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11 Oct 2012

Those who have been unemployed for any stretch no the longer it lasts, the harder it is to land a new job. 

Denver Chapter 7 bankruptcy attorneys have assisted numerous clients who were overwhelmed with debt after a lay-off or termination. Across the country, there are more than 5 million people who are classified as being long-term unemployed. Even more have dropped out of the labor market altogether. Typically, getting back on your feet without some kind of legal help with finances is incredibly tough because most people haven't prepared for such an event. Few people expect that they will be laid off and even those who do may be already working paycheck-to-paycheck and unable to save.

Now, a new study shows just how rough these folks have it when it comes to getting back into the job market.

Researchers sneakily sent out more than 12,000 phony resumes listing fictional job candidates responding to more than 3,000 job postings available online. The framers of the study set it up so that all of the candidates were qualified equally. The only thing they altered slightly was the amount of time that the job candidate was out of work.

For those who were out of work for 25 weeks or more, the news is grim.

The fake candidates who had been out-of-work for six months or less saw their call backs fall by about 7 percent. But then those who reported an unemployment of between six and eight months saw their chances plummet by 45 percent. In fact, those unemployed for longer than six months had only a 4 percent chance of being called back for an interview.

Researchers theorize that the idea is that if you don't have a job, your job is getting employment. If it takes you longer than a couple months to do so, the thinking goes, than you aren't very effective.

Of course, it's all much more complicated than that.

Those in the business world advise that, first of all, responding to online job postings isn't necessarily the way to go. You have a 9 in 10 chance of having your resume deleted right off the bat anyway. Instead, opt for networking opportunities and events, reach out to former colleagues and try to find ways to connect with people person-to-person.

03 Jan 2012

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 719-520-0164 for a free initial consultation.

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     Colorado Springs, CO 80903

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