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06-25-2009, 12:22 AM #1
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Debt Relief USA in Addison files for bankruptcy
Debt Relief USA in Addison files for bankruptcy
11:21 PM CDT on Tuesday, June 23, 2009
By PAMELA YIP / The Dallas Morning News
pyip@dallasnews.com
Debt Relief USA Inc., an Addison debt settlement company, has filed for Chapter 11 bankruptcy protection and has ceased operations.
In its court filing, the company listed $4.65 million in assets and $5 million in liabilities.
"Debt Relief USA anticipates sending written instructions to its customers, most former customers, creditors and known potential creditors with instructions on any steps you need to take to protect your interests," the company said on its Web site, www.drusa bankruptcy.com.
The Web site will be used to update the status of the case.
In its court filing, Debt Relief said it is a target in several investigations by state attorneys general and federal authorities.
Gary A. Armstrong, the company's attorney, said Debt Relief will not negotiate individual settlements and will not remove money from individual accounts pending the bankruptcy proceedings.
The bankruptcy filing won't affect any debt settlements the company has reached with a client's creditors, he said.
On client deposits at Debt Relief, Armstrong said, "Our intention is to refund them as much as possible, but it's subject to bankruptcy court approval."
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