Arbitration? - Now What!?

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Jun 23, 2009 11:47 am

I left my old company and went independent about 9 months ago.  I owe about $50,000 on a note.  They wanted me to pay the day I left but I couldn't.  An offer of $25K now and $2K a month for 12 months was made, couldn't do it!

Now we go to arbitration.  I really don't know the process.  My understanding is their lawyers will contact me regarding this pending arbitration.

This is my question:  What happens now?  I have not been contacted in 5 months.  Once I do get this letter, what happens?

Do the corporate lawyers have the ability to "negotiate" other terms?  Does is automatically go to arbitration?  What do I look for in the mail?  Anybody been through this?

Help!

Thanks

Jun 23, 2009 3:14 pm

$50,000 doesnt seem like that much $ for them to pursue you aggresively. They might write it off. This could cause some tax consequences for you however.

 
I'm not sure about the arbitration process - my guess is that they would be willing to settle before it would come to that.
 
good luck.
Jun 30, 2009 1:36 pm

Bill is a good man, heed his advice and good luck...

read what he wrote a few times and let it sink in... I don't mean to sound like an a-hole, but trust me...

Jun 30, 2009 2:01 pm

Bill voted for the black guy. 

Jun 30, 2009 2:42 pm
Alice Cooper:

Bill voted for the black guy. 



Twice.

Jun 30, 2009 2:47 pm

Alice:

So. What is your point?
Jack Black