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Understanding what to do if your employer files for bankruptcy

You have been suspicious of the financial security of your employer for quite some time and have begun to look elsewhere for employment. However, nothing could have prepared you for the bombshell when you arrive at work and find out that your employer has filed for bankruptcy and will be liquidating its assets over the next several months. At Debra Booher & Associates Co., LPA, we have helped many people in Ohio to cope with the consequences that come as the result of having to file for bankruptcy. 

Upon receiving the news, your head is filled with questions; what will happen to my job? How will this affect my benefits? Will having worked for this company reflect poorly on a resume? One of the first things you should be aware of is how to continue once you know that your employer is planning to close its doors. According to Chron, before you come to an immediate decision about which direction to go with looking for a new job, be sure you understand what type of bankruptcy your company has filed for. Differences between certain bankruptcy protections can be quite significant and while your employer may be reassessing its financial security and debt allocation, it may not necessarily mean an end to your employment. 

If you are terminated and offered a severance package, you will most likely be compensated to a degree for health and retirement benefits. However, it is imperative that you try to negotiate terms. Do the best you can to get as much as you can considering you will never be able to get exactly what you have been promised. 

If your employer is filing for bankruptcy, it is important to know your rights as an employee and how you should proceed going forward. For more information about the consequences of bankruptcy, visit our web page.  

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