It is no surprise how our state and city have grown incredibly in the past few years. Colorado’s population has grown by 101,000 people in the last year and Denver’s growth has been 18,582, and there is no end in sight.
This has driven prices up for just about everything, especially rents and housing costs. For anyone other than the rich, these factors have been punishing and hard—everything costs more, but people do not have more money.
This has hit low and moderate income families the hardest. Rents have increased 33% in the last four years, and home prices last year went up 12%.
What is a family to do when more of their income is needed just to keep a roof over their head? Where does the extra money come from to buy groceries and pay bills?
One affirmative strategy that is more and more necessary is to file Chapter 7 bankruptcy in Denver. By eliminating credit card payments and medical bills, or perhaps replacing an over priced car with one less expensive, a family or individual can free up more disposable income from their pay checks to handle the increased cost of housing.
For example, if someone is paying $1000 a month for rent and $450 for credit cards, and the landlord raises the rent to $1450 (a real case example from our office), only a bankruptcy can fix the problem by eliminating the credit card debt to afford the rent increase.
No one wants to file bankruptcy, but in this world of ever increasing costs, it is often a necessary tool to keep things even and enjoy an affordable life.
Give me a call at Mile High Bankruptcy to see how we can help! 303-831-0733.