Arbitration? - Now What!?
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?
$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.
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…