Severance Pay And Chapter 11
I was wondering it someone can give me some insite on a matter.
My position was recently eliminated and I was given 3 months of severance pay but shortly after the company filed for chapter 11. My stopped immediately and I was told to file a claim for the remaining balance (which I did).
What is the possibility I will ever see the remaining money the company owes me? I'm sure I just get in line with everybody else the company owes money too, so I'm sure its not good. Really disapointing.
Thanks for any feedback.
Re: Severance Pay And Chapter 11
That's all you can do - is file a claim. Whether you get paid depends on the assets of the co. & the other creditors filing claims. Also, some creditors take precedence over others.
Re: Severance Pay And Chapter 11
Any idea when I would be informed of how much if any I will be getting? Is it after the final Confirmation hearing?
Re: Severance Pay And Chapter 11
Here is some info on chapter 11 bk & unsecured creditor info:
http://www.arnoldporter.com/pubs/fil...itor(6-04).pdf
Re: Severance Pay And Chapter 11
Betty, this link is broken. Is there a replacement link? Thanks!
Quote:
Quoting
Betty3
Re: Severance Pay And Chapter 11
That might be because this thread is almost a year old (from 2-08). Did you have a specific question in regard to bankruptcy of a business & "wages" due? If so, please start your own new thread with your question & we'll see what we can do for you.
Thanks.
Re: Severance Pay And Chapter 11
You can still read the article here; I haven't reviewed it, but I suspect it was taken down due to concerns that it was out of date.
Re: Severance Pay And Chapter 11