Able Debt Settlement Files Bankruptcy in Texas

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

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.


Damon Day - Pro Debt Coach

I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.

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41 thoughts on “Able Debt Settlement Files Bankruptcy in Texas”

  1. We’ve had the same problem with Able and can’t figure out how to contact them or get any information. They took money we could have just put towards the bills!!! So upset!!

    Reply

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