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Dealipedia - TaxMasters Inc Enters Bankruptcy

TaxMasters Inc Announces Bankruptcy

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Deal Participants:
Bankrupt Company: TaxMasters Inc View Profile Charts Homepage
Deal Financials:
Chapter: 11
Voluntary? Yes
 

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Date:
Announced: Mar 19, 2012
Banking Representation:
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PRESS RELEASE - TaxMasters Inc Enters Bankruptcy

TaxMasters Inc. has filed for bankruptcy protection following a legal challenge from Texas prosecutors who say the company’s famed TV commercials mislead potential customers.

The Houston-based tax resolution company filed Chapter 11 reorganization documents in federal court on Sunday.

The filing says TaxMasters has assets of less than $50,000 and estimated liabilities of $1 million to $10 million.

Company founder and president Patrick Cox fronts the company’s national advertising campaign.

KHOU-TV says Texas is suing TaxMasters for violating the Texas Deceptive Trade Practices Act. It says TaxMaster commercials encourage people to call for a free consultation with a tax specialist but the calls are answered by salespeople unqualified to provide tax advice.

A TaxMasters spokesman and attorney did not immediately respond to calls for comment Monday.

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Mar 19 '12
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