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More Job Losses Hit American Workers

Posted By admin || 1-Jul-2009

According to an article in the Star-Telegram, 127 employees at GE Capital Corp. have suffered job losses at the company's Bedford operation.

The article said:

"The company said it is restructuring its GE Capital Americas, which has an operation at 2208 Texas 121, according to a Texas Workforce Commission filing. About 34 employees were let go between March 18 and June 16, then 93 employees were laid off June 17. About 490 were employed when the layoffs began, the filing said. The company said it has "tentative plans" to lay off 56 more employees in the next 90 days, which would bring the total to about 37 percent of its staff at that location, according to the filing. "We anticipate that these plans, when finalized, will be permanent," GE said in the filing."

The unemployed workers will receive a severance package, including medical coverage for up to 12 months. GE's job losses are just the latest in a long line of job losses coming from many companies across the country. Most of those workers experiencing job losses don't have the benefit of a severance package and are often subjected to the expensive COBRA health plan that allows them to continue receiving health insurance under the former employer's health insurance plan.

But even for workers who have suffered a job loss and received a severance package, unemployment often hold many nasty surprises. Most Americans are living way beyond their means, so when they experience a job loss, it can be a devastating blow even with a severance package or unemployment insurance They are most likely already deep in debt, have a large mortgage and have failed to save any significant amount of money. For those unemployed workers, a job loss could mean financial disaster. For deeply indebted workers who suffer a job loss, bankruptcy may be the best solution, especially if their unemployment status is prolonged. To find out how bankruptcy can protect the assets of debtors who have experienced a job loss, contact a Dallas-Fort Worth bankruptcy attorney today.

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