7 Tips To Survive a Lay-Off

Edrie Pfeiffer
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Edrie Pfeiffer, Bankruptcy & Divorce Attorney

With the local layoffs from Bank of America and Radio Shack, and the recent announcement of the impending Newport News Shipbuilding layoffs, a significant number of people in Hampton Roads will soon become unemployed.  Below are a few of our tips to survive a layoff and keep your finances healthy.

1 - Leave With Money in Your Pocket

Negotiate a severance package if one is not offered and ensure all unused vacation & benefits other are paid out.  Consider negotiating extended health insurance as well.  

2 - Update Your Resume

Include details of your most recent position while it is still fresh, and tailor your resume to the specific jobs you will be applying for.Take this time to review your skill sets and see if updates are needed.  Be impressive and creative to set yourself apart. 

3 - Network 

Send an SOS message to your previous employers and those on your reference list since they already know just how awesome you are.  Join an online networking site, attend local Chamber of Commerce events and even utilize Facebook to promote your search.

4 - Search for Jobs Full-Time 

Check job boards daily, including Craigslist which is becoming a leading recruiting source.  Utilize recruiters and headhunters – they will search on your behalf and have access to exclusive and private openings not publicly posted.  If the search becomes too strenuous in your geographic location, consider relocation.  Also visit websites of employers of interest to you to see what job opportunities they may have listed on their site that may not be posted elsewhere. 

5 - Apply for Unemployment

Don’t miss out on financial opportunity because you are embarrassed.  This is a benefit you are entitled to should you need it – you paid for it through your tax dollars so take advantage.

6 - Reduce Expenses  

Review expenses and try to reduce most if not all of them.  Contact creditors about reducing monthly payments and/or interest rates.  Shop around for cheaper car/home insurance, data/cell/cable providers, etc.  Also, if you were planning to COBRA your medical insurance, you may find a comparable plan at a cheaper rate elsewhere as well.  If you haven't embraced couponing, it's time to start!  Also, most major retailers now have some type of savings app so download it and enjoy those easy savings. 

7 - Seek Ways to Supplement Income 

Part time jobs, roommates, plasma donation and selling items of value on Ebay/Craigslist are all relatively easy ways to get quick cash if necessary.

If you find yourself unemployed, the tips above should help.  Make sure you avoid excessive/unnecessary credit card charges and don’t deplete your retirement funds unless absolutely necessary.  Job loss is the 2nd leading cause for bankruptcy in the U.S. and if you find that your expenses have become overwhelming and are increasingly higher than your income, we can help you.  

Give us a call today at (757) 320-2010. 

 

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