Losing a job is never easy. Even if you receive severance pay, you face an imminent loss of income, not to mention health insurance and other benefits. And because job searches often take several months, you may go through a period of unemployment.
Keep in mind that losing your job does not necessarily spell financial disaster. Below, you’ll find a list of immediate actions you can take to make your transition easier. Some involve conserving your resources; others involve developing new sources of income. All will help you maintain your financial health through this difficult time.
1. Tie up loose ends and collect all compensation due from your job. Before you sever ties with your former employer, make sure to turn in all of your expense reports and to receive a paycheck for all your work, through your very last day.
2. Apply for unemployment benefits as soon as possible. State rules for unemployment compensation vary, but in general, if you have worked enough hours in the past year or so and lost your job through no fault of your own, you are probably eligible for unemployment benefits.
David Payab, Esq. from The Law Offices of Payab & Associates can be reached @ (818) 918-5522 or by visiting http://payablaw.com