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That’s right. Don’t rush. Don’t be in a hurry. We wouldn’t dare say don’t worry and don’t stress. We would say - don’t do it for long. Take the body blow, feel the pain, and then work to inhale deeply. Stand up straight, and get to work. Being unemployed can be harder work than being employed. The reward for working hard and working smart during an unexpected layoff can be great.

You are not alone. Millions of people across the country are receiving the same bad news, often in an emotionless, "all-business" fashion that leaves you with an instant emptiness in your stomach that is hard to forget, even long after it has gone. It’s not just a financial shock, it’s an emotional one, too. Don’t let it paralyze you to the point of inaction. Now is the time to bounce-back.

Much like filing for personal bankruptcy can feel like a personal failure, quite often, a job loss can come with the same feelings. Recognize this - absent misconduct or poor performance on your part - it was out of your control. "It’s just business." It’s all about the economy right now and everything is far from rosy and bright.

Find ways to keep your emotions in check. Lean on friends and family. Visit a spiritual advisor or consider seeking some personal counseling. However, don’t let much time lag between the layoff and getting down to the business of getting back in business. A couple of big tips that require urgent attention:

1. File for unemployment compensation right away.  The recent stimulus package has actually added $25.00 per week in unemployment benefits.
2. If you are paying child support - file for a modification as fast as you can.  In many states, child support orders can be retroactive to the date of filing.  Delays on your part could worsen your financial situation.

Next, you need to take action regarding your health care situation.  Can you go without?  Can you find and afford private coverage?  Should you go with COBRA? Did you know that the recent Federal Stimulus Package also has a provision that subsidizes COBRA premiums for an involuntary layoff?  It is possible to find less expensive coverage than what COBRA may afford you, however, you need to understand that changes may be required (doctors, pharmacy, hospital, etc.)  If you have less than perfect health or a pre-existing condition, private insurance is likely not a viable option, in which case, retaining the employer’s health insurance through COBRA may be your best bet.

Next up - it’s time to cut back.  Less income must translate into less spending.  Sacrifice the premium satellite television package.  Eliminate the "unlimited text messaging plan" or any other luxury services that your cell provider has persuaded you to purchase.  The idea here is we’re dealing with a short-term situation.  Don’t go out to dinner.  Reduce or eliminate adding more money to your investments.  Create a new budget!

Tapping the right resources to help manage your situation is critical.  Avoid the costly impact of hitting retirement or 401K accounts, along with their taxes and penalties.  These are mostly untouchable if you reach a point of bankruptcy proceedings.  If you have that emergency slush fund, manage it diligently, remember - this is a period of focusing on NEEDS and not wants.  Borrow if you can, consider a loan against the car you own free-and-clear.  This suggestion is here only because the interest rates are often smaller than credit cards (which should be avoided).

Doing the post-mortem on the job is important.  Recognizes areas where you were weak and work to improve them.  Whatever you do - leave the job on good terms!  You’re leaving a facility full of potential contacts, referrals, and pats-on-the-back for your next job opportunity.  Also, don’t rule out the possibility of being rehired.  It happens!

Forward-looking is forward-thinking.  Remember - there are still a lot of jobs available for you.  Don’t give up.  Don’t spend too much time watching television and playing video games.  If you treat your day like you’re at work, you’ll remain in the groove.  Get up like you normally do.  Shower.  Get active.  Even dress for work.  You’ll be surprised how it makes you feel and just think… you’ll be ready to go to an interview on a moment’s notice!  Stay active in your job search.

Additional tips:

• Remember that any job-hunting expenses, including but not limited to: mileage, travel, copying, mailing… are tax-deductible provided you’re staying in the same occupational field.
• Supplement your income.  Be creative.  Don’t rule out everything.  Consider offering baby-sitting services, do housecleaning, landscaping/yardwork, mow lawns, shovel driveways, consult work in your area of expertise.
• Increase your education!  Believe it or not, some state schools and community colleges have programs that offer FREE TUITION for people who are laid-off/unemployed.  Look into it.  This is another one of those proverbial "windows that open" when a "door closes."
• Check your state’s website for programs out there for assistance.  You will be surprised at the types of help you might find.

Good luck!

As the US economy continues to sour, many are concerned the $350 billion the government has forwarded to aid the nation’s banks has not filtered down to the businesses and consumers needing it. In October, Congress approved a financial bailout plan for $700 billion to increase lending and stimulate the economy, however, since then very little evidence has been uncovered to demonstrate the banks has increased lending activity. In fact, the economic statistics appear to have worsened across the nation since October.

Many critics of the congressional bailout plan complained banks had used the funds for shareholder dividend payouts and to offset bank losses rather than loaning to their perspective communities. A Congressional Oversight Panel was put into place to monitor the usage of the funds, but have been unable to unveil an effective use of the funds to date, as the mortgage meltdown and increasing unemployment continues.

I see a lot of people trying to keep their car with outrageous monthly payments and I often wonder if it’s really worth it. Everyone knows that when you drive a NEW car off the lot you are pretty much paying more than it’s worth right away. So when it’s time to file bankruptcy, is it really worth it to keep your car?

Well, what the heck are you going to do right? You can’t live without a car! Fortunately, or unfortunately, the automobile market is seeing exactly what the housing market is right now, a lot of defaults, repossessions and bankruptcy filings. That means there are a lot of newer cars on the market at used auto dealers for a fraction of your current monthly payments.

Chances are, if you do some research on available vehicles in your area you can find a car that is just as nice, with lower monthly payments. Filing bankruptcy is supposed to relieve you of massive financial obligations, so giving up your car may just be worth it.

Demos.org’s latest report on the economic status of the middle class is downright scary. As a member of the middle class who’s partner lost his job due to his company relocating across the country, I can tell you people everywhere are literally hanging on by a thread.

My partner was unemployed for 9 months, and though we made it through, according to Demos, we are among only 13 percent of middle-class families that have the assets available to cover living expenses when regular income ceases for 9 months. Seventy-nine percent of families can barely cover the majority of expenses for 3 months, and another 9 percent are “borderline.”

According to Demos, “Twenty-one percent of middle-class families have less than $100 per week ($5,000 per year) remaining after meeting essential living expenses. These families are living from paycheck to paycheck with very little margin of security.” That means any expense like a broken water heater, fender bender, or a trip to the emergency room could spell disaster.

I guess it’s no wonder that after the initial decline in bankruptcy filings after BAPCPA, filings are once again rising. The bankruptcy statistics released by the Administrative Office of the Courts show a total of 132,008 bankruptcy filings in September of 2007, compared to 96,442 bankruptcy filings in September of 2006. Each quarter of 2007 averaged 40,000 more bankruptcy filings compared to 2006.