Casino Closings Lead to Growing Unemployment…What to Do?
Atlantic City has taken another direct hit with the Atlantic Club closing and 3 additional casinos announcing closures. This is a new shock to the weak local economy and the area’s casino workers, who represent the lifeblood of the local economy.
These unanticipated job losses represent approximately 25% of Atlantic City’s casino workforce where unemployment is not a new phenomenon to the Atlantic City region.
Here are 3 things laid off casino workers can do right now in the these uncertain times!
1. Prepare a new budget
Many people fail to really consider their monthly expenses. When you
finally put pen to paper you then begin to understand and appreciate
your bills in a different light. This exercise can help you begin to
focus on what areas of the budget can possibly re-reduced or
eliminated. This may be scary but believe me, being in the dark is far
scarier. Begin to look at your cable and utility bills as possible
starting points for savings or reductions, look to alternate
providers and talk to your family about the difference between
“needing and wanting” Go back a few months if you can analyze
your spending habits, in many cases we buy and spend money on the same items month after month.
2. Beware of your debt.
To weather a tough storm you need to know what it will really take to service your debt so your family is not surprised or
interrupted by debt collectors during this casino downturn. Order your credit report by visiting
annualcreditreport.com and find out your credit score, educate
yourself about the areas where you have debt.
Do this now. Knowing how old your debt is and that it is being reported
correctly on your credit report could avoid untimely and costly
debt collection lawsuits. Failing to educate yourself in these areas
can lead to judgments and bank levies that can be disruptive to you
and your family in these uncertain times.
3. Consult with a bankruptcy lawyer
Talking to a bankruptcy lawyer does not mean you are filing
bankruptcy, but understating your options, much like
going to a doctor and getting advice about whether and if you should
have physical therapy or surgery. Many bankruptcy lawyers provide these consultations to establish a range of choices for the consumer. This type of consultation can help you know your rights. Ask
direct questions to find out what steps and actions you can take
to avoid bankruptcy. Most bankruptcy lawyers offer a free consultation so take advantage of the free advice and arm yourself with the facts as they relate to your budget and your situation during these difficult times.