GLOBAL – The National Bureau of Economic Research has
reported that anywhere from 200,000 to 1 million Americans are “too
poor” to file for Chapter 7 bankruptcy.
Filing bankruptcy will allow millions of Americans to write off their
debts and live a debt free life. This debt protection will cost more
than $1500 to the individual that’s why Americans are waiting for the
refundable amount of tax before filing for bankruptcy. The National
Bureau of Economic Research conducted the study in collaboration of
Columbia University, the University of Chicago and Washington University
in St. Louis who found that nearly 200,000 people would not have the
money required to file if they didn’t use a tax refund specifically for
filing bankruptcy. The study revealed that the documentation costs for
this purpose is only $300 but the remaining $1200 goes to the law firms
who represent their clients.
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