What Happens If Your Employer Goes Broke?

You might still get health and retirement benefits depending on the type of bankruptcy protection for which it files.

What will happen to my health insurance and retirement plans if my employer files for bankruptcy?

If the company files for Chapter 11 bankruptcy protection, it could end up restructuring, and your benefits may not be affected. But the employer is likely to cut back on some of your benefits even if it continues to operate.

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Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.