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Hi! Im getting laid off since the company is about going BK.

Hi! I'm getting laid off...
Hi! I'm getting laid off since the company is about going BK. My contract says I'm entitled to be payed one month salary for each year I've been with the company and I've been with them for 10 yrs. Company offered a 1k/month settlement payment for the period while it's still alive. Do you think it's worth trying to get those money from them by suing them?
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Answered in 3 minutes by:
8/5/2009
Law Educator, Esq.
Category: Bankruptcy Law
Satisfied Customers: 119,608
Experience: Attorney At Law handling education matters.
Verified
You need to file a claim as a creditor in the bankruptcy. Wage claims are placed ahead of the line of the secured creditor claims, so they tend to get paid first in the bankruptcy. Whether or not you will get paid depends on how much the bankruptcy trustee is able to get out of the company in the bankruptcy. You cannot sue because if you do, the suit would be dismissed in the bankruptcy, so this is why you file the wage claim with the bankruptcy court as a creditor of the bankruptcy estate.


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Customer reply replied 8 years ago
Does that mean I have to wait for BK to start before claiming anything? I guess, theoretically they could lay off everybody and keep the company for a long period - whould my claim subject have any expiration date?
If they have not filed bankruptcy, then they owe you the money and you can file suit against them, once they file bankruptcy, then you have to file as a creditor in the bankruptcy. I misunderstood and thought you said they were already filing bankruptcy, once they file bankruptcy you have to file as a creditor of the bankruptcy and your suit for breach of contract would no longer be valid.
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Customer reply replied 8 years ago
Final question. If I file now for breach of contract an a couple of months later they go BK, would I be able to withdraw previous claim and reclaim again as a creditor?
BTW, I don't have an attorney, would you be interested in assisting in this?
Yes, if you file now for breach of contract and it gets dismissed because of the bankruptcy, then you could turn around and file as the creditor of the bankruptcy estate.
Law Educator, Esq.
Category: Bankruptcy Law
Satisfied Customers: 119,608
Experience: Attorney At Law handling education matters.
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