Horsehead Corporation has been a fixture in Beaver County since the 1920s. The plant, located in Potter Township, employs approximately 575 people and manufactures zinc products. Unfortunately, in a couple of months, this Beaver County institution will cease to exist.
In 2012, Horsehead announced that the plant would close and operations would move to a plant in South Carolina. No exact closure date was announced. Approximately two weeks ago, employees were notified the plant could close in as little as 60 days.
I met with a Horsehead employee shortly after the tentative closure date was announced. He was looking for guidance as to how to handle his finances once the plant closes if he is unable to find another job quickly. Like many middle-class Americans, despite making a good living for years while working at Horsehead, he has accumulated some credit card debt. He is able to manage the monthly minimum payments on his current pay, but if he has to go on unemployment compensation and, therefore, have a decrease in income, he will have just enough money for his normal, monthly living expenses and nothing left over with which to pay the credit cards. This would make him a perfect candidate for a Chapter 7 bankruptcy.
Hopefully, the man I met with is able to find another job quickly and never has to file for bankruptcy. However, he was very smart to come in and see me when he did. Now, he is prepared for whatever comes his way. Some people are under the misconception that you have to be behind in paying your bills before considering a bankruptcy. That is the farthest thing from the truth. It is always best to find out what your options are before you are in the middle of a financial crisis.
If you think you are close to finding yourself in financial trouble, now is the time to give Steidl & Steinberg a call. We can meet with you for a free consultation and explain all of your options to you. For employees of Horsehead Corporation, we even have an office conveniently located in Beaver. Always remember that finding out about your options before you run into trouble is not putting the cart before the horse.