Corporate Bankruptcy; EmployEE payments

[deltaforce]

What is the name of your state (only U.S. law)? California

I think my Employer, based in Northern CA is going to file for Chapter 11 or 7 bankruptcy (it's hard to know what's going on). I've been with the Company a little over 12 months. In my original offer letter, I have a separation clause which guarantees various payments, including severance - where the reason for termination has nothing to do with me. But I don't know if I'm eligible for the severance pay under a corporate bankruptcy. Anyone know the answer?

I've been assured that I'll get my regular pay and PTO earned through the termination date, but I can't get any answer from the Company re. the above.What is the name of your state (only U.S. law)?

 

[cbg]

We cannot comment on a document we have not read. Show it to an attorney in your state.

If you are looking for a law that says, "In cases of corporate bankrupcy all severance agreements are automatically invoked" there isn't one. It is the terms of the agreement that will determine what is owed, and only an attorney in your state who has read all the appropriate documentation in full can make that determination.