Avoiding Disaster After a Job Loss
Some people tell inspiring stories that begin with them losing their jobs. What they all have in common is that they are telling you the stories after the plot has resolved. When it first happened, they did not know how long it would be until they found a new job, started a business, or moved into their parents’ house in the countryside and eventually inherited the family farm. Losing your job is terrifying, and you do not know when, if ever, you will get your next paycheck. Years from now, you might be telling people that you retired early because the vicissitudes of the job market dictated this. If you have just found out that your employer is terminating your job, you need to get into damage control mode quickly. Being unemployed requires you to wear as many different hats as your job did; you must simultaneously hope for the best while preparing for the worst. After losing your job, one of your first moves should be to contact a Boca Raton debt lawyer.
Apply for Unemployment Insurance and COBRA Immediately
It is fine to take a day, or even a weekend, where you lie in bed and stare into space, too afraid to think about what the future holds. By the time you get to what would have been a workday, though, you should already start working to replace your income. Apply for unemployment insurance as soon as your employer gives you notice of terminating your job, as well as COBRA health insurance. This will reduce the likelihood of there being any months where you have no income at all.
Be Transparent With Your Landlord and With Creditors
The next step is to cut your expenses as much as you can. Tell your landlord that you lost your job, before you have even decided whether you can afford to stay in your apartment. An independent landlord might be willing to reduce your rent so you can afford it with your unemployment check. A commercial landlord might let you pay the early termination fee in installments, if the only option is for you to move in with relatives. You might have to give your car back to the dealer, but the time to do it is now, instead of when the bank repossesses it.
Put Out as Many Feelers as You Can for Short-Term and Long-Term Sources of Income
Until further notice, your job is to find a new job, find new gigs, and enjoy your temporary retirement, all at once. Go to the library and soak up the free Internet as you fill out job applications and scroll through classified ads for gigs. Text all your friends, old and new, and check in with them every few weeks. Let them know that you are still unemployed and tell them about all your job-seeking adventures. Network with the other unemployed bookworms at the public library, too. Eventually, your efforts and your network will help you find a new job, and when you do, you will have lots of fascinating stories to tell your new coworkers about your adventures as an unemployed person.
Work With a Debt Lawyer About Coping With Unemployment
A South Florida debt lawyer can help you protect yourself from financial catastrophe if you have lost your job. Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.
Source:
jackiebeck.com/lost-your-job-now-what/
