Company's obligation to pay...

[Gfinney77]

What is the name of your state?Tennessee
I work for a mortgage company who is about to go out of business and declare bankruptcy. We are worried that we won't get paid on the loans we close because we are commission only. If I close my loans through the end of the month and the company makes the money, are they obligated to pay me if they are shutting down and declaring bankruptcy?
Thanks,

 

[BelizeBreeze]

They are not 'obligated' to pay you even without the bankruptcy. Are they legally liable for the commissions? That's a matter of fact for a judge.

HOWEVER, since the bankruptcy has not yet occurred, you need to complete the papertrail just in case. If it does happen, then you can file a claim as an unsecured creditor with the bankruptcy court.

I'd start looking for a job now. You're not in Franklin by any chance?

 

[Gfinney77]

Funny enough, I live in franklin. The company is in Brentwood. Where are you from?

 

[BelizeBreeze]

I USED to live on Moran Rd. Work in Franklin And Brentwood and live in Brentwood.

I think it's time to start collecting your papers and keeping an eye on this place.