The Forgivable Loan Case

I had a client that came to me several months before he resigned from a company. He knew he wanted to leave this brokerage, this employer he had been at for several years. It just wasn’t a happy place for him. He wanted to do something else. Unfortunately for him, he had a contract that said if he left he would have to immediately repay this loan that his employer gave to him years before, and he had been making payments we believe that they were not accounting for properly, so we were preparing to defend any lawsuit that would come from his employer upon his resignation. When he did finally resign, which I think was one of the happiest days of his life, he was served with a lawsuit, which we knew was coming, but because we were prepared, we were able to defend the lawsuit and get him out of hundreds of thousands of dollars of debt and claim damages from this employer, and he was really able to not only not pay anything out of pocket, but easily transition to a new career, which he’s much happier with.