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26 Jan 2012

Colorado Unemployment Rate Dropping, But Bankruptcy More Beneficial Than Ever

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


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.

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

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