Bankruptcy Tips and Advice For Bear Stearns Employees

The collapse of the Investment Banking Firm, Bear Stearns will cause massive lay-offs. How many is not yet known, but it could well be into the neighborhood of 12,000 or more, currently it appears they have somewhere just over 14,000 employees, but of course, they will no longer be needed, and looks as if their 401Ks may be completely depleted. Many of the Bear Stearns employees, will be laid off or terminated and that means a huge hit to the dismal job figures for the next quarter in the US economy, however the real pain will be to those employees who lose their jobs and will most likely be forced into foreclosure and bankruptcy.

What tips can we give those laid off Bear Stearns Employees who will be forced into bankruptcy? Well, first they need to get the proper paper work secured by a competent New York Attorney, and perhaps they can get a group discount as so many will be in the very same boat. Some of these employees will be left in a similar situation as those who were left in the wake Enron, as those at the top continued to water ski, while they treaded water. A New York style bankruptcy for a high-paid Bear Stearns employee could run as high as $8,000 to $30,000 and they will most likely need the best possible lawyer to help them through this troubling time.

Since, 30% of Bear Stearns stock is owned by its employees, and since that stock is now worthless, some of these employees are literally wiped out completely and will have no choice but personal bankruptcy. It is therefore important that they take immediate stock of all their personal assets, tax paper work, property assessments at the time of the collapse and what is left if anything of their 401K or stock portfolios. That is the advice that Wall Street Lawyers are giving today in the New York Times and that sounds about right to me.

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Be Your Own Budget Finance Director

Large corporations often hire a budget finance director to oversee the corporation’s budget. This person may create the budget, analyze data, and implement financial policies for the employees to follow. This person’s job may also be to set short and long range financial goals for the company to reach.

Setting yourself up to be the budget finance director for your personal finances or for your family gives you a lot of power and the responsibility to make wise decisions. While far too many people view a budget as an unnecessary constraint that takes all the fun out of spending money, as director of your personal finances, you know that you are leading yourself and/or your family on a successful financial journey when you take this responsibility seriously.

While creating your budget, either on paper or on the computer is the easy part, actually living by it is a little more difficult. However, when you budget for every conceivable expense and category, you will find that your budget is not constraining at all but that it actually frees your money to be spent wisely.

Telling your money what to do by creating and maintaining a budget is important regardless of how much money you earn. Whether you earn minimum wage or megabucks, it is important to plan ahead for how your money will be spent. When you plan ahead, you cut out impulse purchases, which can throw a wrench into your budget. Also, just by planning ahead, most people are much more careful with their money. After all, most people don’t plan to be irresponsible; these are often decisions that are made on the fly. By sticking to your plan, however, you will find that the financial decisions you make are more sound and will lead to a brighter financial future for you and your family by being your own budget finance director.

People who live paycheck to paycheck often have no financial direction for their money. They pay their bills or as many of them as they can and the small amount that may be left over simply fritters away. However, when you set out to be the director of your own finances, you will find that there are almost always areas in which you can improve your financial picture.

Setting and reaching goals is an important part of any financial picture. By setting and reaching goals, you will find that you are willing to cut corners in some areas in order to make room for more important expenditures in other areas. Being your own budget finance director is a big job but it can also be a fun and challenging position that improves the future for you and your family.

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