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If an LLC declares bankruptcy how are owed employee wages handled?
If an LLC declares Chapter 11 bankruptcy the employees wages will continue to be paid as normal. However, under a Chapter 7 bankruptcy, the employees are listed as creditors, and wages are paid out with other creditors from any remaining assets, if any remain.
If your wages were garnished and your employer is holding the money in an account how do you get the money released to you after bankruptcy has been awarded?
The back wages will not be released to the employee until the bankruptcy is discharged and the employer is notified by the court that the arrearages have been exempted from seizure.
Do a company have to pay for hours worked if they file bankruptcy?
Yes... sort of. The employees are considered creditors of the company, so getting them paid is part of the bankruptcy proceedings. The bankruptcy court will determine which debts get paid and at what percentage. The basic rules are that secured debts (mortgages, for example) get paid first, but back wages are in the second tier of priority, and each employee gets a priority amount of around $10000 (the amount changes periodically; I'm not sure what the current amount is). If they're owed more than the priority amount, then the excess gets put further back in line, and may be paid at a lower rate (or not at all).
Can priority debts be included in bankruptcy?
You don't have a choice, ALL debts must be included in your bankruptcy petition. Oh, also, priority debts cant be discharged in a bankruptcy.
Are employees unsecured priority claims in Bankruptcy Court?
Unpaid employees are priority unsecured bankruptcy claims up to approximately 10,000.
Can a Ca employer hold an employees wages?
There are situations where a California employer can hold an employee's wages. If the employee's wages are being garnished the employer can hold them.
Can wages be garnished if you do not make enough?
Bankruptcy can actually stop wage garnishments. If you can provide proof of financial hardship, wages won't be garnished during the bankruptcy.
If an employee steals from his employer can this amount be added to the employee's wages as taxable income?
This money cannot be added to the employee's wages as taxable income. This money is not theirs and should be reported to the police.
What are Employee wages are an example of?
variable cost
What is Remunaration?
It is the wages and bonuses paid to an employee.
If employer makes a mistake calculating past wages can the employer take back overpayment of wages from employee?
Yes. It is the employee's responsibilty to ensure their salary is correct.
What were wages in pulp mills in 2001?
Employee wages averaged $21.41 per hour in 2001
