Many bankruptcy lawyers from Colorado are preparing for bankruptcy rates to soar. As unemployment rates climb to unprecedented heights, most Colorado bankruptcy attorneys know that there is a direct correlation between an area’s unemployment and bankruptcy rates.
Presently, Colorado’s unemployment rate has increased again. According to recently released reports, Colorado’s unemployment rate soared to a whopping 6.6% in January of 2009. Now perhaps this would not be that bad if the unemployment rate was not stable at 4.3% only a year earlier. Colorado state officials reported that in 2007, Colorado maintained a healthy unemployment rate of just 3.9%
And just because you are one of the many workers laid off, the frustration may not end there. Reports indicate that more than 35,000 residents of Colorado lost their jobs in January. These residents report intense frustration with the basic facility of Colorado’s unemployment system. Because of the overwhelming number of phone calls, it is nearly impossible to reach a live benefits service representative. Officials at Colorado’s Department of Labor estimate that they receive approximately 5,000 telephone calls per day. This is more alarming in contrast with the 700 average daily calls that came in to Colorado’s unemployment office merely five years earlier. That’s a difference of an astounding 500%! When put into perspective, Colorado still fares better than the national average unemployment rate of 8.1% as of January 2009.
However that little fact is probably of very little comfort to the many thousands of residents in Colorado who are presently unemployed. When financial pressure boils over, where it had previously only been simmering, it may be time to search the slew of Colorado bankruptcy lawyers. Competent Colorado bankruptcy lawyers can help you analyze your individual situation and provide you with all of the pertinent information that you will need to make a well informed decision.
