Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

Senator proposes alternative to payday loans

In a proposed bill, U.S. Senator Sherrod Brown suggested allowing families to withdraw money they would have received on their tax return, thereby allowing them to avoid the high interest of predatory payday loans, 1370 WSPD reported on January 19.

According to the proposed bill, instead of resorting to payday loans, which quickly sink many families into debt as they struggle to pay on interest, employees who qualify for Earned Income Tax Credit (EITC) may acquire cash advances from their employers, which would then be withdrawn from their tax return. Senator Brown’s move reportedly would help millions of Americans burdened by debt from short-term loans. Employees may get a cash advance for as much as $500. The cash advance to employees would be paid by the Internal Revenue Service (IRS) to the employer.

In Birmingham alone, the legal team of Greenway Bankruptcy Law, LLC, understands that many employees are burdened with debts from the high interest rates imposed by payday loan companies. If you are in such a situation, our lawyers may also offer you legal options to alleviate your financial problems. Call our office today at (205) 324-4000 to find out how we may work for you.

Ways to manage credit card debts after the holidays

Credit card holders who have splurged during the holiday season may consider the following tips to possibly lessen the headaches come repayment time, a Market Watch article stated on January 5 .

• Credit card holders may want to pay their cards with the highest interest rates first followed by other cards with low interest rates. Individuals who do this not only improve their credit score but also get lower interest rates on their future transactions.
• On the other hand, individuals who need a little encouragement may want to prioritize paying their cards with lower interest rates.
• Reputable card holders with a solid history who are struggling financially may ask their issuer to lower their interest rates.
• Another option for reputable card holders is to move their balance from one card to another. Moving balance from a card with high interest rate to card with lower rate can be beneficial.
• For card holders who like to budget, another option is to pay their card’s monthly due slightly above the minimum to reduce the payment duration and interest rates.

Though the following tips are helpful in managing credit card debt, working with a lawyer is also beneficial mostly if you believe your debts are already unmanageable. Find out how the Birmingham lawyers of Greenway Bankruptcy Law, LLC may possibly help you with your debt today by calling (205) 324-4000.

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505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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