contracts in business bankruptcy

[dirigent]

What is the name of your state? fl

am not certain if this is the correct topic under which to post, but here goes. i am a contracted employee of a business that is about to declare chapter 11 bankruptcy. what are my contractual rights? will i see any of the remaining salary owed to me? any info much appreciated, am new to this all.

 

[mr_black]

if the company files, you basically become another creditor that the company owes. You actually will be moved to the bottom of the priority list because you are not a collateralized asset. I am not an attorney, but a former CEO, depending on the debts owed by the company, 99.9% chance you wont ever get your money.

In addition, Fl is a right to work state so couple that with being a contract employee, you don't have many options.

Depending on how the company is structured, you may be able to peirce the vail and sue the individual who started the biz. If there is a large percentage of ownership you can't prove that the company is one individual, so that option is nill.