Even though there are reports that the economy is gradually improving, there may be some struggling to make ends meet, spreading their wages between their mortgage payments, credit card bills and household spending. Though many are making ends meet, an unexpected event, such as losing a job or suffering an injury, may wreak havoc on their finances.
The residents of one Arizona town may have difficult times ahead as one of its employers closes down during bankruptcy proceedings. The mill's closure could lead some residents to declare either Chapter 7 or Chapter 13 bankruptcy, as they lose their jobs amid an already difficult economic time.
Overall, 308 employees will lose their jobs, though not all of them live in the small Arizona town. The town has about 5,600 residents and the county has a jobless rate of nearly 15 percent. Around 5 percent of the town's population was employed with the mill. The company declared it provided $30.5 million in benefits and wages last year alone to the town's employees.
According to the company, the closure will likely affect an estimated 1,000 additional jobs related to the mill's operation.
Amidst hopes that the mill may be sold to a buyer interested in reopening it, residents are moving towards finding jobs with mines in other areas. Workers indicated they would work at the mines and live in temporary housing while leaving their families behind.
Losing a job can strain an individual's finances. He or she may want to consider filing for bankruptcy if debt becomes overwhelming. As Americans continue to look for work, they should consider all the options available to them so they can continue to support their families.
Source: AZCentral.comÂ
