Colorado Debt Relief: Smart Spending

Colorado bankruptcies are chiefly the result of mounting debt – which Colorado bankruptcy attorneys know can happen very rapidly, particularly in this economy.

Many people are living paycheck-to-paycheck, and one unexpected event – a car accident, a lay-off or a new child – can mean it all gets very overwhelming very fast.

These are all things that are often beyond our control. While a Colorado bankruptcy is nothing to be ashamed of – and in fact, it’s often a smart move to create the foundation for a fresh start – there are things you can do to decrease your risk of acquiring even higher debt.

It starts with cutting out the impulse spending. This is much easier said than done, particularly when we are constantly bombarded with advertisements and the advent of online shopping that allows us to make instantaneous purchasing decisions.

1. Think critically. Are you able to afford it? Is it something you really need? Is there anything else you could get that would be less expensive, and yet still as effective? Pausing to ask yourself these important questions before you buy can help curb unnecessary spending.

2. Learn more about the product. Read up on customer reviews. See what people who have already purchased it are saying. If possible, borrow it from a neighbor or friend for a while and see whether it will actually be practical for you. For example, a power washer may seem like a great idea, but you may find if you borrow someone else’s that it will actually be too much to handle physically. You may also consider renting it.

3. Save for it. Acknowledge that you want it and put a formal plan in place to get it. Put away money every week or month until you have enough to cover the cost. You may find that by the time you are actually able to buy it, you neither want nor actually need it.

4. Don’t get sucked into the sales pitch of deadlines, which create urgency and make you feel you might lose out if you act now. Take your time and search other retailers or consider purchasing the item secondhand.

Colorado Bankruptcy: Wisely Rebuild Your Credit

Some people make the mistake of swearing off credit cards in the wake of a Colorado bankruptcy.

This is not only unnecessary, Colorado bankruptcy attorneys know it’s probably going to hurt you in the long-run because you need to rebuild your credit in order to earn consideration of future loans on a vehicle, mortgage and other items.

The key is to be wise about and protecting your score and your money. A Colorado bankruptcy allows you a fresh start, and a skilled attorney can help guide you through the process. It’s you, however, who will have to call the shots and make wise decisions because the truth of the matter is, even with the Credit CARD Act (Credit Card Accountability, Responsibility and Disclosure Act), there are still a number of ways that credit card companies and banks can take advantage of you.

A few things to consider as you start on the path of rebuilding your finances:

1. Don’t put more on the card than what you can pay off in a short period of time. This will not only help you to slowly boost your score, it’s going to give you more leverage with the company if you’re unhappy about a rate increase or an annual fee.

2. Keep an eye on your credit score and your credit history. Make sure things are up-to-date and you aren’t a victim of any sort of fraud. Even a small, typographical error can bring down your score dramatically. It’s a good idea to review it about three times a year.

3. Know what kind of protections your card offers – and what it doesn’t. Sometimes, cards will offer extended warranties if your purchase is stolen or accidentally damaged. Of course, the card companies aren’t going to highlight this to you, so you’ll have to look through the disclosure statements to see.

4. Go over your credit card statement for errors. Billing errors are common, and fraud can happen to anyone.

5. Protect yourself from online identity fraud by making sure you are entering sensitive information into the company’s secure database and don’t give away your card number – or any other personal information – without being confident in the site.

Colorado Springs Debt Relief: Negotiate Your Bills

When medical bills stack up, the ensuing Colorado Springs debt can seem insurmountable.

Our Colorado Springs debt relief attorneys understand that these snowballing bills can present severe financial challenges. Sometimes, individuals are forced to choose between paying a doctor bill and buying groceries. Often, they end up paying off medical bills using credit cards, which then force them to pay astronomical interest rates – which can also result in a seemingly unscalable hole of debt.

What you may not realize is that just  because you owe a particular balance on a medical bill doesn’t always mean that figure is concrete. In fact, you can often negotiate to lower those rates – especially when health care companies consider that the alternative is not getting paid whatsoever.

Individuals have reportedly cut some of their medical bills in half. Part of it involves your willingness to pay at least part of it upfront. For example, a $3,000 bill was reduced to a $1,500 bill when the patient agreed to pay that $1,500 upfront.

This is expected to be an increasing trend, as out-of-pocket costs for health care are climbing ever-higher. In fact, some 40 million Americans last  year were enrolled in health care plans that mandated a $1,000 deductible for individuals and $2,000 for families – almost double what it was just a handful of years ago. It’s no wonder medical debt is such a huge problem in this country.

One tactic is to directly ask the source. If you know that your insurance doesn’t cover a procedure, or worse if you are totally uninsured, ask your doctor if he or she would be willing to have  you pay whatever Medicare might reimburse them for. That might possibly take 30 to 40 percent off the price from the get-go. The “Health Care Blue Book” can help to give you a better idea of what health care providers are typically paid by insurance companies.

Another thing to consider is shopping around for health care services. Some places might provide the same procedure for far less.

You may also consider asking the doctor’s billing office if they might be willing to cut some of the price if you pay it upfront.

Additionally, have an idea of the tests you might need and those you don’t. Unnecessary blood work or other tests are sometimes ordered simply because that’s part of procedure – but the costs add up. Talk to your doctor about whether such tests are actually necessary.

And of course, you always have the option to consult with a Colorado Springs debt relief attorney, who can assist you in negotiating especially high medical and credit card debts.

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: Legislation Aims to Reduce Medical Bill Stress

As our Colorado debt-relief attorneys discussed in an earlier post to the Swift Law blog, whether a Colorado family has health insurance coverage or not, the ever-increasing cost of medical care continues to bankrupt families across the state and nationwide. In 2007 alone, crushing medical bill debt was tied to more than 60 percent of all personal bankruptcy filings in the United States.

With that said, the Colorado legislature is hoping to change this grim statistic. The Denver Business Journal reports that Senate Bill 134, also known as the “hospital charity-care bill”, recently passed the Colorado Senate with an overwhelming majority vote of 28-6.

Bill sponsor, Sen. Irene Aguilar (D-Denver) — who is also a practicing medical doctor — told ABC-7 News that she proposed the bill on behalf of the 829,000 Coloradans don’t have health insurance: “A lot of these people are middle-class Americans who are very responsible with their bills, and sometimes they make medical decisions based on the fact they they’re afraid of a bill from the hospital.”

Key points of SB-134 include:
~ requiring hospitals to provide patients with clear and accessible information about their charity, financial aid, payment plan, and cash discount programs,
~ directing that hospitals turn to collection agencies only after all other options of medical bill debt collection have been exhausted, and
~ prohibiting hospitals from billing patients more than the lowest cost they bill insurance companies for the same procedure.

According to Colorado Public News, Colorado hospitals currently charge uninsured accounts nearly 400 percent of costs on average while a private insurer — thanks to group bargaining — is being billed at closer to 100-150 percent of costs for the same services.

Denver debt-relief lawyers with the Law Office of Stephen H. Swift understand that even hard-working 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: 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.

For Those Seeking Colorado Debt Relief, Mounting Medical Bills a Stressor

Because reports of skyrocketing medical costs span both statewide and national news, Denver debt-relief attorneys were not surprised when a recent Centers for Disease Control and Prevention national health survey revealed that one-in-three American families are feeling the financial pinch of outstanding medical bills.

Of that same group, the CDC reports that one-in-five families are struggling to pay down their outstanding medical bills, while one-in-10 families are simply unable to pay any portion of medical debts at all.

Overall, MSNBC reports that nearly 39 percent of families with children aged 17 and younger are experiencing financial stress linked to medical care, including bills that are being paid down over time and bills they just can’t pay, period.

In one notable — if not ironic and certainly tragic — instance, South Florida small-business owner Mary Brown, who is perhaps best known for her outspoken stance against the Affordable Care Act, is herself now seeking personal bankruptcy protection. The Kansas City-Star reports that about $4,500 of her $60,000 consumer debt is unpaid medical bills.

Meanwhile across the country, the Sacramento Bee reports that the number of Northern California hospital stays resulting in charges of $1 million or more rose from 430 in 2000 to almost 3,000 during 2010. The article spotlights three achingly-familiar storylines:
~ a gas station attendant diagnosed with liver cancer,
~ a new mom whose premature son has spent the first four-and-a-half months of his life in the hospital, and
~ the fast-food worker whose near-fatal car accident has left him $1.3 million in debt.

Hospital officials and health experts both say they expect the growth in million-dollar hospital charges to continue thanks, in part, to an exploding aging population reluctant to seek medical care until a health issue has reached a critical stage. Pair that with sharp and ongoing increases in medical staff pay; costly, necessary and frequent add-ons to infrastructure (think: high-tech/high-dollar equipment); and, the fact that hospitals charge a premium for critical-care services, and the cost-of-care boom makes sense.

Colorado bankruptcy lawyers know that for families struggling to stay solvent, health issues can be exacerbated by the stress of how to pay for them. We are here to help. For a free initial consultation with the Law Office of Stephen H. Swift, call (719) 359-8179 or toll free at (866) 893-2440, today.

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