Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law

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

Customer Question
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
Show More
Show Less
Ask Your Own Bankruptcy Law Question
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.
Verified
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

___________________________________________________________________________________

Please press the green "accept" button so I may be credited and paid for my time when I have answered/clarified your question. Positive feedback and a bonus are always appreciated. Thank you very much.

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.
Ask Your Own Bankruptcy Law Question
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.
Ask Your Own Bankruptcy Law Question
Was this answer helpful?
Ask Tina Your Own Question
Tina
Tina
Tina, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33,167
33,167 Satisfied Customers
Experience: Over 20 years legal and business experience, including social security claims.

Tina is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
I have a Chapter 13 Question. Maryland, yes. I have a
Yes, I have a chapter 13 Confirmation hearing coming up soon. I am currently in a tricky situation. The trustee offered a payment plan with $400 a month for a year and around $4,000 a month for 4 year. I currently bring in around $4,300 a month net. The trustee is against the plan because he thinks it is not "affordable". But in actuality the plan is perfect because I have a large sum of money coming to me within the next 3 to 4 month. Enough money to pay off all of my debts. Is there any way that I can convince the judge and the trustee to confirm my plan?… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
18,663 satisfied customers
I have a bankruptcy law issue. I am a co-owner of real
I have a bankruptcy law issue.I am a co-owner of real property (50% owner as tenant in common). The other half owner is trying to deprive me of my rental rights to income.She has been in bankruptcy fo… read more
Attorney 1
Attorney 1
2,576 satisfied customers
My husband has filed chapter 13 the trustee has requested
My husband has filed chapter 13 the trustee has requested additional info from a corporation I am a partner in, trustee has not confirmed our case but already sent garnishment to his employer. We had … read more
Phillips Esq.
Phillips Esq.
Attorney
JD
18,663 satisfied customers
I want to rescind a reaffirmation agreement for a leased
I want to rescind a reaffirmation agreement for a leased car, a car i am up to date on payments, i plan to keep the car, but want to leave the option open to give the car back since it was covered in … read more
Phillips Esq.
Phillips Esq.
Attorney
JD
18,663 satisfied customers
Need bankruptcy info. Live in AZ, no case filled. I had a
I had a business in Calif that I closed, I know have a ex employee that has filled a workers comp claim against me and at the time of his so called injury I was not covered, now the uninsured trust fund in Calif has stepped in, if I was to have a judgement against me will… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,037 satisfied customers
I was living in thailand for the past 18 years. I had a Thai
I was living in thailand for the past 18 years. I had a Thai friend back in 2009 that I had given a supplementary card from my American Express Card to, from my US account. They used it fine for about… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
18,663 satisfied customers
Would 529 college savings plan from texas protect out of
would 529 college savings plan from texas protect out of state owners/beneficiaries/donors from judgments outside of texas. Need link to confirm answer.… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I am filing Ch 7. I am entitled to a $39,800 insurance claim
I am filing Ch 7. I am entitled to a $39,800 insurance claim for water damage to flooring in my home. Since this was lender-placed insurance, they won't release the funds until the work is completed (… read more
Legal Expert Justin
Legal Expert Justin
Law Degree
229 satisfied customers
We have only income from veterans disability and state
We have only income from veterans disability and state teachers retirement disability we are being overcome with medical bills that seem to only get worse and worse. Someone said even with the disabil… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
18,663 satisfied customers
I am considering applying for bankruptcy. Not sure if it's
I am considering applying for bankruptcy. Not sure if it's going to be 7 or 13. Filing depends on my ex-landlord's willingness to negotiate and settle. In 2008, I signed a commercial lease in my perso… read more
LegalGems
LegalGems
Juris Doctorate
11,042 satisfied customers
What happens if i have to default on a large sba business
what happens if i have to default on a large sba business loan for over 280,000? is bankruptcy an option? is there any way to keep my business? any way to keep any personal assets and if so what?… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
8,305 satisfied customers
If I have to go to a nursing skilled facility with limited
if I have to go to a nursing skilled facility with limited resources except own my house can I go bankrupt after discharge ? Can the facility do anything as house is homesteaded. Or can I go bankrupt … read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,037 satisfied customers
Brother wants to purchase my share of house in living trust.
brother wants to purchase my share of house in living trust. Should I let him offer money to bankruptcy judge or take fair value money and leave it in account to be taken.… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
18,663 satisfied customers
I had a loan that couldn't continue to pay for due to being
I had a loan that couldn't continue to pay for due to being out of work back in 2008 and was taken to court and there was a judgment won against me in 2011. They just requested a garnish of wages from… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
18,663 satisfied customers
I filed for Chapter 13 bankruptcy protection in April 2016
I filed for Chapter 13 bankruptcy protection in April 2016 (LA County/San Fernando Valley), got set up with a 60-month plan, and have been making plan payments since April 2016. My questions have to d… read more
socrateaser
socrateaser
1,031 satisfied customers
I filed for a personal ch. 11 bankruptcy in 2003, and
Hi. I filed for a personal ch. 11 bankruptcy in 2003, and completed repayments of it in 2007. Do I still need to claim this on personal financial statements? The bankruptcy does not show up on my cred… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,037 satisfied customers
I was Personally Suit in a Civil Case - unfortunately the
Hi, I was Personally Suit in a Civil Case - unfortunately the Jury has decided against me . The Judge final hearing is in 30 days on potential damages. Wanted to know the options for bankruptcy protec… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,917 satisfied customers
How soon can a creditor file a relief for a stay that has
How soon can a creditor file a relief for a stay that has been placed on a fraud lawsuit against the debtor (our lawsuit was filed 10 months before the debtor filed ch. 13 and he filed it literally th… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,037 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x