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What would happen if an employee doesn't have the funds to give back, or ignores and/or refuses their requests?
by reducesuffering 3y ago
What would happen if an employee doesn't have the funds to give back, or ignores and/or refuses their requests?
- toomuchtodo 3y agoCivil court litigation. The dollar amounts in question are well over small claims court amounts (6-7 figures). Guaranteed Rate is arguing those with signing bonuses did not meet their contractual obligations, while employees are indicating the terms were changed unilaterally while employed. Not an attorney, but depending on state and other situations, I’d expect some folks to shed this claim in bankruptcy if necessary (if the amount owed is hundreds of thousands of dollars, they can’t get relief, the mortgage industry is dead for another 2-3 years based on the Fed effective rate, etc) or otherwise leverage state statute. Florida has very strong protections against creditors, for example.
- wombatpm 3y agoSounds like wage theft. I’d ask the State Attorney General to look into things
- wombatpm 3y agoAnd I’d ask the taxing authorities to be ready for an increased tax payment from my employer.
- paulddraper 3y agoBankruptcy is a nuclear option; it ruins your credit for years.
- toomuchtodo 3y agoYou’re usually eligible for credit immediately after going bankrupt because you can’t go bankrupt again for several years. Nuclear option, but an option.
- reducesuffering 3y agoThe amounts matter for the lenders in aggregate, but standard lender employees probably only had $5k - $40k signing bonuses. They're going to spend non-existent resources to litigate against the ~20% that don't pay?