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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17239
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I was recruited to work at a Wire House several years and received

Resolved Question:

I was recruited to work at a Wire House several years and received an up-front Forgivable Loan (Bonus) that I'm charged interest and taxes on every year for a total of 9 years. My questions is this, due to unforseen circumstances I must file for bankruptcy shortly and I need to include the remainder of this forgivable loan in witht he bankruptcy, can I add it in while still working at the Wire House or must I terminate my employment before I can add it in to the bankruptcy.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification.

You can add the loan as a creditor, however you may be violating an employment agreement with the employer, and the employer would be notified, and could terminate you.

You should not quit your job, unless the employer specifically states that the inclusion of the loan as part of your bankruptcy would lead to the loss of your job. Also, in a bankruptcy, you could discharge all of your other debts, and ask the Court to keep paying the loan as well.

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