According to an article in the Temple Daily Telegram Texas Hydraulics is implementing another 117 job losses in both office staff and machinist positions. The total number of job losses for Texas Hydraulics has reached 161 since it cut another 44 employees in January.
The article said:
"Really, this action is driven by the current economic condition that's gripping the entire country," Allis said. "Nearly all our major customers are linked to the construction markets. They've all had significant reduction in their demand."
And as we already know there have been major job losses due to the real estate/construction downturn which is causing many workers who are already struggling to succumb to foreclosure/eviction because they are not prepared to weather a downturn.
The article continued:
Phyllis McDonald lost her $11-an-hour machinist job at Temple Hydraulics last January. She said she worked there 13 months and received one day's pay with her notice. Before she was laid off, her hours were cut by 25 percent, she said on Monday afternoon, standing in front of the Texas Workforce Commission office in Temple. "I was just basically living from paycheck to paycheck," Ms. McDonald said. "I knew as soon as I lost my job, I'd lose my apartment too. I had to put everything in storage. Now I got a storage payment due. It's pretty rough."
Phyllis is not alone, this an American story where many are living paycheck to paycheck. The job losses being faced by many Americans are having devastating effects, including bankruptcy, eviction and the ability to service any of their unsecured debt. If you expect that you will be facing a job loss you must act now to save your assets and prepare for the blow.
If you're a homeowner or a renter contact a bankruptcy attorney to find out what your bankruptcy options are. Even if you are renting and you know that you will face a job loss, you may want to consider finding a cheaper place and moving out before you face an eviction and while your credit is still decent. The important thing is that you do not wait until the last minute to take action.