Reform Federal Bankruptcy Laws
When Corporations file bankruptcy workers lose pensions and other benefit plans. Under the current law, employees are last in line to receive compensation from bankrupt companies.
I urge you to protect workers' and retirees' health care from being eliminated by bankrupt companies by passing bankruptcy reform legislation like the Health Benefit Protection Act and H.R. 5383.
Across the country, companies have used bankruptcy to rid themselves of health insurance for their workers and retirees.
Together,we must find a way to deliver relief to working families who worry every day that they may lose their hard-earned benefits.
These bills would give workers a "priority claim" on the sale of company assets. Any revenue generated from company assets would be placed in a trust to maintain workers health care and increase from $4,650 to $15,000 the back-pay, vacation time, severance, or benefit payments workers can claim.
Workers earned these benefits and should be entitled to what is rightfully theirs.
I urge you to move promptly for the passage of these bills that would protect workers benefits when companies file bankruptcy.
The Reform Federal Bankruptcy Laws petition to U.S. Congress was written by Matt Alley and is in the category Law Reform at GoPetition.