Chicchi asked:
My husband is filing Chapter7 bankruptcy. He works for a company. He was told by his lawyer that his “PTO=Personal Time Off’ might be counted as “asset’, so somehow the bank might take his PTO away. Does anyone know the person who has taken away his/her PTO because of bankruptcy?
My husband is filing Chapter7 bankruptcy. He works for a company. He was told by his lawyer that his “PTO=Personal Time Off’ might be counted as “asset’, so somehow the bank might take his PTO away. Does anyone know the person who has taken away his/her PTO because of bankruptcy?
Tags: Filing Bankruptcy, Personal Time, Time Off
October 6th, 2009 at 10:49 pm
PTO is considered a gift and as such is not governed by any law , it can given ,modified and taken away at the will of the company
October 7th, 2009 at 12:46 am
If you sell some PTO to your employer and receive payment for it, but have not worked that time, then you owe that time, or the money paid to buy it.
We might say that because we have made the sale, the buyer is stuck with the purchase, they have to use the time or lose it.
That would appear to be how contract law would normally go. But if they have used that many of your hours, unpaid, they get to decide that those hours are the hours they have paid for, and then not pay for them again.
The point then is that the employer, while they must buy the hours, can define which hours, and will normally decide to treat any work already done and not paid for MUST have been those PTO hours.
October 8th, 2009 at 6:23 am
I have filed bankruptcy but my situation was different from your husband and that time i got very needful and proper guidance from which is online service. I don’t know about PTO but you can ask your question directly by using the form.