California Personal Bankruptcy Filings Could Rise After October's Mass Layoff Increase
November 27, 2006 |
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California companies announced 346 mass layoffs in October 2006, up dramatically from 246 in September. The Bureau of Labor Statistics reported unemployment insurance claims made by California workers increased by more than 13,000 in October 2006 compared to September.
Mass layoffs can occur when businesses decide to restructure by shutting down plants or closing stores due to decreased product demand or increased operating expenses. In some cases, a mass layoff is the only way a company can successfully emerge from bankruptcy. Unfortunately, laid off workers may find themselves with increased financial burdens if they are unable to find a new job. Many people decide to file for bankruptcy shortly after they lose their job.
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