wage garnishment Archives - Page 4 of 4

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

When Filing for Bankruptcy- Timing Matters

Posted on July 7, 2017by Admin

Timing the filing of your bankruptcy is important to obtain the best possible outcome in your case. For example, waiting to file after creditors have already taken action against you can result in unnecessary legal costs and potential loss of property. Filing shortly after transferring money or property to someone else, can run you the risk of being accused of bankruptcy fraud.

Here are a few points to remember when timing the filing of your bankruptcy:

Filing for bankruptcy will stop litigation. It is best to file before a creditor receives a judgment against you. This will save you the cost of legal fees and giving the creditor more rights to your property.

Prevents wage garnishment. A creditor who has obtained a judgment against you can force your employer to deduct money from your check, even require your bank to withdraw the funds directly from your account. You can save this money by discharging the debt before such actions can be taken.

Puts an end to creditor harassment & collection calls. As soon as you file for bankruptcy, creditors must stop contacting you and deal only with your attorney. Creditors who continue to contact you are in violation of the U.S. Bankruptcy Code’s Automatic Stay and face sanctions by the Court.

Allows you to stay in your home. Filing for bankruptcy will stop the foreclosure process and allow you additional time to stay in your home.

Divorce & Bankruptcy: If you are in the middle of a divorce, it is best to file a joint bankruptcy with your spouse to discharge all debt before the marriage ends. However, if your income is too high to qualify as a married couple you will need to decide whether the best option is to file individually while you are still married or wait until after the divorce. When it comes to timing your bankruptcy filing while going through a divorce, you cannot go wrong setting up an appointment with an experienced bankruptcy attorney to discuss the best path for your financial future. Many offer free consultations and Saturday appointments.

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.

Related Resources:

http://bankruptcy.lawyers.com/bankruptcy-basics/time-matters-when-filing-chapter-7-bankruptcy.html

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

Social Security Checks Being Garnished for Unpaid Student Loan Debt

Posted on December 29, 2016by Admin

In an effort to recoup millions of dollars in unpaid student loan debt, the government has resorted to taking money from borrowers’ social security checks. Since 2001, the government has collected about $1.1 billion from recipients of all ages. In 2015 alone they collected $171 million. This has left thousands of retired or disabled Americans with below-poverty incomes, according to a recent report from the Government Accountability Office.

As of September 2015, 114,000 Americans who were 50 and older had their Social Security benefits reduced to offset defaulted student loans, according to the report. Since 2002, the figure has increased by 440%.

The report identifies an increasing trend of baby boomers entering retirement with student loan debt. According to the report, approximately 43% of people whose Social Security checks were decreased have held their student loans 20 years or more.

Borrowers who are determined to be permanently and totally disabled are entitled to have their student loan debt forgiven, though many are unaware of the option, according to the Wall Street Journal. Currently, the government’s student-loan portfolio is $1.26 trillion, with an increasing number of people continuing to fall behind on their payments.

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.

Related Resources:

http://www.wsj.com/articles/social-security-checks-are-being-reduced-for-unpaid-student-debt-1482253337

http://fortune.com/2016/12/20/social-security-checks-garnished/

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

Student Loan Debt Forgiveness Signed into Law in New Jersey

Posted on December 7, 2016by Admin

Governor Chris Christie signed a bill into law this week that will eliminate student loan debt in the event of death and total disability, and allow for deferment of payments and interest accumulation for those who are temporarily disabled.

The change comes after an investigation into the case of a mother who was forced to continue paying her son’s student loans after his senseless murder. It brought to light New Jersey’s punitive lending practices. The bill’s sponsors in the lower house called its success a victory for students and parental co-signers who could have been left with insurmountable debt after a tragedy.

The primary sponsor of the bill, State Assemblyman Vince Mazzeo, made the following statement:

“Imagine you’re a family who always pays their bills, has good credit and then you lose a child and in the midst of your grief, you’re saddled with tens, if not hundreds, of thousands of dollars in their remaining student loan debt,” Mazzeo wrote. “That’s just something we can’t allow to happen on our watch.”

Fellow sponsor Andrew Zwicker also praised the change.

“To expect a student’s family or other survivors to pay their college loan debt in the event of their death is cruel and unacceptable. We can do better than that,” Zwicker wrote.

New Jersey’s Higher Education Student Assistance Authority (HESAA) will now be obligated to forgive those debts. In cases of permanent or temporary disability, borrowers will have to provide a written statement from their physician attesting to their condition.

Unlike other states, New Jersey does not allow for payments to be adjusted by income and charges higher interest rates than similar federal programs. The state can also garnish a borrower’s wages for non-payment and revoke professional licenses without court approval.

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief

How to Avoid the Pitfalls of Personal Bankruptcy

Posted on November 14, 2016by Admin

If you are facing financial trouble, it can feel like the end of the world. People do not realize that filing for bankruptcy is a viable solution to their problems, can alleviate the financial stress, put an end to collection calls and even raise your credit score.

Here are some tips to remember along the way:

Do not be afraid of filing bankruptcy. Debt can be overwhelming and sometimes instead of facing it head-on, people bury their heads in the sand. This is the worst thing you can possibly do. This approach could result in you facing numerous lawsuits, automatic judgments against you even wage garnishment. By filing for bankruptcy protection you are getting a second chance and taking control over your finances once and for all.

Avoid running up new debt prior to filing. Do not make the mistake of running up a lot of new debt before filing for bankruptcy. The court will take all of your spending into account, including recent debts incurred, and the judge may not be willing to waive debts if it appears that you are trying to “game the system.” Make sure that your spending habits reflect a true desire to change.

Be aware of ALL of your options. For example, you may want to consider credit counseling. There are some reputable non-profit organizations that can help. With their assistance, you can reduce the payments you have to make and even get some of the interest removed from your debts.

Hire an experienced bankruptcy attorney. The laws surrounding personal bankruptcy are complex. If you feel unsure about the steps to take moving forward, consulting with an attorney may be your best option. Many offer FREE consultations. An attorney can be the guiding hand you need to make the process go as smooth as possible. When meeting with your bankruptcy attorney, make sure you have all of the necessary paperwork with you (i.e. – loan documents, credit card bills and any other relevant financial documents).

Create a post-bankruptcy budget. When you file bankruptcy, you want to avoid finding yourself in the same financial predicament that got you there. Planning for and making a post-bankruptcy budget is a smart idea. When you can create such a budget and stick to it after bankruptcy, you are far less likely to find yourself in the same position in the future.

If you have any 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, 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.

Related Resources:

http://techfeatured.com/automotive/1198/how-to-avoid-the-pitfalls-of-personal-bankruptcy

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.