While some debate whether to save or spend their tax refunds, others are just waiting on the money so they can go totally broke.
New research from economists at Columbia University, the University of Chicago, and Washington University in St. Louis reveals that bankruptcy filings actually increase after Americans receive tax refunds. The issue: It costs money to file for bankruptcy and many Americans could not afford to pay the average of $1,477 in fees necessary, write economists Tal Gross, Matthew Notowidigdo, and Jialan Wang.
Read the rest of the article at The Huffington Post
No comments:
Post a Comment