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It can actually be the start of something good.
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Your attorney should be as well.

Household credit card debt on the rise

A recent study by NerdWallet has shown that credit card debt for U.S. households is on the rise once again. According to the report, the average debt, which is now $15,355, has decreased since the recession, when it was as high as $17,000 in December of 2008, but has increased since March of 2014 when it was just over $14,000. This increase is outpacing the average rise  of income by fifteen percent over the past twelve years.

NerdWallet stated that rising food and medical costs seem to be major factors in this increased credit card debt. Research also indicates that consumers attitudes and beliefs about finances can lead to crippling debt. According to Sean McQuay, NerdWallet credit expert, “People view credit card debt as a personal failing. It sends the signal that they are not able to manage finances, and finances, for better or worse, are the easiest way to gauge your success in life.”

The attorneys at Greenway Bankruptcy Law, LLC understand how devastating and debilitating this kind of heavy debt can be, and we work to help those struggling to get out from under such financial burdens explore and pursue their options. To discuss your situation with our attorneys today, call our Birmingham offices at (205) 324-4000 today.

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who qualify for Earned Income Tax Credit (EITC) may acquire cash advances from their employers, which would then be withdrawn from their tax return.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.

More teenagers anxious about paying student loan debt

Paying for student loan debt and financing for higher education are a primary concerns for teenagers, an article of ACA International said on December 5.

In the survey conducted at Northeastern University in Boston, more than half of the teen respondents age 16 to 19 are worried about financing their chosen degree in college. Other respondents said that they are not willing to take on any debt. Though many participants said that though they are concerned of having these financial obligations, the majority believe that taking on this burden is necessary to attend college and go on to secure a career of their choice.

Having student loan debt may be overwhelming for many in our current economy. However, if you are overwhelmed by your student loan debt in Birmingham, the attorneys of Greenway Bankruptcy Law, LLC may possibly help you. Consult with us today at (205) 324-4000 to learn more about your options.

Tuscaloosa people rallied to limit payday loan interest

Hundreds of people in Tuscaloosa flocked to Calvary Baptist Church on the night of August 11 to advocate for a limit on the interest rates of payday loans, The Tuscaloosa News reported.

According to reports, more than 200 people showed up to urge the state’s lawmakers to cap the interest rates that pay day loan lenders can charge. Center for Ethics and Social Responsibility’s director and founder Stephen Black urged those who were in the rally to message their corresponding state legislators to limit the annual interest rate of payday loans to 36 percent. The group, organized by members of Tuscaloosa Citizens Against Predatory Practices (T-CAPP), is hoping that their move will be considered by legislative bodies in their convention next year. Policy analyst Stephen Stetson said as it stands, Alabama borrowers can end up facing interest rates up to 456 percent from taking out new loans to pay off the old ones.

Being trapped in the vicious cycle of payday loans may leave you feeling overwhelmed. If you are in a situation like this, a lawyer may possibly offer you legal solutions to help you manage your debt. Learn more about your options from the Birmingham lawyers at Greenway Bankruptcy Law, LLC, today by calling (205) 324-4000.

Depression symptoms related to unsecured debt

According to a recent study, older people are likely to exhibit signs of depression if they are plagued with a certain amount of unsecured debt, a Newsday article stated on August 1.

In the study conducted at Rutgers University, the researchers stated that an estimated 30 percent of people aged 51 and above have unsecured debts, such as from a credit card or unpaid bills. The study also revealed that the higher the debt was in proportion to income, the greater the chances that person showed signs of depression. A different study listed the average amount of credit card debt for adults 50 and over was $8,300.

In times of financial hardship, debts can quickly become unmanageable and overwhelming. However, there may be method of recourse for those in debt to start again. The attorneys at Greenway Bankruptcy Law, LLC, may be able to offer you legal solutions to mitigate or manage your debt. To learn more, call our Birmingham offices at (205) 324-4000 today.

U.S. foreclosure activity steadily decreased in the last 8 years

A recent report by real estate firm RealtyTrac stated that there has been a steady decline in foreclosure activity in the last eight years, CNBC reported on June 10.

Reports said that in May, banks acquired fewer homes and property owners filed for fewer foreclosures than in the past eight years. At least 109,824 homes nationwide were recorded in foreclosure procedures in May, a decline of 6 percent from April. Nationwide, records showed that banks only acquired 28,373 homes in May, and at least 47,085 homes were auctioned–both numbers the lowest since 2007. RealtyTrac Vice President Daren Blomquist is optimistic that the foreclosure rate will continue to decline.

Unfortunately, the lawyers at Greenway Bankruptcy Law, LLC, understand that in Birmingham alone, many homeowners are still plagued by foreclosure crisis. If you are in a situation like this, other legal options may be available to you to protect your home. Speak with us today at (205) 324-4000 to learn more about your options.

University athletes also burdened by student debt

College students in the U.S. who represent their schools through sports are also burdened by student debt after school is over, a Forbes article stated on June 3.

Though some college jocks are privileged enough to be rewarded with complete or partial scholarship funding, many still take out loans to cover additional living expenditures. There are many student athletes from economically-challenged backgrounds who must borrow funds to cover school and living costs. College athletes who are not covered by scholarship benefits are no different from any other college student who suffer massive debt repayment after they graduate.

The burden of student debt after graduating is significant, especially because well-paying jobs are not always available to inexperienced graduates. If you are struggling with debt in Birmingham, the lawyers of Greenway Bankruptcy Law, LLC, may offer you other solutions to solve your debt problems. Call (205) 324-4000 to find out how we may help you.

Study shows southerners owe more in auto loans

A recent analysis showed that most people who owe a lot on their auto loans live in the southern cities of America, a USA TODAY report showed on Saturday, November 16.

According to a recent analysis by Manilla.com, Shreveport, New Orleans, and Houston were on the top three of ten cities where borrowers owed a great deal of money on their car loans. The online personal consumer finance service further stressed that generally the economy in the south was far more satisfactory during the recession based from government data. The other six cities identified by Manilla.com to have the highest loans were the following: Little Rock-Pinebluff, Ark., San Antonio, Lafayette, La., New York, Miami-Ft. Lauderdale, Las Vegas, and Wilkes Barre-Scranton, Penn.

At Greenway Bankruptcy Law, LLC, our lawyers help people in Birmingham get the financial help they need if they are facing overwhelming debts, whether due to car loans or other factors. Call us at (205) 324-4000 to find out how we can help you if you are in such a situation.

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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
Gadsden: (256) 467-6650

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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.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000