Trend Alert: Decrease in Bankruptcy Filings May Signal Financial Struggles
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An eight percent decline in bankruptcy filings nationwide may appear to be a positive economic sign. However, some industry experts attribute the decline to individuals not being able to afford to file for bankruptcy. The result may be a mass of pending bankruptcy filings, not unlike the shadow foreclosures feared in the real estate business. If the economy does not take a sharp turn for the better, those individuals who have been on the brink of bankruptcy will eventually be forced to file.
It is predicted that the number of bankruptcy filings will rise when the employment situation improves. When these individuals on the verge of bankruptcy return to work, they will be able to afford the filing fee and the necessary legal representation.
To read more on this topic visit:
http://articles.boston.com/2011-08-18/business/29901785_1_bankruptcy-filings-troubled-firms-berry-associates
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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, P.A. website at www.miamibankruptcy.com.
Kingcade @ August 22, 2011
Five Tips to Help you get out of Debt
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Between the first quarters of 2009 and 2010, consumers made $72 billion more in payments on their credit cards than in purchases. Many individuals are picking up second and third jobs to pay off surmounting debt; others are relying on balance transfers on high interest credit cards, garage sales, and even selling unused household items on Craigslist. Reducing consumer credit-card debt is a surefire way to eventually stimulate the economy.
Here are four tips to help you get out of debt:
1.) Track your income and spending: To find cash to pay down your debt, you must know exactly what’s coming in and what’s going out. Write down everything you spend for 30 to 60 days with a pen and paper, an Excel spreadsheet or online software.
2.) Get the details: Determine the difference that an extra $100 or $200 a month can make in your progress. Then focus on saving small amounts that day, week or month.
3.) Call your lenders: List your cards in order of interest rate, from highest to lowest, along with the amount of the debt and phone number of the lender. Then call and ask if they would be willing to reduce your interest rate by 10 percentage points, indicating that you’ve received more competitive offers in the mail. (Make sure the representative who answers is authorized to reduce the rate. If not, ask speak to someone who is.)
4.) Snowball it down: As soon as the card with the highest-interest rate is paid off, direct that payment to the next card until that one is paid off, and work your way down the line. Although some pundits suggest that paying off the smallest balance first will motivate you to keep paying your cards off, studies have shown that method isn’t as effective as paying in order of interest rate. You’ll get out of debt faster by paying off the highest-interest-rate debts first.
5.) Build a cushion: Once you’ve snowballed your way through the credit card debt, steer that monthly amount into a savings account until you have at least three months’ of cash to cover living expenses. That will prevent emergencies from sending you back into the debt cycle.
To read more on this topic visit:
http://www.creditandcollectionnews.com/viewer.php?url=http%3A%2F%2Fwww.dailyfinance.com%2F2011%2F08%2F17%2Fu-s-credit-card-debt-declines%2F
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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, P.A. website at www.miamibankruptcy.com.
Kingcade @ August 22, 2011
What the U.S. Credit Rating Downgrade means for Consumers
Posted in: Kingcade Garcia, Timothy Kingcade | Comments Off
The global rating agency Standards & Poor’s recently downgraded the United States esteemed “AAA” debt rating, a rating it has held since 1917. The nation’s credit rating has now been reduced to a less favorable “AA+,” after S & P said the compromise made by Congress and President Obama to cut spending and boost the debt ceiling fell short.
S&P repeatedly warned the U.S. rating was at risk if Washington did not agree to reduce deficit spending by $4 trillion over 10 years. This week’s agreement would cut spending by about $900 billion and create a joint congressional committee to find $1.5 trillion more by Thanksgiving.
The downgrade comes at a treacherous time for financial markets, which are already unnerved not only by mounting concerns about government debt and the economy in the U.S., but also in Europe. The move could undermine confidence in our country and has the potential to pull the rug from under investors who are already on the edge. Financial experts say American consumers will most likely see higher interest rates in adjustable rate mortgages, car loans, student loans, and credit cards.
To read more on this topic visit:
• http://www.wgrz.com/news/article/130177/13/What-the-US-Credit-Rating-Downgrade-Really-Means
• http://www.usatoday.com/money/economy/2011-08-05-s-and-p-downgrades-credit_n.htm
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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, P.A. website at www.miamibankruptcy.com.
Kingcade @ August 11, 2011
A New Ruling Requires Lenders Show Consumers their Credit Score
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A recent ruling now requires lenders who deny a borrower credit or offer a higher-than-normal interest rate show the borrower their credit score. The new rule is part of an amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act that was passed one year ago. The law requires creditors to provide additional information in adverse action notices if a credit score was used in making a credit decision.
A poor credit score can impact your ability to get a car loan, prevent you from being approved for a home mortgage, and can mean higher interest rates and less than favorable loan terms. This new law adds a level of protection for consumers, giving them access to crucial information that will give them the facts needed to make a change in their spending habits or seek debt relief alternatives. Fair Isaac and Company, or FICO, the developer of the software that generates most of the credit scores used by U.S. lenders, estimates the new provision will result in more than 500 million credit score disclosures each year.
To read more on this story visit:
http://abcnews.go.com/Business/credit-score-rule-takes-effect-today/story?id=14118699
At Kingcade & Garcia, P.A. we help clients analyze their finances and determine the best path to debt relief. This past year our firm handled more than 1,500 bankruptcy cases, bringing debt relief to individuals, families and business owners throughout South Florida. If you are struggling with insurmountable debt do not wait any longer, set up your FREE office consultation today by calling (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Kingcade @ July 23, 2011
Take the “Island Approach” to Credit Card Use
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According to the Federal Reserve, Americans are revolving more than $796 billion in debt – almost all of which is credit card debt. When it comes to credit card use, the “Island Approach” offer consumers help in lowering their cost of debt. This approach suggests that consumers segment their individual financial needs (e.g. – revolving debt, making everyday purchases and earning rewards) on different cards as if they are on islands.
The steps below provide the eradication of debt and the maximization of rewards using the “Island Approach”:
1.) Financial Discipline- According to the Island Approach, you should never revolve debt on the same card you use to make everyday purchases. Doing so simply makes it difficult to gauge whether your spending exceeds your means because purchases get lost in the shuffle of debt.
2.) Minimize the Cost of Interest- Isolating different transaction types on different spending vehicles helps you lower the cost of debt in four ways. First, it allows you to get the lowest possible interest rate for each transaction you plan on making. Second, it lowers your interest-bearing balance. Third, if you are a small business owner, the Island Approach provides debt consistency. Finally, the Island Approach is conducive to favorable payment allocation. When you hold multiple balances on a single credit card, only the amount of your payment above the minimum gets applied to the balance with the highest interest rate, meaning you will likely pay this balance down slower and spend more on interest.
3.) Maximize Rewards- Evaluate your spending habits. Identify your top expenses and get the credit cards with the absolute best possible rewards for each. This allows you to earn more miles, points or cash and redeem them frequently, thereby mitigating the risk of rewards devaluation and ensuring consistent benefit.
Whether you need to get out of debt quickly or maximize your credit card rewards, this approach to credit card spending can help you accomplish your goal.
To read more on this story, visit:
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/07/19/investopedia6455.DTL
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. At Kingcade & Garcia, P.A. we help clients analyze their finances and determine the best path to debt relief. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Kingcade @ July 23, 2011
Special Report Reveals Banks are still relying on Robo-signers and Questionable Foreclosure Documentation
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A recent investigation by Reuters revealed that some of America’s leading mortgage lenders and other “loan servicers” are taking the same short-cuts they promised to abolish just one year ago. The investigation found questionable foreclosure documents being filed with courts and county clerks, along with the continued use of “robo-signers” to speed up the process. These are the same tactics that last year triggered multiple investigations and placed temporary holds on a number of foreclosures.
In recent months, the investigation revealed that servicers have filed thousands of documents that appear to have been fabricated or improperly altered, or have sworn to false facts. Reuters also identified at least six robo-signers, individuals who in recent months have each signed thousands of mortgage assignments and legal documents which pinpoint ownership of a property. The companies that Reuters found that have filed foreclosure documents of questionable validity include: One West, Bank of America, HSBC Bank USA, Wells Fargo and GMAC Mortgage.
Reuters reviewed records of individual county clerk offices in Florida, Massachusetts, New York, North Carolina and South Carolina. They also examined hundreds of documents from court case files, some obtained online and others provided by attorneys.
To read more on the story visit:
http://news.yahoo.com/special-report-banks-continue-robo-signing-003758223.html
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, P.A. website at www.miamibankruptcy.com.
Kingcade @ July 23, 2011
Two Foreclosure Fraud Investigators Released from Florida Attorney General’s Office- The Firing is linked to their involvement in uncovering evidence of suspicious foreclosure practices on the part of law firms, banks and loan servicers
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According to a recent story in the Palm Beach Post, a lead foreclosure fraud investigator for the state said she and a colleague were forced to resign from the Florida attorney general’s office. Former Assistant Attorney General Theresa Edwards and colleague June Clarkson had been investigating the state’s so-called “foreclosure mills,” uncovering evidence of legal malpractice that also implicated banks and loan serv¬icers.
Despite positive performance evaluations, Edwards said the two were told during a meeting with their supervisor in late May to give up their jobs voluntarily or be let go. Edwards said no reason was given for the move. In sworn statements taken by Edwards and Clarkson as part of their investigation of the Law Offices of David J. Stern, former employees described conditions where signatures were regularly forged on foreclosure documents, paperwork was notarized by non-notaries, and flawed files were hidden from auditors of federal mortgage backers Fannie Mae and Freddie Mac.
To read more about this story visit:
http://www.palmbeachpost.com/money/foreclosures/foreclosure-fraud-investigators-forced-out-at-attorney-generals-1603854.html?viewAsSinglePage=true
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 this topic or would like to schedule a FREE office consultation, contact our experienced team of foreclosure defense attorneys today at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Kingcade @ July 17, 2011
Two of the Nation’s Largest Lenders are offering Delinquent Homeowners in Florida a Deal to Complete Short Sales
Posted in: Foreclosure defense, Kingcade Garcia, Timothy Kingcade, foreclosure | Comments Off
JPMorgan Chase & Co. and Wells Fargo & Co. are offering delinquent homeowners a deal that will give select borrowers behind on their mortgage payments $10,000 to $20,000 for agreeing to short sales, which means the homes are sold for less than what’s owed on the mortgages.
In addition, Florida homeowners are entitled to $3,000 of government money if they complete short sales through the Home Affordable Foreclosure Alternative program. Wells Fargo and Chase say that they are cutting their losses choosing to forgo the potentially lengthy process of foreclosure.
The average foreclosure in Florida took 619 days for cases completed in the first three months of 2011, according to RealtyTrac Inc. That’s more than 30 percent longer than cases completed a year ago. Some analysts speculate the money for short sales is an effort by the lenders to be viewed as good corporate citizens as they expand aggressively in Florida after the banking takeovers.
To read more on the story visit:
http://therealdeal.com/miami/articles/chase-bank-offers-florida-homeowners-incentive-to-short-sell
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 or short sales, please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Kingcade @ July 17, 2011
Foreclosure Relief Effort Finally Kicks Off- But there’s a Catch
Posted in: Foreclosure defense, Kingcade Garcia, Timothy Kingcade, foreclosure | Comments Off
A long-awaited $1 billion program designed to provide the unemployed with loans to assist them in avoiding foreclosure is finally underway. But there’s a catch: Homeowners will have only one month to apply. The new Emergency Homeowners’ Loan Program aims to help unemployed homeowners with their mortgage payments by providing zero-interest loans of up to $50,000. The program is expected to aid 30,000 borrowers, and the loans can be forgiven over five years. Homeowners will need to apply by July 22 to be eligible for the program. Borrowers must be approved by September 30. At this point, the government’s authority to make new loans will have run out, so timing is everything!
To read more about this story visit:
http://blogs.wsj.com/developments/2011/06/20/foreclosure-relief-effort-finally-kicks-off/
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 this topic or would like to schedule a FREE office consultation, contact our experienced team of foreclosure defense attorneys today at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Kingcade @ June 25, 2011
Gamblers in Debt have Luck on their side as a result of New Bankruptcy Laws
Posted in: Ch. 7 bankruptcy, Kingcade Garcia, Timothy Kingcade, consumer bankruptcy | Comments Off
In the past, bankruptcy courts have found gambling debts as non-dischargeable. However, due to recent changes in the law, gambling debts owed to a casino can be eligible for debt discharge through bankruptcy. Gamblers often get trapped in a vicious cycle, taking cash advances in the hope that future earnings will pay them off. Gambling can be a slippery slope and can lead to addiction and financial devastation. However, gamblers have some luck on their side if they take advantage of the current bankruptcy laws, as a Chapter 7 bankruptcy filing can eliminate gambling debts.
At Kingcade & Garcia, we understand the need for a legal means of escaping overwhelming debt. What if you could eliminate your gambling debts and take a huge step toward taking control of your finances and your life? By taking advantage of our free consultations and speaking with our experienced team of bankruptcy attorneys, you can.
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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, P.A. website at www.miamibankruptcy.com.
Kingcade @ June 17, 2011
