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My workplace filed for bankruptcy or is going out of business, how do I cope?

10 Answers
Last Updated: 05/08/2017 at 4:25am
1 Tip to Feel Better
United States
Moderated by

Sarah Robb, LISW-S (Licensed Independent Social Worker, Supervisor Designation) and LICDC (Licenced Chemical Dependency Counselor)

Clinical Social Work/Therapist

Difficult roads often lead to beautiful destinations. Life poses many challenges. Learning to face, cope with, and resolve these challenges can increase our resilience.

Top Rated Answers
November 13th, 2014 8:25am
Take one step at a time. Don't let it go to your head too much. Apply for a job elsewhere, something should come up!
November 13th, 2014 11:33pm
Prepare yourself, maybe you can start looking for other employment options, so when the time comes you'll be ready and have a backup plan!
November 22nd, 2014 10:58am
Have some faith, things might work out. Also, start looking for another job on the side just in case.
November 23rd, 2014 1:04am
The first step is to evaluate your options and financial situation. Following that, the best option is to begin a search for a new job as soon as possible.
November 24th, 2014 9:10am
Try to get someone's opium. It helps a bit. Ask for help. Quickly close the business and start a new business at the other place.
December 7th, 2014 4:35am
Oh, that's tough. For one, you have to realize that its not your fault but it puts you in an awkward position. Obviously you can't control how the folks upstairs manage the finances but in your case, you have to figure out what to do next. The first thing to do is update your resume and get onto the job market. With such a quick change of direction, I'd suggest putting your resume, Immediately, into a temp agency to get some stable income for the interim. Chances are you will find a decent job for now but you will likely want more. Keep putting in applications at the jobs you really want.
December 19th, 2014 5:13pm
Unfortunately, this situation is inevitable, which means that it's happening and there is no reversal. Fortunately, however, that doesn't mean your life is over. The worst thing to do is be in denial. The sooner you accept the fact, the easier it will be for you to start looking for other jobs. Just stay calm and you will get through this!
- Expert in Work Stress
January 3rd, 2015 5:41pm
This is a very difficult situation, especially if you have been employed by this place for a long time. It honestly depends on the specific situation. Sometimes when companies are sold to others, they will develop temporary contracts with the company who bought them out, to help the employees. This is not always the case, however. Use this time to apply to as many places as you can. You can always use your former employer as a reference. The financial status of the company doesn't reflect on you as an employee. Remember that. The company has simply fell victim to circumstance, and it is out of your control.
September 21st, 2015 4:59am
First thing you should try to do is start looking for other places of employment right away and start applying. The sooner the better that you can try to find work and get back on track.
May 8th, 2017 4:25am
Sounds like another uncomfortable unforeseeable life transition! However, most companies allow employees to move to another similar business with certain relationships and will allow the employees several weeks to find another job. Its important to use the time given to speak with Career counselors, Employment agencies to see where we best fit in. Also, share how you are feeling with other about the years of dedication that you put into this company. I understand its a uneasy situation but i know you will come up with a plan that is great for you.