Unemployment Trust Fund to Plunge to Zero, 15,000 Jobless Texans Exhaust Benefits

According to an article in the Star-Telegram, Texas’ unemployment trust fund will plummet to zero next week and up to 15,000 jobless Texans are expected to exhaust their unemployment benefits by the end of July. The Texas Workforce Commission plans to borrow $643 million, interest-free from the federal government to pay claims through October 1st and is working diligently to implement a 13-week extension for those unemployed workers who have exhausted their benefits.

Unfortunately, those unemployed Texans may need to wait up to 2 months to receive more benefits.

The article said:

“Commission spokeswoman Ann Hatchitt said state officials have been scrambling to implement a 13-week extension but have been delayed by complex federal regulations and computer problems, meaning that the added assistance will be unavailable to thousands of people. Hatchitt said that the commission’s “entire” information technology staff has been assigned to the problem but that the delay could last at least “a month or two.” She said, however, that the recipients will be able to receive all the benefits retroactively when the problem is resolved.”

This could turn into a disaster for many unemployed Texans depending on their unemployment benefits checks to pay their rent, mortgage and other necessities. For families and individuals who are already living on the financial edge missing just one unemployment check could send them to foreclosure or even bankruptcy.

This is why it’s so important for those Texans facing a job loss to honestly consider their entire financial situation. If you are struggling to pay debts and your basic living expenses while you’re still employed just imagine what could happen after a job loss. That’s why those who are struggling financially must consider all of their options, including bankruptcy for discharging debt you simply can’t pay. To find out how bankruptcy can help those facing a job loss and long-term unemployment, contact a Dallas-Fort Worth bankruptcy attorney today.

By | 2017-12-13T02:05:27+00:00 July 16th, 2009|Unemployment - Job Loss|Comments Off on Unemployment Trust Fund to Plunge to Zero, 15,000 Jobless Texans Exhaust Benefits