Chapter 11 and accrued vacation pay

[jscott65]

I am employee with a binding contract. I have 400hrs of accrued vacation time and the company is about to file chapter 11. Should I resign before the company files in oreer to claim the pay or is this a hopeless situation.

 

[cbg]

1.) What does your contract say about:
a. Resignation before the end of the contract term
b. Payout of vacation on termination (voluntary or involuntary)

2.) What state are you in?

 

[jscott65]

The only language regarding that would be that either party may terminate the agreement for "any reason or no reason whatsoever, upon at least 5 days prior witten notice to the other"

In the event I am termintated without cause it state that I would be entiltled to my severance, expense reimbursment, and pro rated bonus or incentive benefits, if any and vacation benefits actualy accrued to date of termination

State of New York

 

[cbg]

I hesitate to tell people to resign, particularly in a bad economy. Show the contract to a NY attorney who can read the entire thing and see what he says.