I owe insurance company that I used to work for 25,000 in commission chargebacks
Back in December of 06, I left an insurance company that I worked for as a licensed insurance agent. In January of 07, I received a letter from the company stating that I owed $25,000 in cancellations. I didn't respond to the letter and still haven't received any correspondence since then.
Here is my question... A lady who used to work for the same company but left 6 months earlier, just received a judgment in the amount of 5,000 for same reasons (commission chargeback’s). I am pretty confident that mine will be coming soon. Will this be considered a criminal matter? Will I have to go to jail? Can they garnish my wages? What should I do once I receive my judgment? The judgment that my friend received stated that the insurance company had hired a collection attorney.
I am really concerned regarding the amount I owe. When I was working for them, I had a lady who was providing referrals for me. After I paid her the referral fee, the accounts started to cancel.
What should I do first... Once I receive the judgment, is there anything I can do to "buy some time"?