WalletHub’s data showed that Americans paid off $40.8 billion in credit card debt in the first quarter of 2018. This figure represents the second-largest quarterly payoff of debt ever reported, which is promising. However, the study did also report that since that time, Americans have added $38 billion back to their credit card debt balances.
Many consumers have looked for resources to find debt relief. For some, credit counseling is a valid option, although it is important you know what to look for when choosing the right credit counseling agency. Our attorneys are here to help you if you are struggling to deal with credit card debt and wish to know your options.
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If you have questions on this topic 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 McMaken 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 McMaken website at www.miamibankruptcy.com.
Second Motion to Dismiss Granted & Hearing Cancelled due to lack of evidence to support the claims
Bankruptcy Attorney Timothy S. Kingcade, founding partner of Miami-based Kingcade Garcia McMaken successfully obtained an Order for his client in a Chapter 7 case, granting a Second Motion to Dismiss and cancelling a hearing scheduled for July 25, 2018.
“We are extremely pleased with the victory obtained for our client today. The allegations stated in the Complaint lacked sufficient evidence to support the claims. It was simply assumed that actions taken by Torres and PSI petroleum, LLC assigned liability to our client, without providing sufficient and specific allegations. The law was on our side in this case,” Kingcade said.
On March 5, 2018, the Plaintiffs in the case: Milan Gohil and GMC Law Firm, PLLC filed an adversary proceeding seeking a judgement against the Defendant. The complaint alleged three counts: (1.) False Pretenses, Fraud & Nondischargeability; (2.) False Financial Statements & Non-Dischargeability, and (3.) GMC Law Firm Claim for Attorney’s Fees. The Order Granting the First Motion to Dismiss included a provision that allowed the Plaintiffs to file an amended complaint, and on May 6, 2018 the Plaintiffs filed an Amended Complaint to Determine Dischargeability of Debt. On May 18, 2018, Defendants filed the Second Motion to Dismiss stating the plaintiffs did not plead their claims for relief as required by law.
A court “weighing a motion to dismiss asks ‘not weather a plaintiff will ultimately prevail but whether the claimant is entitled to offer evidence to support the claims.’” (quoting Scheurer v. Rhodes). Federal Rule of Bankruptcy Procedure 7012, adopting Federal Rule of Civil Procedure 12, authorizes the court to dismiss a complaint that fails to state a claim upon which relief may be granted.
The Order directs the Second Motion to Dismiss be granted, all pending motions are denied as moot and the hearing on July 25, 2018 be cancelled.
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Miami-based Kingcade Garcia McMaken was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade Garcia McMaken specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.
For more information visit, https://www.miamibankruptcy.com/.
Court Finds in Favor of Kingcade Garcia McMaken Client- Plaintiff’s Objections to Defendant’s Bankruptcy Discharge Denied
Bankruptcy Attorney Timothy S. Kingcade, founding partner of Miami-based Kingcade Garcia McMaken successfully obtained an Order for his client in a Chapter 7 case (In re: Mirta M. Ramos Case No. 16-27127-BKC-RBR) determining Objection to Discharge. Florida Bankruptcy Judge, Raymond B. Ray signed an order in our client’s favor on July 24, 2018.
“We are extremely pleased with this win for our client. The Court found that the amount of litigation demonstrated the plaintiff’s personal animosity towards our client, especially after he went as far as to request our client’s bankruptcy discharge be revoked,” Kingcade said.
The matter came before the court for trial on April 20, 2018, upon the Plaintiff’s (Anderson Triggs) Complaint seeking revocation of the Defendant’s bankruptcy discharge. The Plaintiff and Defendant are the parents of a minor child with autism and have multiple other pending family law cases with the Court. In addition, the Plaintiff filed a lawsuit against our client in the State Court alleging civil conspiracy, defamation (libel and slander), tortious interference with a business relationship, intentional infliction of emotional distress and invasion of privacy.
The Defendant was the sole witness at trial and a first-time bankruptcy filer. The Court found that she provided credible testimony with honest answers and displayed no intention to deceive the Court. In the end, the Court found in favor of our client and the Plaintiff’s attempts to have her bankruptcy discharge revoked were denied.
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Miami-based Kingcade Garcia McMaken was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade Garcia McMaken specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.
For more information visit, https://www.miamibankruptcy.com/.
MIAMI – (March 5, 2018) Managing Shareholder, Timothy S. Kingcade of the Miami-based law firm of Kingcade Garcia McMaken (www.miamibankruptcy.com) was recently honored with the 2018 AVVO Clients’ Choice Award. In order to achieve this honor, an attorney must have received five or more exceptional client reviews for the same year.
One of attorney Kingcade’s recent clients had this to say on AVVO: “If you are going through a bankruptcy, I highly recommend Timothy Kingcade. He is by far the best in Florida. Mr. Kingcade handled my case with the utmost care and expertise. He is exceedingly proficient and well versed in the bankruptcy laws. He is truly a pro! Mr. Kingcade will ensure that the laws will work for you–so you can get a fresh new start! After Kingcade & Garcia worked my case, in a span of only a few years, my credit score has rebounded immensely. From dismal lows, it has rocketed to 680 and even 700+ and going higher. I never had my credit score so high! I could not have done it without Mr. Kingcade and his Firm. I owe him much gratitude for his excellent work. If you’re going through a bankruptcy, do yourself a favor and give him a call.”
You can click here to read all of Miami Bankruptcy Attorney Timothy Kingcade’s client reviews on AVVO. Timothy has also earned a “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.
Attorney Timothy S. Kingcade has been dedicated to helping thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. Timothy is a certified public accountant (CPA), which allows him to better understand tax-motivated bankruptcy cases against the IRS. Timothy’s vast experience and expertise in the area of bankruptcy law allow him to know what bankruptcy trustees in the Southern District of Florida are looking for, preventing his clients from some of the pitfalls that can lead to the dismissal of a bankruptcy claim.
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Miami-based Kingcade Garcia McMaken, P.A. was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade Garcia McMaken P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.
