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Colorado Unemployment Rate Dropping, But Bankruptcy More Beneficial Than Ever

January 26th, 2012 by admin

Recent news reports suggest that Colorado’s unemployment rate dropped to 7.9 percent, continuing a steady drop, which is certainly good news.

Colorado Springs bankruptcy lawyers certainly believe that steady, well-paying jobs are the key to getting our national economy back on track. With industry leaving our country to do the work for less elsewhere and companies worried about hiding because of the tumultuous global economy, jobs are still fairly tough to find. Seasonal hiring helped, as the private sector was credited with bringing on 200,000 new people.

But even at 7.9 percent unemployment, which is better than the national average, that still leaves many people without work and steady income. Whether employed or not, months spent looking for work can lead people to considering Colorado Springs bankruptcy protection.

Much is made about bankruptcy and much of it is negative, due to successful lobbying on the part of the credit card companies. They despise bankruptcy because they know that people who file for bankruptcy are allowed to get rid of years’ worth of debt. And that means the debt they attempt to sell to investors is going to be less and less attractive if consumers are using these laws to their advantage.

According to The Denver Post, analysts believed 10,000 jobs would be added statewide in 2011, but they had hoped to see the number be closer to 17,700. The 7.9 percent rate in December was a slight drop from 8 percent in November. In December 2010, the unemployment rate was 8.9 percent. The national rate in December was 8.5 percent.

In 37 states, the unemployment rate dropped in December, while in 10 states it was unchanged. The rate only increased in three states, The Post reports.

When people spend months at a time looking for work, they may be forced to consider unemployment benefits from the government. While this small influx of money may be beneficial, it’s unlikely to maintain the person’s bills and monthly expenses. This leads to credit card debt and dependence on loans. That puts people deeper and deeper into debt, which requires a way out.

With credit scores dropping and few positive prospects in sight, Colorado Springs bankruptcy can help. Filing allows consumers to lose the debt that has given them great frustration and kept them held hostage to their lenders. It allows a fresh start and a way to move on with life without the baggage of debt.

Colorado Unemployment Rate Lingers Around 8 Percent; For Jobless Bankruptcy Can Help

January 1st, 2012 by admin

Colorado has been sitting around 8 or 9 percent unemployment for most of the last few years, a far cry from the 3.5 percent unemployment our citizens experienced in spring 2007, according to the U.S. Bureau of Labor Statistics.

As the numbers continue to dip, our Colorado Springs bankruptcy lawyers are encouraged by the news. But still want to warn that there are many people throughout Colorado who are struggling to find work. Even at eight percent, that leaves about 300,000 people over 18 who are looking for work, according to U.S. Census figures.

For many people who are looking for work, Colorado Springs bankruptcy protection may be a valuable asset because as people look for work, their debt and dependance on loans continues to increase. As they look to establish a steady income, they may fall deeper into debt, which can be difficult.

Filing for bankruptcy can help. For those who have spent months or even years looking to replace their lost income and a job that was taken away as a result of the bad economy, they can get rid of all the debt they have amassed over that time and seek a new beginning.

Let’s face it — it’s very difficult to live without a steady income. Most financial experts suggest that families have three to six months of money stored away in savings in case of a major emergency or a job loss. Most people don’t have that. In fact, studies have shown that many people wouldn’t be able to scrape together $1,000 in an emergency.

So, if a person has been without work for months, those bills are being paid on credit cards or other loans. That debt is piling up and perhaps the person is making minimum payments. Before long, that debt has increased based on the fee structure of the credit card company, leading to even more debt.

But filing for bankruptcy in Colorado Springs allows that person to get rid of the debt that has put them so far behind. They can wipe clean the loans and debt and move forward once they have gotten a job and can use that income to improve their financial standing.

If you are struggling with debt and need to speak with an experienced Colorado Springs bankruptcy lawyer, contact attorney Stephen H. Swift at 866-893-2440 or 719-359-8179 for a free initial consultation.