A tipster (send in your tips here) wrote in to let me know Able Debt Settlement in Texas has filed bankruptcy. On 2-1-2011 they filed a Chapter 11 reorganization plan and listed 1,000-5,000 creditors. This leads me to believe they are listing their clients as creditors. – Source
The list of creditors holding the 20 largest unsecured claims is comprised of mostly people listed as “pending refund.” – Source
The larger list of unsecured creditors includes: a former landlord, lawsuits, attorney fees, and State of West Virginia. There appear to be suits in New Jersey, Georgia, and West Virginia for which they owe attorneys fees. - Source
The company claims to have earned $890,424 between May, 2009 to April, 2010 and $260,957 from July, 2010 to January, 2011. – Source
The officers of the company, Ralph Lewis and Robert Lewis are said to have earned $118,500 and are paid bimonthly. – Source
According to the profit and loss statement with their bankruptcy filing the company has lost $100,627 from July, 2010 to January, 2011. Their second biggest expense, after wages, is legal fees. – Source
Able Debt Settlement Files Bankruptcy in Texas by Steve Rhode
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