Getting Out from Underwater

Posted on August 16, 2018

Cindy* was a new arrival to Colorado raising her 5-year-old granddaughter alone. When she discovered that childcare costs were much higher than in her home state, she started falling behind.

She was behind on her bills, most importantly her car payment. Her job required traveling between several sites a day and the car was a must-have for the job. She was 3 months behind on the payments and in danger of repossession when she reached out to her Navigator.

To stabilize the situation in the short term, the Navigator was able to get her caught up on utility payments through Energy Outreach Colorado. The Navigator reached out to another local nonprofit that was able to locate less expensive child care. Finally, after Cindy participated in an 8-hour financial training course, they decided together that a bankruptcy was needed to help get her out of debt and back on her feet. The Navigator called on a partnership with a Denver law firm to get a low-cost bankruptcy and used the cash flow savings to purchase a cheaper vehicle.

Now, Cindy is using the principles she learned in the financial training and is on track to getting a down payment for a house with the money saved from reduced childcare, transportation and housing expenses.


Topics: financial stability, childcare, utility assistance,

 

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*Names have been changed to preserve employee confidentiality