If you work for a company that goes bankrupt, do you get a severance package.?

There is a Federal law called the: The Worker Adjustment and Retraining Notification Act

Which is really a layoff law not a retraining law.

I don't remember all the details. But the company is X size (Sears meets this) and is laying off a certain percentage of workers, the company must provide you 60 days notice or 60 days pay.

- If all of Sears dies, you would be covered. If specific stores close, you would be covered. But if random people are laid off you might not qualify.

Probably not. Depends upon the actual wording of the contract for severance and when you entered into it, and whether there are any other creditors with higher priority, among other things.

You'l get unemployment benefits.

if the company goes b/k there isn't any money to pay severance to anyone, THERE IS NO MONEY, that's the reason for the b/k

Severce isn't required by law, even if the company is not bankrupt. It would be rare to get severance from a bankrupt company - they're broke. Sometimes you don't even get all the wages you've earned

The Is no law.

There is no answer for this that is true in all situations.

Hard to say -- it depends a lot on how much the receivers can salvage from the company assets. Yes, you would be entitled to some form of severance pay, based on how long you have worked for the company. But the funds have to be there to make such payments. Employees are essentially unsecured creditors, unless there is a severance pay agreement.

It might not apply, but take a look at:

http://www.myglaw.com/blog/2011/11/salvaging-sever...

`They just wave, Goodbye.