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It can actually be the start of something good.
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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who qualify for Earned Income Tax Credit (EITC) may acquire cash advances from their employers, which would then be withdrawn from their tax return.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.

Governor Bentley announces new measure to protect against payday loans

On September 18, Alabama Governor Robert Bentley signed a new consumer protection measure that will help people from taking on exorbitant debts as a result of payday loans.

As the Alabama Deferred Presentment Services Act does not allow payday lenders to give people who already have over $500 in payday loan debt more loans, this new measure from Governor Bentley also helps protect lenders to remain in compliance with state law.

However, there is no existing uniform, state-wide database that ensures both lenders and borrowers will comply. Governor Bentley called for a centralized payday loan database to resolve this problem that hopefully will be operational by January of 2014.

Unfortunately, payday loans and other debts can cause individuals serious financial struggles. If you are in such a situation in Birmingham, talk with an attorney from Greenway Bankruptcy Law, LLC, today about your financial options for getting out of debt. We can discuss your bankruptcy and other financial options with you when you call (205) 324-4000.

Bills to limit payday loans in Alabama stall

Laws attempting to change payday and title loans in Alabama stalled recently in the Alabama Legislature.

The bills were being reviewed in the House Committee, but failed after industry leaders argued that the bills would substantially affect their business, even causing them to go out of business. Rod Scott and Patricia Todd, both Democratic representatives from Birmingham, sponsored the bills that were aimed at lowering the interest rates for payday and title loans to 36 percent on a yearly basis.

After these bills stalled, Senate President Pro Tem Del Marsh introduced a bill that would still lower payday loan interests rates but in a less significant manner. However, his bill also saw opposition from the same business leaders and died after not receiving enough support or having enough time to review it.

Having accumulated debt from payday loans can be overwhelming, and it may leave you feeling hopeless. Fortunately, however, the legal team at Greenway Bankruptcy Law, LLC, can help you choose the best option for working on your debt when you call (205) 324-4000.

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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.

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