I am listed on a former employers chapter 11 bankruptcy case as a creditor, due to unpaid overtime wages. I received a ballot whether to accept or reject the amended reorganization plan and I do not not know which class I would fall into, as it is a required answer on the ballot. There are 4 classes listed. Any help would be appreciated.
To determine your class, you should have received a disclosure statement and a plan of reorganization, or it may be available on-line for review, or you could contact the debtor's attorney.
Unpaid employee wages usually enjoy a fourth priority claim rating on sums owed up to $11,725, and thereafter have a sixth priority claim rating as an unsecured claim.
You likely need to know what the plan says about your type of priority, to vote in the proper class for you in the plan.
General legal advice is offered for educational purposes only. A consultation with a qualified attorney is required to determine specific legal advice as to your situation and applicable law. We are a debt relief agency and we help people file for relief under the bankruptcy laws.
Chapter 11 Bankruptcy Attorney
Along with the ballot, you should have received a disclosure statement explaining the different classes, what assets the debtor has, and how much each class is going to get paid over what interval of time. Read that first. It can be a bit daunting because it is filled with a lot of disclaimers and long explanations. Look at the parts where the disclosure statement talks about the different classes. You can always call a bankruptcy attorney to help you understand. Many will give you a free consultation to discuss the rights you have as a creditor.