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Debt Settlement Attorney Files Bankruptcy

By on May 5, 2014

It what is the ultimate irony, another big debt settlement attorney has filed bankruptcy. The first I remember was Keith Nelms of Allegro Law fame.

A tipster (send in your tips here) sent in a document to me that says now Lloyd Ward, the big Dallas based debt settlement attorney, has filed bankruptcy. According to the public documents, Ward filed on May 1, 2014 and says his assets are $153,937 but his liabilities are between $6,441,638. Sadly it seems Ward was unable to settle his own debts.

According to his bankruptcy he only has a $90,000 interest in his own law firm, Lloyd Ward & Associates. The filing goes on about the judgments and legal monies he owes. It even says he owes an accounting firm almost $25,000.

According to the bankruptcy filing he only earns $2,000 a month from his law firm and his wife only makes $2,000 a month from Best Receivables Management, which I think is a collection company.

In the end it just seems like a very sad turn of events for someone who was so prominent in the debt settlement industry.

You can read the court filing here.


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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  1. Tonal401

    September 13, 2014 at 8:14 am

    I got minimal help from Lloyd Ward. I paid them somewhere around $5000 to help with $25,000 in debt. They removed about $6000 in debt by instructing me to do something I could have done myself…not pay my bills and have my account charge off. They did not help one lick on the other $19000. I was scheduled to go to court for one of my cards and they were supposed to send legal help. Never showed and I just represented myself and got a decent repayment plan. To help me sleep at night, I just consider this venture a wash financially, but wasted so much time and effort. Goodbye Lloyd Ward. Hope you are marred financially for the rest of your life.

  2. disqus_stcd1guzy3

    June 30, 2014 at 12:44 am

    because most of the people he went after were judgement proof, so he didn’t collect a dime but still had huge expenses and llifestyle to support

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