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The unemployment laws in your state will determine whether you can collect unemployment in conjunction with receiving a severance settlement. Signing a severance agreement - generally there is language in the document that stipulates, that by signing, you are agreeing that you will not file a class action suit against the employer.
Companies that offer installment payments - might also offer the ability to keep the health benefits in tact for the duration of the payment schedule - which can be a positive.
Remember -- a company is not obligated to give severances to their employees - (unless they have some sort of union labor contract that stipulates such).
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