I’m a former Sears associate currently on severance pay will I still receive my severance pay if they file for bankruptcy ?
7 replies (most recent on top)
If it is chapter 7 then you had better file a claim for back payment. All assets, including payroll, will be frozen until the BK is brought before a judge. He/she will decide how the BK is to go and who gets paid what. Employees are usually #3 on the list of persons to get paid.
Yes, but only in Shop Your Way Rewards points.
I got my final severance payment last week (thank god!) I literally flew in under the wire and now I’m finished with this place!!! I’m not sure what will happen to people still on a severance plan. My guess is it will be halted sooner rather then later
Chapter 7 current employees might not even be paid our last checks owed. Everything freezes until liquidators are brought in. Don’t hold your breath
Haha s---s to be you
It may end immediately.
A ch. 11 most likely but I wouldn't put any money on it not w/ fast Eddie making the playbook
A ch. 7 NO WAY you become just another creditor and last on the totem pole