According to an article in the Star-Telegram, the Labor Department announced that new unemployment claim numbers were higher than expected as job losses continue to rise. The Labor Department reported 524,000 new unemployment claims as of the week ending January 10, 2009. New unemployment claims are at their highest level in 26 years. Currently there are 4.5 million unemployed Americans claiming unemployment. That is a disaster waiting to happen.

The article said:

In one spot of good news, the number of people continuing to request benefits declined to 4.5 million, down from an upwardly revised figure of 4.6 million the previous week. The continuing claims lag the initial claims data by one week. Still, the number of people remaining on the rolls is near a 26-year high and is up sharply from a year ago, when it stood at 2.7 million.

Basically the number of unemployed Americans has almost doubled in one year and that’s not counting all of the people who experienced job losses and didn’t qualify for the unemployment insurance program. The number of unemployed will continue to rise and it will continue to be more difficult to find new jobs as fewer companies, especially those facing bankruptcy, hire new employees. Anyone who has received an unemployment check knows that it is barely enough to keep food on the table, not counting the mortgage and other necessities of life. How many of these unemployed Americans will face foreclosure once their unemployment benefits expire? How many will face bankruptcy?

If you’re facing a job loss, do not wait until you are on the brink of financial disaster to speak with a bankruptcy attorney about how you can protect your assets. Being unemployed is a very good reason to file bankruptcy especially if you have large debts. Don’t ruin your financial future and lose your assets by attempting to pay your mortgage, utilities and debts with a meager unemployment check. It is not possible. Speak with a bankruptcy attorney today.