According to an article in the Dallas Morning News, over 6 million Americans continue to claim unemployment benefits; but the job losses continue unabated. Microsoft Corp. announced 5,000 job losses to be implemented over the next 18 months.
Huntsman Corp., a chemical maker will suffer 1,175 job losses this year, representing more than 9 percent of its work force. United Airlines parent UAL Corp. said it would experience 1,000 job losses, that's in addition to the 1,500 job losses suffered last year. And Industrial parts and systems maker Eaton Corp. announced 5,200 job losses for 2009.
The real question is how much can we take? How many job losses can the economy sustain before we plunge into a depression 1930's style? As more and more people experience job losses you might expect creditors to ease up their collections practices.
That's not happening. Creditors are becoming more and more desperate going after even small debts in an effort to just survive. Being unemployed will not protect you from creditors. Many creditors, including credit card companies will go after any assets they can get their hands on via lawsuits and judgments.
That's why if you're facing a job loss and you have huge debts, do not delay discussing your bankruptcy options with a bankruptcy attorney. Bankruptcy can help protect a debtor's assets from creditors, legally.