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22 Oct 2012

Single Life Tough on Wallet

We've heard a lot in the course of our country's economic recession about how families have been affected: lost homes, lowered wages, unemployment, etc. 

Colorado Springs Chapter 7 bankruptcy lawyers understand that any one of these things can cause a great deal of financial strain, but it's even tougher when you're trying to cope alone.

In fact, single people face more financial stresses than couples, according to a new report from the MetLife Mature Market Institute and the Society of Actuaries. In particular, women have an especially tough time when it comes to retirement savings.


A big part of it is simply coping with a single income. Married couples may have more expenses overall, but they can fall back on one income or the other if there is an unexpected financial crisis.

On average, singles have a lower income rate than any other family grouping in the country. On average, singles make about $32,000 a year and have asset levels that stand around $110,000. Their homeownership rate is currently only at slightly above 40 percent, and less than 20 percent said they were on track for an adequate retirement savings fund. Also, only about 20 percent of singles said they had even had the chance to START saving for retirement, and many worried that their standard of living was likely to drop of dramatically after retirement.

The study further found that couples were far more likely than their single counterparts to pay off debt or have met with a professional to help them map out their finances.

This is all particularly concerning because the population of singles is growing fast. The Census Bureau reports that between 2000 and 2010, the number of single-headed households shot up by about 15 percent (equaling more than 30 million nationwide).

The good news is that if you do get caught up in a personal debt crisis, a Colorado Springs bankruptcy can give you a clean financial slate.

One benefit to being single during the process is that you don't have to worry about jointly-held debts, as is often a concern with couples or recently-separated individuals.

A successful bankruptcy is unrivaled in terms of the freedom it offers, and we are here to help you obtain it.

Stephen H. Swift

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

Client Testimonials

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    "My attorney (Matthew Hansen) is a very kind person.  I felt very confident in his skills. He is very knowledgeable and efficient.  He didn't make me feel embarrassed to be filing for bankruptcy.  Thank you Matthew!  Laura was very friendly, and everyone I interacted with was very nice and helpful as well." 

     

      –  Sherry M., Colorado Springs, CO

     

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    "Steve explained things well so you know what you're doing.  The staff was very helpful with everything, including the paperwork." 

     

      – Raymond & Rhonda P.,                         Colorado Springs, CO

     

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    "From the first time that I entered the office, I was treated with the utmost respect. It was like I had been knowing all of the employees for years!! Every person that I came in contact with was extremely courteous!!!

    I rate my overall experience a 12!! And I wouldn't change a thing on the website.

    Cris is absolutely wonderul!! While Alicia was extremely courteous and humorous!!!  Stephen (Swift) was extremely professional and courteous. One of the nicest gentlemen that I have Had the pleasure of working with. I can't thank him enough."
        

      – Pete, Colorado Springs, CO  

     

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    "Upon my first visit to the office, I was in an unfamiliar part of town.  I was also bewildered and experiencing anxiety.  I was not even sure I should be there or how to proceed in a very new situation where my back was against a wall.  The first person I met in the office was the lovely receptionist.  I have to say that she has the absolutely right demeanor and is extremely successful in her position.  She has a slight but comforting smile and persona.  She is confident but not arrogant in processing the needs of clients.  I do not feel that this is a small achievement in any way.  I feel this person in many ways sets the tone for the office as the gate keeper of the office and emotional clients.  She definitely helped me thru this process with her silent and dedicated service to me, the clients and the office."

     

    John C., Colorado Springs, CO

     

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    "Upon entering Steve's office, one immediately knows they have entered his "zone".  Steve will talk, think, contemplate, then act.  He then spins his chair around, garbs paper, types on the computer and zaps something thru the printer.  Occasionally, a document needs to be scanned or something else from outside the office is needed, and Zap someone appears without having to yell down a hall or call out.  There is definitely a team here that is in sync.  There may be a question out of the blue suddenly or a brief conversation about something else.  The whole time, Steve is on point.  I felt from day one, a trustworthy confidence in placing my future in his hands.  I was not wrong.  I also never once felt rushed, brushed off or that my concerns were not his.  I felt that Steve is in this for me and his clients.  I have a debt, gratitude and confidence in Steve and the Swift team that far exceeds the fees pain." 

     

      – John C., Colorado Springs, CO

     

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    "Thank you to everyone who worked on my case.  My driving priviledges are now restored and I have a fresh start.  I am very grateful to the Swift Law Firm!   Everyone was very kind and helpful and easy to talk to.

    Ward was very knowledgeable and knows the pros and cons of your case. Definitely a man to listen to concerning your case, and he was very helpful!

    Matt Hansen is a good man, very helpful, gives good advice  AND he is willing to go the extra mile.  Steve Swift is a man of action who knows his profession.  He lifted a heavy burden, and I cannot thank him enough for an excellent job!"  

     

      - Henry R., Colorado Springs, CO  

     

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