I guess I see it differently than you do. Because every contract I've seen, and I've seen a few, had in it what is paid to the CEO in case they are told to pack sand.
-
-
I am very soon 60 days down on chase and to be honest they aren't that bad, AMEX and discover are the worst. I owe Chase $16KComment
-
I sent you a PM
Chase tried to sue me 2 days after I filed. I owed some of the other biggies much more than Chase so in my case I thought they were aggressive.Comment
-
In too many cases/companies, the CEO's are writing their own contracts and therein lies the problem.Originally posted by Cali View Post
So of course they are going to reap stellar rewards and eventually golden parachutes. It's not because they are good, it's just because they can.
Would be nice to be able make a healthy financial contract between me and myself and have the working stiffs pay for it.
I am kidding of course, I would never be able to handle the job of a CEO. I still have my soul.
epComment
-
Ask them for the name of the Lawyer that is doing the Lawsuit so that you can talk directly with them, they will either shut up and remind you to try and make a payment or actually give you their lawyers name , most of the time its just scare tatic and sometime what they say is illegal.Comment
-
Chase
Through the process up to this point, Chase had been very nice, they would call quite a bit, but were always pleasant and when I explained to them that we were both unemployed and had no money, they were very understanding and even saying nice things like, don't you let this stress get to you, no debt is worth risking your emotional health over, etc.etc.....they kept telling me that as soon as we got jobs to let them know and they would work out a payment plan with us, then all of a sudden, I get the nasty phone call...just caught me off guard, but I'm feeling better today. I mean, really, what can they do? I don't have any money to give them, so I guess if they want to take me to court, they can, it doesn't change the fact that I don't have any money. Can't squeeze blood from a turnip as the old saying goes....Originally posted by halloweendmb1 View PostComment
-
Ok, so they file suit, so what. They haven't filed the suit yet. When they do, you will typically have four weeks to respond. They will have to file a default motion. They will get their judgment. Then they will likely have to wait before they can start collecting.
In other words, by the time they get to garnishment, you'll be filing bankruptcy. Furthermore, if they garnish within 90 days of your bankruptcy filing, you can get it back since it will be what is called a "preference" payment.
In short, if your bankruptcy filing is only a little over two months away, I wouldn't worry one wit about it.Comment
-
On the subject of finding a Lawyer Just look through the yellow pages and do some informal calls to find out cost. There are Bankruptcy Lawyers everywhere in Florida, also you can use the internet to help you find someone to assist you.Comment
-
Oh I understand that many do or they have very good attorneys doing it. But I also think that the companies are the ones that need to CYA and they wouldn't have to worry about paying out big $$$s to CEOs that were less than par.
I've worked in the financial industry for years and I've seen some very very nice contracts that companies agree too.
Originally posted by epiphany View PostComment
-
I'm sure that's true.Originally posted by Cali View Post
But who in the company exactly, if not the CEO would be the ones to CYA or agree to the terms? The shareholders? I just wish there were some way to prevent all the greedy shenanigans that go on. I'm all for CEO's making a healthy living but the greed is what irritates me.
epComment
-
LostInFlorida, you received some really good advice, especially from 'Hub and Keebler.
I too think you're fairly safe until December 1 and probably further -- that's just over two months away.
But if you have reason to believe that you are at risk of being sued, do take the time to bookmark the website of your local court (the one that handles civil suits of the dollar amount yours would be) and keep an eye on it, checking it every couple of weeks to see if your name shows up. Not everyone receives notification of a lawsuit (although legally, they are supposed to!!!) so this is a safeguard for you. And if you're not listed, nobody's sued you yet, so it's also peace of mind.
If you check it and you DO see that someone has sued you, the most important thing you can do to help yourself is to show up for the court date. If you don't, the creditor automatically receives a judgement in their favor, and you want to delay that, since delaying a judgement delays any potential garnishment, levy and seizure along with it. If you can think of any possible reason to dispute the validity of the debt, or even part of it, definitely mention that to the judge when your name is called. If not, when the plaintiff's atty speaks with you, before you see the judge or during, tell them you'd be willing to settle. You can even settle while you're in line to hear your case called. The plaintiff's atty will have the authority to make a settlement agreement with you, so it's just a matter of speaking with him/her. Agree on a figure no more than half (preferably less) the amount owed, and ask that it be broken up into payments. If/when you file Ch7, this agreement is invalidated anyway, and you have just avoided a judgement in the meantime.
So again, don't sweat the possibility of a lawsuit so hard, just keep a sharp eye on the court website between now and the time you file Ch7. If you get sued, delay. Two months is nothing when it comes to the average speed of legal action. Good luck to you!!!
Nolo Press book on filing Chapter 7, there are others too. (I have no affiliation with Nolo Press; just a happy customer.) Best wishes to you!Comment
-
good info
Wow, FreshLikeADaisy, that's a lot of good info that you have! I will definitely follow it!Comment
-
It is scary at first, I thought it was all going to happen in a month..... handcuffs and all.
For two years we had different companies threatening us, I even had one guy screaming at my DH from across our gate that he would take everything, one other took pics of our house..... at the end of the two years I got my first serve and then they sent me a letter to negotiate a week later......
You'll be OK, just keep planning and learning!Filed C7 Aug 31 2008
341 Oct 8 2008
Discharged Dec 9 2008
Comment
-
I hope your situation goes as well as mine went. I didn't pay on any of my credit cards for over 8 months. I changed my number, and voila! No phone calls, no harassment.
Even if they do garnish your wages or place a judgment against you, once you file they will have to stop all of it.
Comment
-
Not answering the phone
I'm afraid to not answer the phone, then they may try to call my relatives or friends to track me down. I used to have a home phone but gave it up to save money. Only have the cell phone now. Well...the finance company that has our boat loan was trying to reach me on my home phone and discovered it was disconnected so then called my MOM and my best friend. I made up a story to try and cover why this place was calling me, although they probably both suspect what's going on (they both live in Indiana and I'm in Florida). Anyway, they told me the company was trying to get ahold of me, so I called the company and gave them my cell phone number so they wouldn't call my Mom anymore. That was very humiliating to me.Comment
Comment