BROWARD LAW FIRM HAD TO FILE BANKRUPTCY

Broward Law Firm had to file bankruptcy. A large law firm in Broward County needed the help of a bankruptcy lawyer. Why? The firm was a victim of the great Florida real estate collapse. Ruden McClosky started in Broward County in 1959. It once employed more than 200 lawyers. The firm survived and thrived for many years. It could not survive the state’s real estate collapse. Many of their clients could no longer pay them once the real estate market plunged. Most of the firm’s clients were in the banking and real estate sector. Most of the assets of the firm were sold to another law firm. This at least saved many jobs when the firm was forced to pay a visit to a bankruptcy attorney. This led to the firm filing a Chapter 11 bankruptcy case in November of 2011. The settling of the case has been long and hard work for the bankruptcy attorneys involved. 3 and half years it has taken to settle claims and liquidate the assets of the once prominent law firm. Payouts to the creditors has finally started. Some creditors will not get all they are owed. This case demonstrates how a tough break can force any person, law firm, or company to need the counsel of a bankruptcy lawyer. A firm that was once a big mover and shaker in Broward County is no exception. Sometimes it is the only possible choice. The firm simply could no longer pay its bills. The client base dried up. At least the creditors are now able to get compensated. That is thanks to the diligent work of all the attorneys involved in this complex bankruptcy case. Everyday people often are hit by a bad break as well. They have taken a cue from this large law firm. They visit a local bankruptcy lawyer. It is often their only chance to address their bills.