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Tax refunds being used to pay for bankruptcy filings

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posted on Apr, 14 2012 @ 09:48 PM
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Tax refunds being used to pay for bankruptcy filings
USA TODAY

A study by the National Bureau of Economic Research has revealed that as many as 200,000 people are waiting for their tax return refunds to pay for ...... bankruptcy !!

The report cites that the cost of bankruptcy has gone up around 50% since 2005 after laws were changed.

Fees have gone up because new laws have placed more responsibilities on attorneys for verification of claims etc. and reduce fraudulent claims.

People are delaying their filings until they can "afford" bankruptcy. Sounds ironic.


Some Americans spend their tax refunds on high-tech gadgets and long-awaited vacations. Others use the cash to file for bankruptcy.

More than 200,000 money-strapped households will use their tax refunds this year to pay for bankruptcy filing and legal fees, says a new study by the National Bureau of Economic Research.

The NBER research confirms what bankruptcy lawyers have long known: At the first part of the year, when Americans receive their tax refunds, there almost always is a spike in personal bankruptcy filings....



Hmmm....what are You doing with your tax refund ?
(assuming you are even getting one !)




posted on Apr, 14 2012 @ 10:14 PM
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Why file for bankruptcy? Just default on whatever it is you can't afford and never use credit again. We're all going down that road soon anyways.



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