I was asked to step down from my position because my position is no longer available, they said either accept it and pay cut or lay off, is it true? Also they didn't let me to think, they asked me to choose right away.

You do not have to accept the position with the reduction in pay. If you didn't agree to accept it and the company let you go, then you are entitled to full severance. It is extremely important that you give us a call to discuss, at the number below.