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I lost an arbitration case and the judge awarded my former…

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i lost an arbitration case...
i lost an arbitration case and the judge awarded my former employee 1.5 million. Obviously I don't have the 1.5 or even $100,000 to give him up front, but with the down economy, I can afford to pay im $10,000 per month for 12 years. If he does not accept this settlement and by the way I can back up my figures, what will happen next?
Submitted: 8 years ago.Category: Bankruptcy Law
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Answered in 2 minutes by:
1/13/2010
Bankruptcy Lawyer: Tina, Attorney replied 8 years ago
Tina
Tina, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33,167
Experience: Over 20 years legal and business experience, including social security claims.
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Thank you for contacting our JA team for guidance.

There is nothing in the law forcing the former employee to accept payments. He is legally entitled to attach and seize assets of the company, including bank accounts until the judgment is satisfied.

The only other way to avoid bankruptcy protection, would be to file an appeal if the order is appealable and obtain a stay of execution on the judgment while the appeal is pending.

Please let me know if you need clarification.

Best regards ***** *****

Tina G

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NOTE: This open forum is for educational purposes only and does not constitute legal advice. It is highly recommended that you seek representation by a local attorney for all legal matters. The state bar association can provide you with attorney referrals. Please remember that I cannot know what you know unless you tell me. There may be important factors that are relevant to your question that I am not aware of in your specific situation, but I will always do my best to be professional, courteous, and prompt.
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Customer reply replied 8 years ago
I understand that he value of my company is much larger than the settlement and the employee wants to get paid. If i claim bankruptcy he would not get anything. Would this go before a judge again? I mean I have the means to pay him in installments especially since this judgement was based on future earnings. Why would a judge force me into bankruptcy when the company can afford the monthly payment?
Bankruptcy Lawyer: Tina, Attorney replied 8 years ago
If the judgment was based on future earnings and that is clear in the order and you would be forced into bankruptcy, that does provide you with some leverage to negotiate with the former employee. However, there is no law stating that he is required to accept anything less than the full judgment, unless the order so states.

I am sorry, but you may want to have your attorneys file a post trial motion to amend the order if there is still time to do so.

Good luck and take care.
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