Company is filing Chapter 11, What happens to me?
May 15th, 2010
The company that I work for is filing Chapter 11. What happens to me. I am a night and weekend receptionist. So I am fairly low level. Is my job in jeopardy? I’m not really sure how this Chapter 11 thing works either. I overheard my boss talking about transferring assets and what not. So I’m not sure what to think.
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Chapter 11 means that they are "re-organizing", which means they will stick a bunch of their vendors & creditors and try to keep running.
Is your job in immediate danger? Hard to say, have all your paychecks been on time and good?
In the future? Again, hard to say–it could go either way for a low-level person.
How busy are you? Do you have lots of downtime or are you busy all the time? Are you a "value-added" employee, one that gets extra work and duties?
If in your shoes, I would update my resume and be prepared. There are hundreds of thousands of American companies that are on the verge of bankruptcy right now.
Good luck to you in your future.
come answer my question plz