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  1. #1
    Join Date
    Feb 2008
    Posts
    4

    Default 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.

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default 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.

  3. #3
    Join Date
    Feb 2008
    Posts
    4

    Default 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?

  4. #4
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default 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

  5. #5
    Join Date
    Jan 2009
    Location
    Raleigh, NC
    Posts
    1

    Default 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

  6. #6
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default 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.

  7. #7
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default 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.

  8. #8
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Severance Pay And Chapter 11

    Thank you, aaron.

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