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Post-layoff employment options
If you're out of work, you need to figure out a way to pay your bills, your options and a way to transfer your skills.
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NEW YORK (CNNMoney.com) -- It's bad enough to be laid off, but to lose your job in the midst of one of the steepest economic downturns of recent memory - that's even more difficult.
In fact, the amount of time the average worker has been out of work is expanding from eight weeks to ten weeks, according to the Bureau of Labor Statistics, and it could get worse. How do you cope? Here are some suggestions:
You can take out your retirement money - federal law allows tapping your 401(k) for a hardship withdrawal if you lose your job. But if you can avoid it, do.
Face it, if you move your money now, you'll have to cash out of investments that are down 30% to 50%. You'll be selling at lows, and locking in losses.
Worse, you will likely have to pay a 10% penalty if you are younger than 59.5 years old. On top of that 10%, you'll pay taxes.
Bottom line, is that about 40% of your distribution is going right back to Uncle Sam.
Finding money to pay the bills when you're laid off is one of the most difficult tasks. If you have a home equity line of credit, now is a perfect time to tap in.
Unfortunately, many folks have had these loans canceled or revoked. If the HELOC isn't an option, you'll need to look at generating new income.
Consider picking up any sort of part-time work to make ends meet; freelance is an option for some workers.
People in the best situation right now are those with transferable skills. For example, a good sales person can sell widgets or Gidgets, it doesn't really matter.
Construction workers across the country are transferring to green retrofitting. Former real estate brokers are running businesses managing foreclosures. But not everyone can transfer skills. Some of us will have to retrain.
Consider community colleges, some are offering fast track programs for people who are trying to develop new skills sets.
Online colleges is another way to go for people of limited means. To find an accredited online college check out the Council on Higher Education Accreditation. That Web site is chea.org. 
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