As if 2008 wasn't bad enough 2009 has brought tens of thousands of fresh layoffs most of which were just announced this week. According to an article in the Star-Telegram, Sprint Nextel Corp., the third-largest wireless provider in the country announced 8,000 job losses. Home Depot Inc., announced that it will implement 7,000 job losses and General Motors Corp. said it will send 2,000 employees at plants in Michigan and Ohio to the unemployment line due to slow sales.
One of the biggest blows to the economy has been Caterpillar Inc., the world's largest maker of equipment for mining and construction announced 5,000 job losses and that's in addition to 8,000 contract worker job losses, 4,000 full-time factory workers job losses and 2,500 workers who have accepted buyout offers. Caterpillar also reported a profit plunge of 32 percent in its fourth-quarter so this may not be the end of their layoffs.
It seems that virtually no industry is untouched by the avalanche of job losses sweeping the country. How many of these unemployed workers will be able to find new jobs? What about the companies implementing the drastic job loss strategy? Will they survive or will at least some of them be devoured by bankruptcy? Individual jobless workers who did not implement a financial strategy to protect their assets in case of a job loss will be in a very vulnerable position.
It is important to consider bankruptcy as a part of your strategy in case you are faced with a job loss. Bankruptcy is one of the few tools available to help overwhelmed debtors protect their assets while getting a fresh start financially.