Bankruptcy and Employment.
May 9th, 2009 by Questions
I may have to file for bankruptcy over a 200,000 dollar loan caused by speculative stock market investments. I never spent a dime of borrowed money in my life , the one and only time I took a risk with borrowed money it backfired on me.
My question is: I have been working for this small firm for 10 years and know the owner on personal terms. If I were to explain the situation to him I`am sure that he will be more than willing to restructure my compensation package to reduce my base salary and award me a nominally `performance linked` bonus after the bankruptcy discharge. Will this be legal?
I know that this kind of arrangement stinks morally.
Posted from: Ontario