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Questions About Company Bankruptcy Chapter 7

How do the former employees get paid when a company files for Chapter 7 bankruptcy?

I am a former employee of a company who is filing for Chapter 7 and the employee’s have not been paid in full in some time and we would like to get some type of money due to us.

Industry Expert answers:

You file a claim with the trustee of the bankruptcy. Employee’s wages are at the top of the list when it comes to disbursing whatever assets the bankrupt company might have, Just note it may be a while before you see any money.

Any chance I get paid from a company that filed Chapter 7 bankruptcy?

I did a contract job for them in July 2008, they owe me $1000. They filed chapter 7 bankruptcy a week later. I filed a claim with the bankruptcy court but haven’t heard anything. Can I expect to get anything owed to me?

Industry Expert answers:

In reality, no. Usually there’s nothing left after the government, banks, lawyers, and employees get paid.

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