My Company Went Bankrupt. Now What?

Every day in North America, companies quietly take employees into little rooms to tell them their services are no longer needed because they company has gone bankrupt. It is likely that you know someone this has happened to. As the economic downturn continues to rear its ugly head in North America, more and more people are finding themselves at the mercy of poor spending habits, terrible leadership, and bad judgement costing them their jobs. Here’s what you can do to handle the stress of a company going bankrupt.

Step One: don’t freak out. As mentioned earlier, this kind of thing happens all the time. It certainly doesn’t make it any easier to deal with, but know that you are not alone in having to take on a bankrupt company alone. If you haven’t lost your job yet, but others around you have, just know that your time is coming. It is okay. It will be okay. But, in the meantime, you might want to speak to someone in charge about how you can help through the closeout of the company. Maybe you can take on some aspects of it: the “cleaning up”, if there is any to be done. Sometimes, companies just close their doors and never look back. If that hasn’t happened, there may be some ways you can be useful until it is time to close up shop.

Step Two: Start thinking about what you want to do next. Change is very hard for a lot of people. Especially if you have any kind of tenure with the company that has just gone belly up. Before you start worrying about the impending doom of unemployment, start thinking about how you can use this opportunity to try something new. Again, not everyone will love the idea of having to reinvent themselves or their career, but the opportunity is available to you now. Consider it a great gift. It totally sucks to lose your job, but it doesn’t have to suck for very long. Get your brain wrapped around the idea that you have to move on, and you will start working toward the next great thing in your life.

Step Three: If you are fortunate enough to have any length of time between now and when you actually find yourself unemployed, take any extra money you have and stash it away. You need a little nest egg to get yourself over the hump of unemployment, and you don’t need to be worrying about money when that happens. Even a few hundred dollars that you can spare right now will make all the difference later.

Step Four: If you find yourself suddenly out of work, and unable to find another job, consider ways you can protect your assets until you are able to get back on your feet again. Speaking to a consumer proposal company, can really help you get your priorities in order. It’s not an option for everyone, but it is an option if you find yourself struggling to make ends meet.

Whatever life throws at you, just know that it is happening for you. Things don’t happen to you. It sure feels like you caught a curve ball in the face when you lost your job, but it doesn’t have to feel like that for long. Be open to the opportunities that you have now that you aren’t tied to that job anymore, have a plan to put some cash away, and start looking at your long term plans. You’ll get through this like you got through all the other hard things in your life. Stay positive.