I live in NY, and I was offered a generous severance package, however the company is in bad financial shape. I was part of a group layoff and I am over 40 years old, and have 45 days to sign and 7 days to revoke. Should I wait 30 days to sign it and get t

I live in NY, and I was offered a generous severance package, however, the company is in bad financial shape. I was part of a group layoff and I am over 40 years old, have 45 days to sign and 7 days to revoke. Should I wait 30 days to sign it and get unemployment? I am concerned that I may become an unsecured creditor to the company in the future and not get any money... and then the base period for unemployment claims has passed. What is a good course of action?

1 answer  |  asked Sep 15, 2019 06:28 AM [EST]  |  applies to New York

Answers (1)

V Jonas Urba
Do you have sufficient earnings in 2 of the last 4 full quarters to qualify for UIBs? If so unemployment may not be a concern.

Bankruptcy could be. Why not have employment lawyers review the agreement and advise you appropriately? We often do so remotely and are happy to discuss costs, possible benefits, other reasons to do so.

The company might carry liability insurance if discrimination is occurring. What reason would a bankrupt or going bankrupt company have to offer you anything? Even if a contract required it?

Call employment lawyers, us, get legal advice you can rely on. This is not that only suggestions.

posted by V Jonas Urba  |  Sep 15, 2019 08:08 AM [EST]

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