How should I prepare for a short term unemployment period?
September 20, 2006 4:32 PM Subscribe
I am a professional person and will be "downsized" from my current company next month. Since I am changing professions in the meantime, it may take 4 to 6 months to secure my next place of employment. Financial resources are my concern. I have 6 months of mortgage payments saved up, and no other debt beyond monthly utilities, cable, internet, etc. I do have savings I can draw from, and I am considering applying for state unemployment benefits. I may get a small severance package from the current employer. Would it be wise to seek a line of credit while I'm still employed? Would this put my house in jeopardy should it take longer to find work? Are there other resources I should consider?
posted by anonymous to work & money (11 answers total)
One other question that's on my mind: If I am approved for state unemployment (in Ohio), would I still be eligible to work freelance part-time? Any guidance would be greatly appreciated.