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How does an employee of a company that has filed for chapter 7 get paid?
What are the steps an employee of a major company that has filed for chapter 7 in that last day need to take in order to ensure they will still receive the final two paychecks they are owed?
CBS 2 Legal Analyst Irv Miller explains that Chapter 7 bankruptcy means the company is being liquidated, as opposed to Chapter 11 bankruptcy, in which a company tries to reorganize and remain in business.
Miller said a Chapter 7 filing usually means a company has "major league debt," and it is unlikely that employees would get their last paycheck. He said someone could conceivably buy the assets and reopen the full Bennigan's chain, but that would only be after a long, drawn out court process.
In the process of chapter 7 the debtors are paid first. This usually doesn't include the employees. My advice would be to contact a lawyer or someone who specializes in labor laws.
Doctor Deth
just because they filed for bankruptcy doesn;t necessarily mean they have absolutely zero cash, unless they told you that and said they wouldn;t be able to pay you -probably have to talk to lawyer to see about getting on the list with the creditors and file for unemployment right away and hope they paid their unemployment taxes
NHMike
Chapter 7 = liquidation. You will be luck to get paid after the assets are disposed of.
Carl_the_Truth
You might not. If they have no funds they can't pay their debts.
Doug S
from what i've read, file a proof of claim for any unpaid wages, vacation benefits, etc. owed from before the date of filing. You can obtain a proof of claim form from the local bankruptcy court. Follow the instructions on the proof of claim. File the proof of claim with the bankruptcy court. Make sure you send them a copy and ask to have it returned to you with a date stamp.
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