by virtue of the financial tool called "bankruptcy" it is meant that you need protection from all creditors and those liabilities of your business. It's probably one of the reasons that the company needs help. Technically you could hire counsel to force your rights as employees but I can tell you this......in terms of fallout and who's gonna get their money first, employees are low on the totem pole. All the other creditors will have their claims satisfied first, read more about Enron- they are going through the same thing.
Chapter 13 should not affect your vacation time. In fact, it probably falls under the employment non-discrimination clause of the Bankruptcy Code, which prohibits current & potential employers from taking any action against you due to bankruptcy. If your vacation is paid as part of your regular pay, your withholding should continue just as if you were working. If you get a separate check for the vacation, discuss it with your trustee--especially if it's paid out like a bonus.
In the USA, normally employees in the private sector do not receive unused vacation pay when they resign or are fired. In the public sector, however, it is commonplace for public employees to receive pay for unused vacation pay. If a union is involved, then this issue will be found in the Union's agreement with the employees company or department. In many US States, even a resigning city school superintendent will receive pay for unused vacation days and even unused sick days.
Yes, Tweeter electronics filed for bankruptcy twice. The first time they were bailed out by SAMCO (schultze asset management), and then Schultze declared them bankrupty 10/08. Customers who put down deposits got their deposits confiscated. Employees lost final paychecks and vacation time and warranties were sold, but not honored until the courts stepped in.
Generally speaking: yes. But many countries allow company rules that say you must use up your vacation days for a given year in that calender year itself or within 3 months after the end of the calender year. After that, you may simply forfeit the right to the days not used up by then. In many countries companies also are under no obligation to pay out your unused vacation days.
In a chapter 7, yes, you can keep your vacation if you have no equity in it. This assumes you have not run out and borrowed money against it knowing you were going to file bankruptcy. In a chapter 13, the equity is only relevant to the amount to be paid to the unsecured creditors. You don't "lose" the property.
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