bad news!

Well yesterday I got some bad news, the company I work for is essentially shutting down operations. The only part of the company that is going to stay is our servicing area of the business which is located in Cleveland. my boss told us that everyone in the department is welcome to stay on and work for CIT ( our parent company) but that would mean relocating to new york or new jersey, so obviously not an option for me! I have posted a link to one of the many news organizations that is posting this news all over. luckily for us they are giving a severance package, although we have not received the details yet, and we will be leaving in stages. according to my boss and execs at CIT, our finance team should be remaining on staff until the 3rd or 4th quarter of 08.
needless to say my stress level is through the roof right now, over the past 24 hours I have been mulling over all of our options in my head trying to figure out what we should do. The options I have been considering are:
1. Pete goes to OCS and I stay home while maybe picking up job at creative memories, pampered chef, tastefully simple, etc..
2. I try to find something that I can do from home (maybe a home daycare situation?) while staying home with Kennedy and if necessary Pete finds a second job
3. I try to find something here (the job market around here is not very good) and Kennedy would have to go to a daycare during the day- last resort

luckily, as I said before we are getting a severance package, which I am hoping we can use to pay off all bills and put some away in savings as a backup in case things get tight.

if you have any thoughts on some other options please feel free to weigh in, and hopefully I will have more information within the next two weeks as they have told us.

http://online.wsj.com/article/SB120722736339386303.html?mod=googlenews_wsj