Is your employer going under?

Or just shuffling chairs on the deck of a sinking ship? Some advice for you.

My husband had an employer declare bankruptcy. I’ve worked for a few different startups; one of which was successfully sold to a larger bank, the other of which has a new executive leadership team seemingly every week while the PE firm that owns it figures out what to do. And so, we’ve learned a few things to do when a vendor calls to yell about not being paid or when yet-another new CEO has an all-hands meeting to talk about yet-another strategic reallocation of resources.

If you think you’re going to lose your job:

• Spend any money in benefit accounts that cannot be rolled over.

• Go to the dentist and get new glasses, if those things were on your to-do list anyway, while you still have dental and vision insurance.

• Check out the state of your emergency fund. Do you have big upcoming expenses? Will you be able to cover them?

• Update your LinkedIn profile. Start checking in with the people in your network.

• If you think there’s a chance that any layoffs will be discriminatory or if you need help negotiating your severance package, start asking around about employment attorneys.

If you think there’s a chance your employer is going under:

In addition to the items listed above, you should also:

• File your expense reports now. You want to get in line ahead of other creditors. Don’t incur any new expenses that would require reimbursement.

• Check to see if your retirement plan contributions were invested in your retirement plan. The IRS has a maximum deadline of the 15th business day of the following month. Failing to make the deposit is serious stuff. If you are concerned about a missed plan contribution, contact the Department of Labor’s Wage and Hour division. In our experience, they don’t mess around. (Of course, you may have to wait for the case to wend though bankruptcy court before you get your money.)

• Likewise, if your employer misses payroll or shorts your check, call Wage and Hour.

Do you have any other advice? Share in the comments, please!