I'm Livid, bank talking to boss, what can I do?

[catleg]

I would definitely print out that email and save it somewhere.
If you get fired I would take it to the SEC (toothless as they are) and perhaps a couple of newpapers or TV stations.
Is this a publicly traded company? What kind of bank is making 100% signature loans against stock in a startup? Sounds kind of fishy.
Hang in there, all of us here are in some kind of trouble, some more, some less.
Right now I'm feeling personally the "more" side :-)

[LuciluS]

I know how you feel. In Nov. 2007, I had a 770 Credit Rating and was approved for a $250,000 mortgage without giving any proof of income, etc. Thank heavens, hubby and I didn't spend that much on a home which we finalized on 12/21/07.

With unforeseen huge medical bills in 2008, $500 a month in prescriptions and hubby in hospital since last Wed. His insurance has a $3,000 co-pay & out of pocket expense (not including prescriptions), we are staring at a Chapter 7 on 9/30/09 when some income drops off.

Go to 'Google' type in the Bank's name and put Confidential Laws after it. I found all kinds of Banks listed with their Disclosures.

Luci

PS As several have told me on this Forum the decision to file Bankruptcy is a "Business Decision" and one must leave their emotions out of it. I know harder to do than say. I've got the Business Decision down pay, but still struggling with the emotion side of it.

[Nextgen]

I'm thinking more along the lines of the loan contract is unenforceable as it was taken out under duress. What kind of job shakes you down to borrow money to buy the company's stock?

I'm heartbroken over this. 5 years ago, I had a 780 credit rating, 80k in savings, 401k, stocks, now I'm trying to decide to "ride through" my mortgage or not in Ohio.

Talk about letting your family down, who trusted me.

[catleg]

I'm thinking more along the lines of the loan contract is unenforceable as it was taken out under duress. What kind of job shakes you down to borrow money to buy the company's stock?

[Nextgen]

I don't want to sue my employer I want to keep my job, but the actions of this banker, that's another story.

I can't believe he did this....

[fireworks]

#1 - I'm sure that the bank has violated all kinds of laws by discussing this with your boss.

#2 - In many states, you can be fired for any reason or no reason. Barring obvious racial/sexual/religious discrimination, your boss can fire you because he doesn't like you or you insulted his choice of neckties. I'm most familiar with Texas laws since that's where I live, but most states have similar laws. If he does fire you because of your bankruptcy you'll have a difficult time proving it.

If your boss does fire you over this and you intend to sue, you need a good employment lawyer, not a bankruptcy lawyer.

[Nextgen]

But isn't there laws against two things..


1. Creditor cannot discuss your personal finances with anyone, I though they could only collect information (Name, Social, Income)

2. Isn't it illegal (Federal Law) to dismiss someone for Bankruptcy.

I'm feeling quite exposed right now, more than I should be I think.

What really upsets me is the arrogance of doing it by e-mail.

[LuciluS]

Do you have an Attorney? If so, if you have his email address I would forward it. If you don't have his/her email address, I would go by his/her office and drop it off with a letter from you asking what to do.

I'm not sure if a Bankruptcy Attorney would be able to help you, but it's worth a try. I would think this would be a 'Confidentiality Issue'.

There are some states that have 'No Cause' for firing an employee. If you handle money, there might be an issue with you filing Bankruptcy, but I'm not for sure.


Luci

[ready2puke]

Oh boy....well at least they screwed up and you have something in writing.

[Nextgen]

I borrowed money to purchase 50k in stock for the company I work for (under duress)

My boss sent me a bank our company has "connections" with.

I owned some stock already, my loan was for new stock 50k+ the value of my stock 10k, total of 60k, the bank holds the certificates the loan is fully secured. I've paid 3 years on the stock but I fell behind this year in my other finances so my CC companies jacked my interest to 29.99%, trying to juggle became impossible. My wife and I are in Pre 7 planning as I speak.

Here is the part that has me too upset to see straight...

I just got copied on a e-mail to my boss from the bank in question.

Bank to Boss: John has not paid his payment

Boss to Bank: How much does he owe?

Bank to Boss: $3,500 pay down plus intrest of xyz for last year.

Boss to Bank (copied to me): I will get with him.



Isn't that illegal???

What can I do?

Now here is the scary part, I'm afraid that due to the relationship my boss will try to fire me if I declare Chapter 7, what should I do?