Many people’s tax refunds will be used to pay off debts

With today being the last day to file taxes, many people are anxiously awaiting their tax refunds. However, for many, these tax refunds will go straight to paying off debt.

One man in Gainesville reported that he will receive $8,000 in tax refunds, however, every penny of it will be going to student loans that he took out while in college.

The Gainseville Community Service Center, which helped people file their taxes for free, reported that a majority of the people stated that they would be using their tax refunds to pay off debt and that they live paycheck to paycheck. When asked how much money they had in savings, the highest amount was $120.

Debt can accumulate due to student loans, credit card bills, and medical bills, among other reasons, and can be excruciatingly stressful to pay off. If you are in debt and would like to discuss your options, please contact the Birmingham debt negotiation lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000

Paula GreenwayPaula Greenway

Paula Greenway is a native of Birmingham and has focused her practice on consumer bankruptcy since 1996. She is licensed to practice law in all jurisdictions throughout the State of Alabama. Paula has handled over 5,000 bankruptcy cases ranging in complexity throughout her career and prides herself on being able to come up with creative solutions to her clients’ financial issues.