Colorado Springs Bankruptcy and Same-Sex Couples

Colorado Springs bankruptcy attorneys know that for many same-sex couples, life is not easy.

A Colorado Springs bankruptcy may be a way for them to shed the stress of debt they have acquired due to unequal circumstances.

For example, many same sex couples lack the ability to secure equal insurance and Social Security benefits. This leaves many at a great disadvantage when if something happens to their partner.

A case was highlighted recently in CNNMoney in which a nearly 80-year-old man was left floundering when his partner of more than 50 years died. He was dropped from his partner’s employer’s health insurance plan. The Social Security payments he and his partner once depended on stopped. And what was more, he was denied spousal survivor benefits. It was several years before he eventually won access to his deceased partner’s pension plan.

So even though these two were legally married in their home state of California, the federal government did not recognize their union, according to the Defense of Marriage Act.

As a result, this man lost not only his best friend, but his home of 35 years, his insurance, his pets,  and even his furniture.

Such a loss would be devastating to anyone, but it’s especially so when society as a whole doesn’t recognize that loss as being valid.

Other situations that can prove more difficult for same-sex couples include adoption and child custody issues. This might not lead to bankruptcy but for the fact that unlike heterosexual couples, same-sex couples must pay a premium to establish legal rights to children that may not biologically be their own, but for whom they are indeed parents.

Filing taxes, too, can be nightmarish for same-sex couples. Tax law is complicated as it is. Given that a couple can be married – and yet legally strangers under the law – means that there are bound to be mistakes made in document preparation. Some of those have been noted to cost upward of $10,000 or more when a government agency has demanded repayment of benefits based on a technicality.

Courts have held that same-sex couples may jointly file for bankruptcy, though there are actually some advantages to having just one individual file – something that may not be available to same-sex married couples.

If you are contemplating bankruptcy in Colorado Springs, contact an experienced Colorado Springs bankruptcy attorney as soon as possible to discuss your options.

Colorado Springs Bankruptcy Attorneys: Tips for Single Moms

Colorado Springs bankruptcy attorneys know that life is not easy for single parents.

After a divorce, you become more susceptible to increasing debt, and subsequently a Colorado Springs bankruptcy. To be sure, bankruptcy can be a blessing in disguise, as it allows you to free yourself of debts you may have accrued during your marriage, and those that piled up following your divorce.

In some cases, you could be doing everything right, and still end up in sticky financial straits. However, there are often steps you can take to minimize the impact of a divorce and the struggles of single-parenthood.

With Mother’s Day fast-approaching, here are some tips for single mothers in particular:

1. Watch what you earn versus what you spend. Sometimes, single mothers avoid looking at their finances critically because they are afraid of what they will find. However, this will only lead to bigger problems down the line. Stop to take an honest look and figure out what the necessities are, versus the luxuries. If there’s nothing left over for savings, some of those luxuries may have to be cut for now.

2. Get good life insurance coverage. A recent survey by the research firm LIMRA found that nearly 40 percent of single mothers said that in the event of their death, their families would be in major financial trouble. A large number said it’s likely they’d only have enough to keep them afloat for a few months. Even if you have a policy through your employer, it may not be enough. It’s worth it to check out rates from multiple insurers.

3. Prepare for the possibility of disability. This is particularly important for women, who may face some medical health risks that their male counterparts don’t – namely, uterine cancer and pregnancy. Mounting medical bills are one of the main reasons people find themselves mired in debt.

4. If you don’t have health insurance, get it. See above.

5. Make sure you have some money set aside for emergencies. Sometimes, this is going to mean some painful decisions. Things like cutting the cable or the premium cell phone plan. However, it’s critical to ensuring stability and security of you and your children.

Colorado Springs Bankruptcy Attorneys: How to Help a New College Grad

Our Colorado Springs bankruptcy attorneys know that one of the main culprits for out-of-control debt is the overgrown mountains of student loans.

Colorado Springs bankruptcies are on the rise as students are graduating with enormous loans and little opportunity for jobs that will help them pay it off. It begins a vicious cycle of debt.

So how can you help a new college graduate, hoping to avoid drowning as they wade into this murky economy? MSN Money touched on this issue recently, with an article detailing five do’s and don’ts to helping out new graduates.

The first thing that new college graduates really need is health insurance. Hopefully, they are lucky enough to land a job that can provide this for them. However, oftentimes, even if they land a new gig, it may not be accompanied by full benefits. As of right now, parents are allowed to keep their children on their own health insurance plans until they reach the age of 26. This is important because if an unexpected medical issue arises, a graduate could quickly find themselves buried in debt.

Secondly, help them get a head start on retirement savings. Roth IRAs may be a good way to go, depending on how much you can afford to help. Having this available is going to mean a more secure future – and you’ll know they’ll be taken care of, even if you’re not around.

Thirdly, make sure they are staying up-to-date with their student loans. They have to start paying within six months. If not, the penalties start piling up fast.

The two things you really want to avoid are co-signing for a car loan or co-signing for an unsecured credit card. With a car loan, if he or she misses a payment, you are automatically on the hook for it. What’s more, that will dent your own credit. And with regard to an unsecured credit card, if he or she fails to pay up, again, you could be hounded by creditors, nagging you to pay up.

At the end of the day, you want to make sure that your new college graduate has the best start possible as they embark on his or her new career – but you shouldn’t put yourself at risk of snowballing debt in the process.

Cost-Saving Tips For Families Facing Colorado Bankruptcy

Colorado Springs debt-relief attorneys know that for many hard-working Colorado families, the struggle to regain financial stability continues much at the same pace as our national economy — slowly. And for those families who have been working to avoid a Colorado bankruptcy for the last five years, that pace simply isn’t fast enough.

Job numbers may be creeping back up, but so are gas prices. The fact that folks are getting back to work doesn’t necessarily mean that a personal financial crisis has been averted. In other words, trying to catch up sometimes is more of a challenge than going backwards.

Whether you and your family are considering filing for a Colorado bankruptcy, or whether you are already rebuilding your path to financial security, advice from consumer advocacy groups and finance experts on how to protect your hard-earned income is information everyone can appreciate.

CBS News, U.S. World & News Report and the Fiscal Times each featured a handful of money-saving tips for consumers hoping to best stretch their earnings between paychecks. Suggestions include:
~ Unless you plan to pay off the balance of your credit card each month, don’t use it to snag that ‘sale’ or ‘discount’ item.
~ Create a budget to take better control of your spending. Most banks now even offer online banking services that include expense analysis so you don’t even have to do the work yourself. You just click a few buttons and your ATM card history will reveal if you are blowing 15 percent of your take-home pay each week on take-out.
~ Review your car insurance policies. Sometimes changing your deductible or coverage scope (or, your insurance company) can save you money.
~ Be willing to settle for a knock-off or a second-hand brand name item.
~ When grocery shopping, stick to your list and don’t splurge on impulse purchases of specialty cheeses or coconut water.

Denver debt-relief lawyers with the Law Office of Stephen H. Smith understand that even the most industrious Colorado families can find themselves overwhelmed by unmanageable (and often unexpected) medical bill debts. Call (719) 359-8179 or toll-free at (866) 893-2440 today to schedule a free consultation.

Colorado Debt Relief Watch: Stopping Harassing Creditor Calls

In this second-half of a two-part series on dealing with personal debt, Colorado Springs debt-relief lawyers examine the federal guidelines for what constitutes debt collection “harassment” and offer tips for Colorado consumers dealing with seemingly unrelenting creditor calls.

According to the Fair Debt Collection Practices Act, a debt collector may not “harass, oppress, or abuse any person in connection with the collection of a debt”. Among other things, this means in an effort to collect a debt, a creditor may not:
~ threaten violence,
~ use profane or obscene language,
~ publish the names of consumers who have unpaid debts (except to a credit reporting agency),
~ use false, deceptive, or misleading information in an attempt to collect a debt, or
~ threaten action that is either not legally permitted or not intended to be pursued.

As reported by Investopedia, abusive debt collectors capitalize on consumer fear and ignorance, banking on the notion that the average debt holder doesn’t realize they have considerable rights when it comes to how debts can be collected. With that in mind, the Federal Trade Commission arms consumers with one tool that can stop the constant calling  – the certified letter.

According to the FTC, if a consumer has communicated by phone with a debt collector and now wishes to cease contact, sending a ‘cease-and-desist’ letter – via certified mail, return receipt requested – is the first step to stopping contact.

Upon receipt, the FTC reports that a debt collector can only continue contact for two reasons:
~ to advise a consumer there will be no further contact, and,
~ to advise a consumer of creditor plans to take legal action.

While a consumer can still be sued for the balance of a debt, this step should at least stop contact.

For many families seeking Colorado debt relief, stopping harassing creditor calls is the first step on a path back to personal financial security. If you or someone you know is feeling overwhelmed by creditor calls, speaking with an experienced Colorado bankruptcy attorney can help you achieve debt relief. For a free consultation, call (719) 359-8179 or toll free at (866) 893-2550.

Denver Debt-Relief Watch: Debt Collection Practices Top List of Colorado Consumer Complaints

Denver bankruptcy attorneys were not surprised to read that a 2011 national consumer complaint survey found that out of 1.8 million consumer complaints, debt collection trailed only identity theft for lead complaint category. In this two-part series on dealing with personal debt, Colorado debt-relief attorneys break down the numbers for common consumer complaints and offer tips on dealing with debt collection calls.

According to the Federal Trade Commission report, identity theft complaints captured 15 percent of all consumer complaints filed in 2011 with debt collection claiming second place at 10 percent. Nationally, the ‘Top 10′ consumer complaints and their rankings are as follows:
1. Identity Theft: 279,156 complaints (15 percent).
2. Debt Collection: 180,928 complaints (10 percent).
3. Prizes, Sweepstakes and Lotteries: 100,208 complaints (6 percent).
4. Shop-At-Home and Catalog Sales: 98,306 complaints (5 percent).
5. Banks and Lenders: 89,341 complaints (5 percent).
6. Internet Services: 81,805 complaints (5 percent).
7. Auto-Related: 77,435 complaints (4 percent).
8. Impostor Scams: 73,281 complaints (4 percent).
9. Telephone and Mobile Services: 70,024 complaints (4 percent).
10. Advance-Fee Loans and Credit Protection/Repair: 47,414 complaints (3 percent).

Further, the FTC report indicates that across Colorado, consumers registered 28,854 complaints (33,010 if you include identity theft complaints) in 2011. Of those, debt collection topped the list by a comfortable margin. Statewide, the ‘Top 10′ consumer complaints and their rankings are as follows:
1. Debt Collection: 3,210 complaints (11 percent).
2. Internet Services: 1,966 complaints (7 percent).
3. Shop-at-Home and Catalog Sales: 1,928 complaints (7 percent).
4. Impostor Scams: 1,881 complaints (7 percent).
5. Banks and Lenders: 1,705 complaints (6 percent).
6. Auto-Related: 1,456 complaints (5 percent).
7. Prizes, Sweepstakes and Lotteries: 1,327 complaints (5 percent).
8. Telephone and Mobile Services: 1,176 complaints (4 percent).
9. Advance-Fee Loans and Credit Protection/Repair: 1,021 complaints (4 percent).
10. Credit Cards: 931 complaints (3 percent).

According to the Coloradoan, Colorado had the highest per capita consumer complaint rate with 573.7 complaints filed per 100,000 residents, and was followed by Delaware and Maryland, respectively. At least one Colorado-based consumer expert attributes the high number of statewide complaint filings to better consumer awareness.

If you or someone you know has been plagued with harassing debt collection calls, Colorado Springs bankruptcy attorney Stephen H. Swift can help you navigate the bankruptcy process and reduce the financial stress facing many Colorado residents today. To schedule a free confidential consultation, call (719) 359-8179 or toll free at (866) 893-2440.

Flip-Flopping Gas Prices Offer No Relief From Colorado Personal Bankruptcy

For Colorado Springs debt-relief lawyers, a pair of competing headlines about statewide gas prices serve as a perfect illustration of just how complex, uncertain and stressful the economic recovery remains for many struggling families who are overwhelmed by debt and thinking about filing for Colorado personal bankruptcy. 

On March 18, the Denver Post reported that Metro Denver recorded the lowest gasoline prices of any major city in the country last week, registering a whopping $1.23 difference in per gallon prices with Los Angeles, where gas prices were highest.

But just one day later, an article in the Reporter Herald revealed a recent and dramatic 4.6 percent spike in statewide gas prices. In Fort Collins alone, gas climbed more than $0.15 per gallon in one week.

TIME offers a few tips for Colorado motorists hoping to save pennies at the pump:
~ Invest the $40-55 for annual membership a big-box retailer (for example: Costco or Sam’s Club) that offers discounted gas.
~ Paying cash inside (instead of using your credit card at the pump) can mean up to $0.10 per gallon in savings at stations where credit card payments come with a premium price tag.
~ Go the there’s-an-app-for-that route by downloading a gas-price checker app, or turn to websites like gasbuddy.com to find the cheapest gas in town.

According to the American Automobile Association, so far this week Colorado per gallon prices for diesel, premium, mid-grade and regular fuel are highest in Vail and lowest in Fort Collins. With that said, Denver and Boulder have tied for lowest premium price at $3.88 per gallon. (Meanwhile in Vail, premium gas tops $4.26 per gallon).

Denver bankruptcy attorneys know that for many Colorado families fighting to make ends meet, spending a few cents more (or less) at the pump can be the difference between staying in the black or reaching a personal financial crisis. For nearly three decades, the Law Office of Stephen H. Swift has helped thousands of Colorado families obtain debt relief. To schedule a free initial consultation to discuss what we can do to help you, call (719) 359-8179.

Colorado Debt-Relief Watch: Employment Up, Outlook Uncertain

According to the Bureau of Labor Statistics and the Denver Post, respectively, Denver debt-relief attorneys are pleased to report that Colorado has seen its employment rate jump by 1 percent in the last month. In January alone, 19,500 people joined the workforce, bringing Colorado’s non-farm employment numbers to their highest level in three years.

Construction, real estate and leisure — all huge industries in Colorado — have each also marked steady growth and resurgence. While such indicators show promise that the economy is slowly coming around, Colorado bankruptcy lawyers know this good news tells only part of the story. Far too many Colorado families are still struggling, and for them making ends meet is still more a dream than a reality.

Unemployment numbers across the state may be down, but that doesn’t mean that landing a job — especially for those who have been hit hardest by long-term unemployment and personal financial crisis — is getting any easier. In part, the struggle to rejoin the workforce is made more challenging by job applicant screening process that excludes potential hires who have filed bankruptcy or who have poor credit scores.

Currently, seven states have moved to block employers from making hiring decisions based on an applicants’ credit report. And now, USAToday reports that Colorado lawmakers are considering similar legislation. With that said, the Colorado Springs Independent has reported that the El Paso County Commission is now embroiled in an internal battle over the appointment of a board member to fill a vacant Retirement Plan seat after commissioners learned the appointee filed for bankruptcy nearly 18 years ago.

The question at the center of the debate: whether the personal financial history of citizen volunteers should be disclosed if the candidate in question will be overseeing county money? In this case, the appointee will be overseeing a $261 million fund.

Surviving a personal financial crisis is challenging enough without worrying about the lasting impact of the wrong financial decision. At the Law Office of Stephen H. Swift, our staff has the knowledge and experience to help your family make the right decisions to get back on a path to financial security.

Recent College Grads Most in Need of Denver Debt Relief

As the economy continues to rebound at a seeming geologic pace, Denver debt-relief attorneys know that Americans aged 25 and younger still face great challenges finding a path to financial and job security. This two-part series on young Americans and debt will focus on two areas of concern: the economic realities facing many recent college graduates, and minors, credit and financial literacy.

For the recent college graduate, debt-relief lawyers in Denver report a troubling outlook. The employment rate for young adults today has dropped to 54 percent — the lowest since the government began tracking such data in 1948.

The Grand Falls (NY) Post-Star reports that as of 2011, outstanding student loan debt has now exceeded both the $1 trillion mark and our national credit card debt for the first time ever. And, for those college students who graduated with student loans in 2010, on average they carry more than $25,000 in debt into their post-college lives.

Unfortunately, they are carrying that debt into a bleak job market while also frequently bearing other significant debt in the form of credit cards, car payments, even medical bills.

According to a recent survey conducted by the Pew Research Center, for young Americans aged 18 to 34, the recession has done more than drain their bank accounts.

The PRC report further reveals that:
~ 24 percent of young Americans surveyed say they have taken an unpaid job to gain work experience,
~ 24 percent say that they have moved back in with their parents, (among those ages 25 to 29 that number jumps to 34 percent),
~ 22 percent say they have postponed having a baby because of the bad economy, and
~ 20 percent say they have postponed getting married.

Colorado debt-relief attorneys with the Law Office of Stephen H. Swift understand that the financial pressures facing young Americans today can seem overwhelming. With that said, we have been helping people achieve debt relief for more than 20 years. During that time, we have helped thousands of Colorado residents make a new financial start by eliminating or reducing their debts. Call us today at (719) 359-8179 or toll free at (866) 893-2440 to schedule a free consultation.

Credit Card Company Preys on Poor-Credit Consumers in Colorado Springs

Imagine a credit card that charged a 36 percent APR, slapped you with a fee when your credit limit increased and cost you $400 a year just to own — yet, the company tells you they’re doing you a favor.

It’s a reality.

Our Colorado Springs bankruptcy attorneys know that credit cards with predatory lending practices are one of the main reasons so many people get embroiled in debt. We previously discussed how many people are choosing to avoid using credit cards in order to avoid having to seek debt relief or file for a Colorado Springs bankruptcy. This card represents one of the most shameful examples of why people are backing away.

The platinum card, distributed by First Premier, (FIRST PREMIER, if you can dig it) already has nearly 3 million customers, according to CNNMoney, and it solicits another 1.5 million every month. The company’s CEO claims the business is doing people a favor, because the card is aimed at people with poor credit, who might otherwise not be able to get a credit card. The fees are justified, he said, because of the risk the company is taking on.

One has to wonder, though, whether customers who are already struggling financially could possibly beneift from being slammed with such outrageous fees.

The CEO of CardHub, which allows users to compare credit cards online before applying, was quoted by CNNMoney as saying that perhaps the worst of those fees involves a credit limit increase fee, which charges the customer 25 percent of whatever amount the limit is increased by. So if your spending limit  is increased by $200, you pay an automatic $50 fee. Another online credit card comparison site CEO says he knows of no other company that does that.

“While (First Premier) is bragging about helping people back on their feet, they’re in fact beating people when they’re down,” he said.

We understand that credit cards can be very useful – they can help improve your credit score and sometimes, you can’t make major purchases unless you have some credit history. But a card like this isn’t your only option if your credit is bad.

One different option is a secured card, which come with lower fees because the card holder has to deposit their own money into the account. That mitigates the lender’s risk, without forcing the card holder to be shackled by fees.

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• Colorado Springs Bankruptcy and Same-Sex Couples
• Colorado Springs Bankruptcy Attorneys on the 7 Deadly Sins of Credit Card Usage
• Colorado Springs Bankruptcy Attorneys: Tips for Single Moms
• Colorado Springs Bankruptcy Attorneys: How to Help a New College Grad
• Colorado Debt Relief: Smart Spending

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