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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