Creditors get paid first and last creditors who are left, i.e. employees gets what is left, so best to quit now before the inevitable chapter 7. Remember unemployment also covers loss of hours.
This is the best possible advice. Chapter 11 is bad enough, but if we enter Chapter 7 proceedings, it's even going to be even worse. Leaving now is the best option for many of us.
"but if we enter Chapter 7 proceedings, it's even going to be even worse"?
By definition, Chapter 7 means you're tipping the hat, calling it a day, and exiting stage left. So, um, yeah, that would be worse. Duh.
Payment priority for bankruptcy
Debts incurred after bankruptcy petition is filed
Bankruptcy administrative expenses
Secured creditors
Employees (High priority unsecured creditors)
Unsecured creditors
Shareholders
@pyo "PUMP DAT STOCK!"
#wegotthis hahahahaha
"If we all work together and push for more sales we will get through this stronger than ever." Ex-Sears employees might offer you a differing opinion.
If we all work together and push for more sales we will get through this stronger than ever. Don’t give up now!