Filing Bankruptcy
Moderators: Josh, independent guy
Filing Bankruptcy
Have any Farmers agents filed bankruptcy still owing subsidy but kept the agency? I have accumulated debt and need to do this but I need to keep the agency. Is this possible? Thanks for any information.
Re: Filing Bankruptcy
farmers stole our account. broke theives. no wonder y'all are going bankrupt. too low of a premium for too high of an exposure. we all know where that leads. no offense or nothing...of course.
Re: Filing Bankruptcy
Joey,
With all due respect, if you think that you can include your subsidy in your BK filing AND keep your agency, you have no idea what sort of company you've associated yourself with. They are ruthless and heartless if you cross them, regardless if what you are doing is in your best interest. They don't care. Personal experience. Hell, they even have it in there new contract that you can be terminated for making disparaging comments against the company.
Also, point of fact. You ask if you can 'keep the agency'. You cannot keep anything that you do not own.
Farmers owns the agency . You only own the debt associated with it. Rent, utilities, advertising, etc.
You are an "at will" employee. Farmers can take your agency at ANY time for ANY reason as long as they give you a 90 day notice.
They can give you notice, kick you out of your office, assume your telephone number, drop another agent in the same office location with the same phone number and give them all of your clients. "your" agency continues just like before except now it "belongs" to someone else, and you have NO recourse.
I don't mean to sound like a jerk, but you better be VERY careful.
Some serious consideration should be given to declaring your subsidy in the BK, in fact, serious consideration should be given in staying with FIG. As a ex-FIG agent I can assure you things are heading in the wrong direction with them and will not get better anytime soon.
I wish you the best.
With all due respect, if you think that you can include your subsidy in your BK filing AND keep your agency, you have no idea what sort of company you've associated yourself with. They are ruthless and heartless if you cross them, regardless if what you are doing is in your best interest. They don't care. Personal experience. Hell, they even have it in there new contract that you can be terminated for making disparaging comments against the company.
Also, point of fact. You ask if you can 'keep the agency'. You cannot keep anything that you do not own.
Farmers owns the agency . You only own the debt associated with it. Rent, utilities, advertising, etc.
You are an "at will" employee. Farmers can take your agency at ANY time for ANY reason as long as they give you a 90 day notice.
They can give you notice, kick you out of your office, assume your telephone number, drop another agent in the same office location with the same phone number and give them all of your clients. "your" agency continues just like before except now it "belongs" to someone else, and you have NO recourse.
I don't mean to sound like a jerk, but you better be VERY careful.
Some serious consideration should be given to declaring your subsidy in the BK, in fact, serious consideration should be given in staying with FIG. As a ex-FIG agent I can assure you things are heading in the wrong direction with them and will not get better anytime soon.
I wish you the best.