Re:

As discussed:

What happens to my wages/salary if the Company files for bankruptcy
protection?

The general rule is that a company that has filed a banruptcy petition is
not able to make payments on any prepetition debts until a plan of
reorganization is filed.

However, there are certain exceptions to the general rule.

Claims related to wages and salary earned within 180 days of a bankruptcy
petition filing (called "prepetition wages and salaries") receive a special
priority for upt to $4650 under the bankruptcy code (section 507(a)(3)) and
are usually paid in full as part of the plan of reorganization. Most
companies that intend to continue operating while in bankruptcy recognize
the need to keep employees working and the potential hardship that would
occur of wages were not paid or delayed. As a result, most companies that
file a bankruptcy petition, but which inetend to remain in business, seek
the specific authority of the bankruptcy court to make payments on the
priority wage claims immediately so that employees will experience little
or no disruption in their wage/salary payments while they continue working.
Usually this authority is sought at the same time or shortly after a
bankruptcy petition is filed. For a company that derives a great deal of
its value from its employees, making sure these payments are made in a
timely manner is a high priority.

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