If your company's in trouble, you've probably got some idea. Bigger companies regularly find themselves grist for the Internet rumor mills and then there's office gossip, frequently a great way of finding out if you've got two days, or two months. Know the law. Of course, you're probably not going to get a good reference that way, but it's the law. No more funny money.
Young workers are notorious credit abusers and bad, bad savers.
Give yourself some breathing room and make sure you get anything you can from your company before they go bust. Dust off your human resources guide, if you've got one, and see what it says about this kind of termination. They are putting you out of a job, so it's the least they can do. If it is offered, recognize that you've got nothing to lose, and always ask for a better deal. You also want specific, written details.