Legal Question in Bankruptcy in Georgia
employee serverance package
If I am working for a company that is downsizing and was offered a serverance package. What would happen if this company files for bankruptcy. Company is based in Boston I live in Ga.
Asked on 5/02/07, 7:56 pm
1 Answer from Attorneys
Robert Thompson
J. Robert Thompson Attorney
Re: employee serverance package
In Chapter 7, you would probably lose whatever they promised you. In Chapter 11, you might recover some of it, with (perhaps) stock in the reorganized company in place of some or all of the debt.
Get your severance up front and in cash, if at all possible.
Answered on 5/02/07, 10:39 pm
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