Employment Contract Protection Act of 2001

Employment Contract Protection Act of 2001 - Amends the Federal bankruptcy code with respect to priority of claims to revise the third level of priority (allowed unsecured claims) to repeal the limitation of claims to $4,000 of wages, salaries, or commissions earned by an individual or corporation within 90 days before the filing date of debtor's petition in bankruptcy or the debtor's cessation of business (thus allowing any such claim earned before petition filing or business cessation).

Revises the fourth level of priority, allowed unsecured claims for contributions to an employee benefit plan, to: (1) repeal the limitation to claims arising from services rendered within 180 days before petition filing or business cessation, thus allowing any claim for services rendered before such date; and (2) reduce the current deduction from such amount to a deduction of only the aggregate amount paid by the estate in bankruptcy on behalf of such employees to any other employee benefit plan.