Why should I or should I not approach my soon to be former employer for a severance package? I am being laid off... they are giving me some time to find a new job...

Doesn't hurt to ask. The worst you can be told is no.

They are not legally bound to give you anything.

Don't sign any documents without actually reading them first. Be cautious if you get a "sign this immeadiately or you will not get severance pay" statement.

Severance pay is generally conditional. Sometimes on balance the cost of the conditions to the employee exceed the benefit of the severance payment. There is no right answer here. The details of the document can be pretty much everything.

still not sure what I will do... If I ask for severance pay, my VP may stop helping find my next job.... but I don't want to leave a wad of cash on the table.

You are not betraying any secrets.

Trust me... unless he is a real knob, he won't mind you asking.