Sorry you are going through that...focus on the experience and vow to do whatever it takes to not be there again. DW and I recently went through a situation with a cut in pay and I know how stressful it can be. It comes down to making some tough decisions and deciding what you are willing to give up.
Focus on these 3 areas and write the first two into a concise budget: income, expenses, and assets.
Starting with income....
1) Get any job. It doesn't matter if it is above you, beneath you, or just right. A minimum wage job for 40 hours a week will net you over $1,100/mo and that will keep a roof over your head and pay for your car (or food). Flip a burger, fry a fry, or shake a shake. It doesn't matter. The goal isn't to get a career in that job, it's to survive temporarily. You can always quit it as soon as you find a permanent job. Or if you can't find a full-time min. wage job, find two 20-hr jobs. Or three 20s and make an extra $500. Do whatever it takes.
2) Apply for unemployment now. You can get away with it because even if you got a job today, it'll take up to another 2 weeks before you see your first check.
3) Go back to HR. Ask if there's any sort of severence package. If not, are you anticipating one more check? If so, ask to change the W-4 IRS certificate for withholding. Change the fixed deduction to $0 vs. putting 1, 2, 3, or more dependents. You'll see a bigger paycheck. Do the same for state. Doing this for a payday or two or three won't hurt anything and any taxes wouldn't be paid anyway until 4/15/2013 at the worst. Also, if you have any fixed deductions, consider cancelling those too. YMMV on what those may be...e.g. suspend any 401(k) or savings.
4) Aside from working temporarily somewhere, start your own business. Again, unless your income is substantial where you'd have to pay quarterly, you can have income come in tax-free in the short term (just pay by next April). Mow lawns. Do landscaping. Shovel snow. Offer to deliver pizzas as a 1099er. Figure out what you like to do, even as a hobby, and do it for income.
5) We all have 24 hours in the day. It's how you use it that counts. I'd use the spare time to type up and send resumes. I remember being out of work right after school during a tough time in the economy and I sent about 25/week, and IMO, that was too little. If I was out of work tomorrow, I'd send out 100/week and aim for at least 5 interviews per week.
So, I'd do the following and write the income down in a budget format.
Then I'd move to expenses:
1) I'd start cancelling items like landline phone, cable, and other items not necessary. I'd keep a cell phone though, especially in a job hunt.
2) I'd consider selling the car if it meant saving $$$. $600/mo isn't cheap. I'd borrow $$$ to cover any deficiency and extra for a $4000 or so beater and I'd sell the car you have. Your monthly payments would drop by more than half and insurance would likely drop too. If there's extra equity, then you don't need another loan, you can pay it outright and save even more.
3) I'd stop going to school. You can always pick it up later. There's no point going to school if you can't pay the bill or have no place to call home or even not have a car due to any repo. You can always go back later on.
4) I'd go over my past statements and look to see where I spent my money and make changes as necessary. It's a temporary change and you'll find you'll save money in the process.
5) Make a list of every expense from most important to least and take the $$$ that's in the income column and pay off expenses on paper from top to bottom. Whatever you cannot pay for, then forget about it. Leave it off or increase income. I'd make sure housing, utilities, food were at the top, followed by car (or clunker), cell, and so on.
Finally, to get you over the next month or two or three, look at the assets you have. Consider selling them. Again, look at your car. Sell off any non-retirement investments or savings. Sell off stuff around your house you don't want, need, or never use.
I wouldn't worry about credit now. I'd worry about eating and having a roof over my head. That should be your focus. In your mind, pretend you'd have $0 in the bank effective tomorrow, with nothing else coming in, and take steps to earn that income. You don't want to be in a situation where you are eating away at savings. That goes away in a hurry.
any suggestion/advice on how I can approach in order to not have any of these accounts go delinquent and ruin my credit again!? 
Starting Score: ~470 preBK(8/2010)
I'll keep you guys updated!
