“…AmeriDebt has served more as an anchor than a life preserver for many consumers.”
Attorney General Jay Nixon
The Bankruptcy Canada Blog has chosen this quote as Bankruptcy Quote of the Year. The quote is by Attorney General Jay Nixon, of Missouri in announcing the lawsuit, filed in St. Louis Circuit Court against non-profit credit counselor AmeriDebt. AmeriDebt filed Chapter 11 bankruptcy in 2004. AmeriDebt, as part of a settlement agreement in 2005, agreed to shut down operations.
We had many contenders in 2005 for the Bankruptcy Canada Blog’s Bankruptcy Quote of the Year. The three runners up were:
1. “I mean, the company had a lot of strong cash flows when it went into bankruptcy.”
Kenneth Lay, about Enron.
2. “Unless you’re Bill Gates you’re just one serious illness away from bankruptcy. “
Dr. David Himmelstein, the lead author of the, Harvard Study: Half of U.S. Bankruptcies Caused by Medical Bills, and an Associate Professor of Medicine at Harvard.
3. “The bank phoned to say I have nothing left in my account, but how can that be when I still have cheques in my cheque book?”
Ken Glover, trustee in bankruptcy, quoting a person in extreme financial difficulty. (Saanich News)