Bankruptcy comes in two flavors, Chapter 11 and Chapter 7. 7 is liquidation, everything is sold. 11is reorganization and it means that the company operates under the supervision of a judge. The goal is to emerge as a viable company. As Andy notes, it takes time. As to bouncing paychecks? Less likely, oddly enough. Remember the old mangement is not in charge, a judge is. Call me if you'd like to--and keep looking. dad
3 comments:
Probably means you have a minute or two. The bankruptcy will have to move it's way through, plans will have to be made, assets sold.
Keep looking, but bankruptcy for the company might not be a really bad thing for you, as long as the paychecks don't bounce.
Andy
Bankruptcy comes in two flavors, Chapter 11 and Chapter 7. 7 is liquidation, everything is sold. 11is reorganization and it means that the company operates under the supervision of a judge.
The goal is to emerge as a viable company. As Andy notes, it takes time. As to bouncing paychecks? Less likely, oddly enough. Remember the old mangement is not in charge, a judge is. Call me if you'd like to--and keep looking. dad
Good luck - I second Andy and Dad, but it doesn't hurt to step up the hunt now. Because sooner or later, you will either have to or want to move on.
Post a Comment