Newsflash: Backing out 2 weeks before close?

Hi! Needing some advice!State:Georgia Purchasing a house with $20K EMD. Husband recently got told of pay cuts a few days ago, not enough to damage the sale of the house, we can still afford (haven’t told lender yet but it’s not too significant of a cut). We are selling our current house as well and the money we earn from that can be a bit of a safety net if something goes wrong for 6 months. My husband is worried his company may go under and found out some new info in the last few days before his pay cut and worried we’ll close on the house and then he’ll lose his job and not be able to find another one for a long while because his industry doesn’t have a lot open right now (some people in tech have been out of jobs for a year, some friends still looking). We have a financial contingency, our sellers are particular people and I feel 50/50 they would sue us if they could since they had other buyers they missed. Do we go through with sale and hope the money made from the last house carries us through IF he ends up losing his job soon after closing or do we use financial contingencies as a way out- can we still be sued if so? If we lose EMD that is ok but agent fees etc and everything else we don’t want to have to deal with that.