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Severance Pay And Chapter 11

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  • 02-11-2008, 06:16 PM
    rog_lewis
    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.
  • 02-11-2008, 08:13 PM
    Betty3
    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.
  • 02-20-2008, 05:31 PM
    rog_lewis
    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?
  • 02-20-2008, 10:13 PM
    Betty3
    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
  • 01-14-2009, 10:12 AM
    djrichard
    Re: Severance Pay And Chapter 11
    Betty, this link is broken. Is there a replacement link? Thanks!

    Quote:

    Quoting Betty3
    View Post
    Here is some info on chapter 11 bk & unsecured creditor info:

    http://www.arnoldporter.com/pubs/fil...itor(6-04).pdf

  • 01-14-2009, 06:56 PM
    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.
  • 01-15-2009, 10:29 AM
    aaron
    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You can still read the article here; I haven't reviewed it, but I suspect it was taken down due to concerns that it was out of date.
  • 01-15-2009, 12:32 PM
    Betty3
    Re: Severance Pay And Chapter 11
    Thank you, aaron.
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