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Husband's company tanked today.

October 6th, 2008 at 07:05 am

His company went belly-up. He went in today, they gave him the "we didn't see this coming" excuse, and paid him $100 cash in lieu of his last check with a signed promise that they were liquidating equipment and they would pay him when they could. Did I mention that they already owe him $2,000?

Yes, we have a Labor & Employment lawyer. Lucky for me, I tutored his daughter in math and he's aware of our situation. But my question is how do you get blood from a turnip?

DH has contacts and is working on new employment.

We have $, and though it was what we could save it will only sustain us a few months (3). If I have to work nights I will.

Amazingly, I feel little stress. I attribute that to faith motivating me to action against times like these.

Thank you, my SA friends and mentors for setting a good example. I'll keep you updated.

Posted in Budget, Savings, Family | 20 Comments »

20 Responses to “Husband's company tanked today.”

  1. Personal Finance Student Says:
    October 6th, 2008 at 07:10 am

    I'm sorry to hear that happened, but am glad to hear you're prepared. I wish you the best!

  2. mom-sense Says:
    October 6th, 2008 at 07:17 am


    ((Hugs)). So sorry to hear about your DH's job. I think that your attitude will is awesome. I suffered from "gloom and doom" before, but now that I have a plan in place, should something happen to DH's job - we could survive for three months too. Good luck!!

  3. Joan.of.the.Arch Says:
    October 6th, 2008 at 07:17 am

    May your family find full employment lickety-split. Do you feel able to say what type of business it was?

  4. MICLASON Says:
    October 6th, 2008 at 07:17 am

    Sorry to hear that, but, as I always say, there is a wonderful new opportunity waiting for him!

  5. Broken Arrow Says:
    October 6th, 2008 at 07:36 am

    Yikes. Sorry to hear that.

    Can I ask what company that was, or at least what industry it was in?

  6. Ima saver Says:
    October 6th, 2008 at 08:28 am

    I sure hope things get better for you quickly!

  7. snoopycool Says:
    October 6th, 2008 at 09:01 am

    Construction. He was a project manager for a site excavator.

  8. reginaastralis Says:
    October 6th, 2008 at 09:09 am

    I'm hoping he's able to find some employment and fast. I'm sure things will work out for you all.

  9. snoopycool Says:
    October 6th, 2008 at 09:47 am

    Thank you guys for all the + comments.

  10. compulsive debtor Says:
    October 6th, 2008 at 10:15 am

    Sorry to hear your bad news.

  11. monkeymama Says:
    October 6th, 2008 at 11:51 am

    VERy sorry to hear. Hang in there.

  12. homebody Says:
    October 6th, 2008 at 12:10 pm

    Must have been one of those small companies borrowing to make payroll?? We own a small business and are actually doing another payout soon to the partners. Business is definitely slowing down, but so far people still want to have their cars clean. Our property and equipment will be paid off in April 2009 just in time!

    Hopefully DH finds something soon.

  13. scfr Says:
    October 6th, 2008 at 12:29 pm

    Bless you ... Hopefully something new will turn up soon for your husband. And congratulations on having enough saved to get you through 3 months ... With unemployment insurance and some creativity, I'm sure you will be able to stretch it out longer than that if need be.

  14. mbkonef Says:
    October 7th, 2008 at 05:43 am

    Good luck to your family and your DH on the job hunt. I know the feeling all too well. My DH is in sales of construction materials and although he is currently employed, he hates his job and is making about 1/2 of what he made a few years ago. I told him he absolutely cannot just quit, no matter how much he wants too, until he finds something else. He is looking for a sales job out of the construction field. Building/construction will rebound eventually but it feels like it may be a few years.

  15. snoopycool Says:
    October 7th, 2008 at 04:49 pm

    Homebody - they robbed Peter to pay Paul, so to speak. They have lots of subcontractors that they didn't pay.

    scfr - You can file for unemployment online! Who knew??? That will be helpful.

    mbkonef - Construction stinks right now. DH is looking to use his skills elsewhere. I'd stick to my guns to on keeping the current job or quitting.

    Thanks again, guys.

  16. baselle Says:
    October 7th, 2008 at 09:17 pm

    I'm sorry to hear this. Its always a shock. Hang in there, our thoughts are with you!

  17. Analise Says:
    October 8th, 2008 at 07:54 am

    So sorry to hear about it... no matter how you prepare for this type of situation, it always seems to yank out the rug from under us. Your faith and your frugality will help you weather this storm, and it is only a temporary setback.

  18. Koppur Says:
    October 9th, 2008 at 01:01 pm

    I'm so sorry!!

  19. asmom Says:
    October 9th, 2008 at 02:34 pm

    I'm terribly sorry to hear this. Keep the faith and you and your family will get through this.

  20. debtfreeme Says:
    October 21st, 2008 at 11:28 am

    Just catching up in the blogs. I hope things are looking up for your family!

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