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QBankruptcy question! concerning job.?

My boss (Store Owner) is potentially declaring bankruptcy, all the employee's are saying different things about it, but if it does happen, do I just lose my job and that is the end of it?

We are a locally owned store, 3 employee's, the owner and 1 payroll woman.

A newer employee is talking about chapter 11 or something which would entitle us to some form of severance for lack of a better word, does anyone have any insight?

This is happening in Nova Scotia Canada

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