How about drawing unemployment and looking for another job first? Sounds to me like you are going straight to the nuclear option.
When I was laid off after 40 years and 26 years with the last company, I got a severance package. Earlier that year the company changed the rules to force me to go on unemployment get the “transition benefit”. I was reluctant to go on unemployment, having never done so, but I wasn’t going to give up my package. Do what you have to do. Go for the unemployment and use the tools that come with it to find a job that replaces the income you had. Good luck!
Note - my layoff was Gulf Oil Spill related and a direct result of that little swim that Obama photo-op’d in Pensacola bay. It was done to send a message to the Coast Guard to get the Oil Spill off the front page, they cancelled our contract, and I was laid off.
I agree. Things are bad right about now, but you have some options. Exhaust them before doing anything drastic. Prayers up.
Exactly. No need to jump into the burning pit without first weighing your options. Give things time. Kids can get grants and scholarships or they can start paying a bit of their own way (McDonald's is hireing). Hang onto the 401K and the house. Cut everything thing you can NOW - magazine subscriptions, phone/cell extras, tv, don't eat out, stock pantry foods now while there is cash available. Call your credit cards and explain the situtation and ask for a lower interest if you have outstanding debt. Ask your auto insurance if you eliminate the "home to work" travel. Get the most important bills or monthly charges paid off NOW - all insurance payments (home, life, car), property taxes so they can't take your home later... yes, I know you said there is no money but take the $ that you can cut out and put it toward those important bills. If you don't pay your car insurance then you're subject to a fine if you're stopped and you're up the creek and can't go for job interviews if you have a wreck without insurance. Same with health insurance.
Then get your resume together and start looking for another job. Jobs are out there but many people think they're too high and mighty that they won't take a lower paying or lower prestige job. Don't be that guy.