Bankruptcy law firm declares bankruptcy
Bankruptcy law firm declares bankruptcy
DebtStoppers files for Chapter 11 bankruptcy
This past spring, Semrad Law Firm (more popularly known as DebtStoppers) filed for Chapter 11 bankruptcy. Gloating about the misfortune of others is certainly not my style. However, the fact is sometimes businesses (just like people, including my clients) run into hard times, or may not have always made the wisest of decisions.
My larger point for bringing up the DebtStoppers case is that it reveals the numbers of cases the law firm has been handling and the way it has been handling them.
In the summer of 2019, the firm was filing over 1,000 bankruptcy petitions per month. That has now dropped off to “only” 632 in June of this year. DebtStoppers was handling this volume of cases by using paralegals and call centers in Bulgaria. Of course, Bulgarians and paralegals need to make a living, and I’m sure that most of them are pretty good at what they do.
