Timothy Kingcade Archives - Page 34 of 53

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Judge Cancels Loan Debt for Man Who Upgraded Car for Uber

Posted on March 25, 2016by Admin

An Illinois insurance salesman who became an Uber driver to improve his financial situation will be able to eliminate a nearly $10,000 auto loan debt. Federal Judge Jacqueline Cox agreed to discharge $9,786.61 of debt that Oswaldo Rodriguez owes to auto lender GM Financial for the new Chevrolet SUV he bought in October 2014.

“He genuinely thought that he could earn enough money through Uber to finance the debt,” Judge Cox said in a six-page opinion filed earlier this month in U.S. Bankruptcy Court in Chicago.

The ruling comes after Uber has become one of the most visible companies behind an emerging “gig economy,” where a number of Americans are making money through platforms like Uber, Etsy and Airbnb. But while almost 1% of U.S. adults earned income that way during September 2015, a recent study of bank transactions found that the work only supplemented, not replaced a full-time job.

The average monthly income for someone who provided labor via one of these platforms was $533, representing a third of that person’s total income, the study found. People often think they can take on side jobs to avoid bankruptcy.

U.S. bankruptcy law allows borrowers to cancel some of their debts, but lawyers for GM Financial argued that the fine print does not allow a borrower to cancel a debt of more than $650 that came from buying a luxury item or service less than 90 days before the filing.

The Judge ultimately ruled against the lender, pointing out that in her opinion the term “luxury goods” does not include items that a bankrupt person needs for their “support or maintenance.”

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

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Miami Bankruptcy Attorney Timothy S. Kingcade Receives the Prestigious AVVO Clients’ Choice Award 2016

Posted on March 24, 2016by Admin

Lawyer Timothy Kingcade | Lawyer Bankruptcy

Managing Shareholder, Timothy S. Kingcade of the Miami-based law firm of Kingcade & Garcia, P.A. was recently honored with the 2016 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 recent client reviews on AVVO had this to say, “Making the decision to file for bankruptcy was difficult and scary. 17 years of marriage ended in a bad divorce and my entire world collapsed. At 60 years of age my future looked pathetic and hopeless. The phone rang constantly, I was not able to sleep and all I did was cry. I was lost and didn’t know what to do. During my first meeting with Mr. Kingcade his words were, “I want you to take a deep breath, and stop crying, everything is going to be OK. I have your back and I will take care of everything.” Timothy eliminated the stress and treated me with respect, compassion and understanding. He explained everything, answered all my questions and I felt (and still feel) protected. When I call or send emails, he replies the same day. Throughout the entire process and today I can say, “everything is going to be OK.” If you are in need of legal assistance in bankruptcy, I would highly recommend Mr. Kingcade. I know you will not regret it. He will explain all your options and guide you all the way. Selecting Mr. Kingcade as my attorney was the best decision! I am forever thankful for his assistance and the advice he gave me. “

Attorney Timothy S. Kingcade founded the law firm Kingcade & Garcia, P.A. in 1996. He 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 also 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, 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 and foreclosure defense. 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.

Debt Relief, Foreclosures, Timothy Kingcade Posts

House Passes Foreclosure Extension Protection for Military Homeowners

Posted on March 23, 2016by Admin

The Foreclosure Relief and Extension for Servicemembers Act of 2015, which extends foreclosure protection for military homeowners, has been extended from the current 90-day period to a one-year period beginning in January 2018.

The foreclosure protection element of the Servicemembers Civil Relief Act (SCRA) expired at the end of last year, but the extended protection will be retroactive when the bill is signed by President Obama. The legislation was backed by a coalition of veterans’ organizations and housing and financial services trade associations.

The SCRA’s extension provides important foreclosure protections to the brave men and women of our military who are transitioning back into civilian life. This is a vital homeownership tool that helps members of the military stay in their homes.

The Consumer Financial Protection Bureau announced that it received approximately 2,800 complaints from military personnel related to mortgages during 2015. The majority of these complaints were related to servicing issues, including loan modifications, collections and foreclosures.

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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

Miami Bankruptcy Judge Sides with Homeowner Facing Foreclosure

Posted on March 22, 2016by Admin

U.S. Bankruptcy Judge Laurel Isicoff recently ruled in favor of a Miami homeowner facing foreclosure, an important decision linking bankruptcy and foreclosure cases. The 14-page ruling challenged other decisions forcing homeowners to stop fighting foreclosure on property they surrender in bankruptcy. The judge ruled that surrendered property not administered by a trustee is abandoned to the debtor, not the creditor.

“Compulsory surrender of real property collateral by a debtor to a lienholder in Chapter 7 is not supported by and indeed ignores the express provisions of the Bankruptcy Code,” Isicoff wrote. “And consequently I must disagree with my colleagues who have held otherwise.”

The case involved mortgage holder AS Theia LLC, a Miami homeowner and his Sunny Isles Beach condo. It was the latest in an ongoing debate about the meaning and consequences of house surrenders in bankruptcy court. The central question is whether homeowners who surrender their property to get bankruptcy protection must stop fighting in state court to save the same homes from foreclosure.

In a similar 2011 case, In re Failla, the judge ordered the borrowers to stop defending a pending foreclosure action. The judge acknowledged the bankruptcy law did not specify whether a surrender was to the trustee or lienholder, but found the borrowers committed fraud by agreeing to surrender in one court but fighting to keep the property in another.

The district court upheld the decision, ruling the critical question was the “legal effect of the debtor’s decision to surrender,” not whether the property went to the trustee or lienholder.

Isicoff suggested the ruling ignores a key factor: whether or not the debtors complied with the surrender by not interfering with the trustee’s administration of the property.

This is an important decision because it gives homeowners the opportunity to have their day in court and require the lenders prove their case.

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Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

WARNING: Personal Loans with No Credit Check a Bad Idea

Posted on March 21, 2016by Admin

Lenders who do not require credit checks seem too good to be true. That’s because they are. These offers are as predatory as payday loans. “Installment loans,” are also something consumers need to beware of. These loans come with extremely high interest rates, often more than 200%, and lenders do not consider a borrower’s ability to repay the loan. A paycheck and a bank account are usually all you need to qualify, because lenders withdraw payments electronically, often relentlessly.

It’s no wonder borrowers frequently default or get trapped in new loans. Consider this: One lender advertises a $2,600, 18-month loan at 187% interest. That would mean a borrower would repay almost $8,000!

Borrowers usually have low incomes and limited access to traditional forms of credit, according to studies by the Center for Responsible Lending. Installment loans may seem like a good alternative compared with payday loans, but the exorbitant interest rates make them more harmful in the long run. Some lenders tack on additional fees, like credit insurance, that drive up the cost of these loans even more.

The increase of these predatory loans have gotten the attention of the U.S. Defense Department that recently expanded regulations to cap the interest rate on all loans at 36% for military members and their families.

There are safer alternatives to no-credit-check loans and installment loans. If you are in need of cash and have poor credit, your local credit union is a good option. Most credit unions offer small-dollar loans of $500 and above, and they are often willing to work with you to make the payments affordable, even if you do not have the best credit. Many also have starter credit cards or loans to help you build a credit history. The interest rate charged by a federal credit union is capped at 18%.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Feds Shut Down Illegal Student Loan Debt Relief Company

Posted on March 17, 2016by Admin

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit last December against Student Loan Processing.US, a debt relief operation that allegedly stole millions of dollars from consumers promising to provide repayment benefits. Today, the CFPB has taken some drastic measures to put an end to this organization once and for all. It requested that a federal district court enter a final judgment and order it to shut down Student Loan Processing.US and refund customers millions of dollars.

According to the CFPB’s lawsuit, since 2011, Student Loan Processing.US (a fictitious business name of Irving Web Works, Inc.) along with its owner, allegedly marketed and advertised services to advise and assist borrowers applying for Dept. of Education federal student loan repayment programs.

The CFPB alleges that College Education Services and Student Loan Processing.US illegally tricked borrowers into paying upfront fees for these benefits. Many times the company told consumers that it was a “consultation service” for the Dept. of Education. The company even went so far as to use a logo that resembles a government seal, stamps “official business” on its mail to consumers and cites federal law prohibiting mail tampering to create the impression that its marketing material are sent or endorsed by the federal government.

The company would then charge consumers upfront enrollment fees of either 1% of their federal student loan balance or $250, whichever amount was higher. The CFPB reports that the company required borrowers to pay the entire fee before it would even mail an application to consumers.

The ruling also found in favor of the CFPB on its claims that College Education Services and Student Loan Processing.US violated the Telemarketing Sales Rule and the Dodd Frank Act’s prohibition against deceptive acts or practices by collecting payment information from customers before disclosing the total cost of the company’s services.

According to the final judgment, Student Loan Processing.US will be ordered to pay more than $8.2 million in relief and damages to customers.

For individuals struggling with student loan debt, it’s important to remember that the Department of Education provides numerous plans to borrowers with federal student loans to make payments more affordable FREE of charge.

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

Foreclosures, Timothy Kingcade Posts

Former NFL Player, Chad “Ochocinco” Johnson, Losing Home to Foreclosure

Posted on March 16, 2016by Admin

Chad Johnson, six-time Pro Bowl NFL receiver turned reality TV star is faced with losing his 6,000-square-foot mansion in Davie, FL to foreclosure. The residence at 2899 Juniper Lane was foreclosed on earlier this month and will be put up for public auction in April.

“Chad Ochocinco,” as he is commonly referred to grew up in Miami and spent the prime of his career with the Cincinnati Bengals, where he caught more than 1,000 receiving yards in seven of his first nine seasons. He legally changed his name to Chad Javon Ochocinco, in honor of his jersey number, 85 in 2008. He later changed his name back to “Johnson” in an effort to “find himself.” He also starred in a reality-TV dating series called Ochocinco: The Ultimate Catch , which ran for a single season on VH1 in 2010.

After playing for the New England Patriots in 2011 he signed with the Miami Dolphins, but before the season began, he was arrested for domestic battery and was cut from the team. In February 2015, the Long Lake Ranches West Homeowners Association placed a lien on Johnson’s home, claiming he owed more than $3,500. After not paying, the association sued and on March 1, a Broward County judge officially granted a final motion of foreclosure on Johnson’s home. The home is currently worth approximately $1.1 million, according to property records. The home will be posted for sale at broward.realforeclose.com on April 15.

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Foreclosures, Timothy Kingcade Posts

Florida Ranks #1 in Completed Foreclosures for January

Posted on March 15, 2016by Admin

Foreclosure inventory decreased nationwide by 21.7 percent and completed foreclosures dropped 16.2 percent in January compared to the previous year, according to CoreLogic. The number of U.S. homes in some stage of foreclosure totals approximately 456,000, compared with 583,000 in January 2015.

The five states with the highest number of completed foreclosures in January were Florida (74,000), Michigan (49,000), Texas (29,000), California (25,000) and Ohio (24,000). These five states accounted for almost half of all completed foreclosures nationally. Miami-Miami Beach-Kendall topped all other U.S. metro areas for completed foreclosures in January, with 6,919.

Foreclosure inventory represents the number of homes in some stage of foreclosure, and completed foreclosures represent the total number of homes lost to foreclosure. There have been 6.1 million completed foreclosures across the country since the financial crisis began in September 2008. Since that time there have been 8.2 million homes lost to foreclosure.

Related Resources:

http://www.bizjournals.com/orlando/blog/2016/03/florida-tops-innation-for-completed-foreclosures.html

http://247wallst.com/housing/2016/03/08/january-foreclosures-highest-in-florida-michigan/

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

Federal agency warns student loan companies about automatic defaults

Posted on March 14, 2016by Admin

The Consumer Financial Protection Bureau (CFPB) is giving student loan companies a strict warning when it comes to collecting from borrowers in default when the co-signer of their loan dies or files for bankruptcy. These “auto defaults” leave borrowers with no choice but to repay the loan in full or ruin their credit, making it difficult to purchase a home or car.

This practice often occurs in the private student loan market, where banks and other lenders provide educational financing with loan contracts that give them the right to trigger a default even if the loan is being paid on time. Now the student loan companies are at risk of breaking the law, if they continue with this practice.

When parents or grandparents take on the legal responsibility of a loan, students can get lower interest rates because the co-signers are obligated to repay the debt if the borrower does not.

Lenders often require a co-signer to make the debt more attractive to investors. They will typically release a co-signer from the loan agreement if the borrower has made consistent on-time payments. However, some lenders and loan servicers make this process difficult by having the borrower jump through hoops to get such a release, according the CFPB. They often request proof of graduation, transcripts, employment or salary, and even conduct credit checks.

The bureau first brought attention to auto defaults two years ago after receiving complaints from consumers whose loans were placed in default because of the death or bankruptcy of a co-signer.

Click here to read more on this story.

Bankruptcy Law, Timothy Kingcade Posts

Tips for Filing Taxes after Bankruptcy

Posted on March 11, 2016by Admin

Filing taxes after bankruptcy doesn’t have to be complicated, as long as you know what to look for, including when and how to file. The confusion for taxpayers in bankruptcy stems from the requirement for the filing of two types of tax forms. One is for the individual, the other is for the bankruptcy estate.

When filing for Chapter 7 bankruptcy, you would file your usual 1040 the same way you normally would. The trustee would then file a Form 1041 for the bankruptcy estate. One of the provisions of a bankruptcy is that the debtor may not acquire any other delinquent balances while under the court’s supervision.

Here are some tips for individuals filing bankruptcy and a tax return this year:

Consult with an experienced bankruptcy attorney. Many offer free consultations. Let the attorney know whether you have filed a return for each of the past three years.
If you have not filed your taxes for the year, consider doing so before filing for bankruptcy, unless you know you are going to receive a substantial refund.
If you have already filed , make sure your attorney has all of the tax records- and make sure you have a general answer of how you used the refund money. The trustee will ask.
If you do get a refund, and you are considering filing for bankruptcy, do not pay bills with the refund money. This will delay the processing of your bankruptcy case.
File your taxes on time each year. The IRS assesses separate penalties for failure to file and failure to pay, and they will find out if you owe money even if you do not file. Save yourself the trouble and adhere to the April 15th filing deadline.

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