Posted on 07/15/2023 5:26:52 AM PDT by Salman
The largest consumer bankruptcy law firm in Illinois and one of the biggest in the country has filed for bankruptcy after taking millions in taxpayer-backed loans meant to help struggling businesses survive the pandemic.
The Semrad Law Firm LLC, which markets itself as DebtStoppers, filed for Chapter 11 bankruptcy on April 26 in Delaware, blaming the COVID-19 pandemic.
A Chapter 11 bankruptcy allows a company to reorganize under a judge’s supervision and keep operating while paying creditors at least part of what they’re owed.
...
The PPP loans were aimed at small businesses that needed help keeping employees on the payroll and later was expanded to also cover some other essential costs. But court filings show Semrad Law was using paralegals and call center workers in Bulgaria while ultimately cutting its U.S. workforce in half. Its Bulgarian vendor, ZenTeli OOD, is partly owned by the two brothers behind Semrad Law.
...
Long before the pandemic and Semrad Law’s bankruptcy, Robert Semrad was convicted of a 2015 charge of domestic battery in Lake County and a 2012 DUI charge in Cook County, which led to a misconduct case before the Illinois Attorney Registration and Disciplinary Commission. In January, his law license was suspended for 90 days. To get it reinstated, he would need to petition for a hearing and get court approval. Robert Semrad has not petitioned to do so, according to an ARDC spokesman.
(Excerpt) Read more at chicago.suntimes.com ...
Would not be surprised to see some sordid, rancid taxpayer-funded bailout of the law firm mentioned.
After all it is Illinois. And who is going to help all “those unfortunate struggling businesses”?
Sarc?
That’s kind of like when fortune tellers go out of business- you’d think they would see it coming.
CC
Talk about eating your own dog food.
A bankruptcy advisor goes bankrupt. A debt stopper stops its debt by going broke. And, it IS in Illinois, having suckered the US taxpayers and worked offshore partially, so..... THE CHICAGO WAY.
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