According to an article in the Dallas Morning News, 566,000 newly unemployed workers filed unemployment claims this week as the number of job losses continue to rise. The recent automaker job losses are one the major factors contributing to the increase, according to government officials. But most experts agree that the unemployment rate and the number of job losses will only continue to rise this year.

The article said:

“Lavornga also said the unemployment rate likely will keep rising as long as initial claims remain above 400,000. He expects the jobless rate to increase to 9.6 percent this month, from a 26-year high of 9.5 percent in June.”

The worrying aspect of all of this is that once unemployment benefits run out, many Americans will face financial catastrophe. Right now there are unemployment benefit extensions but many states such as Texas are literally struggling to pay the astronomical costs associated with these unemployment benefit extensions.

I’m not certain that the government will offer another extension if the situation doesn’t improve. We simply can’t predict what will happen with the job loss situation and the economy in general, that’s why unemployed workers struggling to pay debt and basic expenses MUST thoroughly examine their budgets and ask some honest questions.

Examining income, expenses and the ability to repay debt is imperative in assessing the probability of financial disaster if unemployment is prolonged. If you find that you are unable to maintain yourself financially due to unemployment and/or overwhelming debt, examining your bankruptcy options may be a smart move.

To find out more about bankruptcy contact a Dallas-Fort Worth bankruptcy attorney today.