According to an article in the Dallas Morning News, the number of jobless Americans filing for unemployment insurance benefits for the first-time rose again setting a record of the sixth time in the past seven weeks. Over 654,000 unemployed workers filed for unemployment insurance this week up from the previous week’s figure of 645,000 first-time filers.
Analysts are predicting that the American unemployment rate will surpass 9 percent in 2009 and may even reach 10 percent if the crisis is not quickly contained. As we have discussed previously, many of the state unemployment insurance funds are quickly being depleted, such as in Texas and other states suffering from increased job losses.
Many unemployed workers are finding it difficult to find new jobs so they are using the benefits longer. But that’s not the last of the problems, eventually unemployment will stop and unemployed workers will face debts and daily expenses alone. Workers who are facing unemployment must take an honest look at their finances.
Most American workers have been overextending themselves on credit and are finding their debt loads to be so high that when they face a job loss they can no longer sustain themselves even if they have savings and unemployment benefits. If you a facing a job loss and expect to be unemployed for an extended period of time. Because of the probability of extended unemployment, it may be time for you to consider your bankruptcy options.
DO NOT lose your assets by failing to recognize that we are in a crisis and that finding a new job could take well over a year. As we have continuously pointed out, many creditors are desperate to collect outstanding debts and are less forgiving especially for those who have assets that can be seized, even if the person is unemployed. Don’t wait until the last moment to handle your financial issues, take action now and contact a Dallas-Fort Worth bankruptcy attorney to protect your assets.