Legal Question in Credit and Debt Law in Virginia
what does it mean when your paycheck has "debtor in possession case # 000000" under the company name where the company address used to be? The company recently filed bankruptcy and has bounced one paycheck already, will this let them off the hook if another bounces?
Asked on 12/14/10, 5:17 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
It simply means that they are in bankruptcy. While your pre-petition paycheck may have been dishonored, post-petition there is no excuse for bounced paychecks. If that happens, it is likely the case will not be allowed to proceed and the business will be closed down.
Answered on 12/19/10, 5:29 pm
Related Questions & Answers
-
If a creditor has charged off a debt, & then another company... Asked 12/07/10, 3:05 am in United States Virginia Credit, Debt and Collections Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
