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angie k asked:
I have just been told that the company I work for has filed Chapter 11 and for bankruptcy protection. They say we will stay open, but how long can i expect to keep my job?
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I have just been told that the company I work for has filed Chapter 11 and for bankruptcy protection. They say we will stay open, but how long can i expect to keep my job?
Free Bankruptcy Evaluation
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Category : Bankruptcy
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Chapter 11 is just a reorganization of debts, like chapter 13 but for companies. Your company can survive it, but they won’t always tell you the truth about the real status. So just keep your eyes and ears alert, just as a precaution you might want to update your resume and start posting it online.
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The business can try in the first 120 days to come up with its own reorganization plan. After that, the creditors (the people who are owed money by the company) can start pressing for their own plan. But some bankruptcies can last for years.
The thing is, either management’s plan or the creditor’s plan might include cutting your job…or cutting your wages…or might never include either. Any plan needs to be approved by a judge and the hearings are an open process.
I’d recommend the article at How Stuff Works