Employees of Bankrupt Companies

Being employed by a company that has recently announced that they will be declaring bankruptcy can present some unique challenges. After all, what does that mean for your employment? How much time do you have to find a new job? Will there be a severance package? There are several things to consider if you find yourself in this unfortunate situation. However, there are steps you can take as an individual to make the transition as smooth as possible, as well as ensuring financial stability throughout the process.

As an employee of an insolvent or troubled company here are some things to keep in mind.

Be tuned in – Ideally, if you keep yourself informed and updated on your company’s dealings and financial standings, you’ll know if the company is headed for trouble well before they declare bankruptcy. This will give you time to form a plan, get your personal finances in order, and begin the search for a new job.

Do your research – In some cases insolvency doesn’t necessarily mean that a company will close it’s doors. Another company may buy out your company. In these instances, the new management company may decide to keep current positions and employees. If this is the case, do research on the new company to decide whether or not they are someone you could see yourself working for.

Be informed – The United States Department of Labor requires employers of 100 employees or more to notify staff of closings or layoffs at least 60 days in advance. The USDOL also provides resources for employees and dislocated workers to aid in their search for employment through career centers.

One of the hardest parts of a company bankruptcy is not knowing what the future holds. Not knowing exactly what will happen can be stressful since you have no control over what is happening with the company. Just remember that it is completely normal to feel stressed and angry about your situation. However, knowing that you do have control over your own personal situation as far as getting your finances in order and beginning a job search can help tremendously. Try to keep a positive attitude and ride out the storm. This could be an opportunity for you to find something bigger and better career wise.

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