National law firm Binder & Binder files for Chapter 11 bankruptcy
Posted on Monday, December 29th, 2014 at 4:05 pm
The nation’s largest national Social Security law firm, Binder & Binder, LLC, officially filed for Chapter 11 bankruptcy in an effort to restructure their debt and keep their assets, the Wall Street Journal reported on December 23.
Their recognizable TV-ad campaigns have already been canceled in an effort to cut costs, saving the company $1 million a month. They are also making major cutbacks among the 35 locations across the nation, although allegedly no employees or clients will be affected. Binder & Binder’s chief restructuring officer, William Brandt, states that the law firm does not have plans to shut down. They still have more than 57,000 clients, and with their debt restructuring, they hope to continue providing legal services across the nation.
As this real-life example proves, bankruptcy can allow a company to bounce back from overwhelming debts and re-structure in order to gain a fresh start financially. If your company is facing financial strain and would like to seek the protection of Chapter 11 bankruptcy, the bankruptcy lawyers at the Bradford Law Offices, PLLC, may be able to help. Call our offices at (919) 758-8879 today for more information.