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Money Management International Selected to Take Over AmeriDebt Portfolio
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Kelly Rote (713) 394-3201 |
Release Date: January 24, 2005 |
HOUSTON (January 24, 2005)— Money Management International (MMI), a full-service non-profit credit counseling agency, announced today the approval from the bankruptcy court to assume control of approximately 50,000 debt management plans previously managed by AmeriDebt.
In June 2004, AmeriDebt was forced to file for bankruptcy court protection under Chapter 11. In September 2004, Mark D. Taylor, a bankruptcy partner with Arent Fox PLLC, a Washington, D.C. based law firm, was selected as the chapter 11 trustee by the United States Bankruptcy court for the District of Maryland (Greenbelt Division). He was instrumental in resolving the legal issues tied to the bankruptcy proceedings and successful in securing a suitor for AmeriDebt’s portfolio.
“After examining all possibilities and the complex legal issues surrounding AmeriDebt’s portfolio, we realized reorganization was not possible,” said Taylor. “Following extensive research to identify the most qualified candidate to assume this portfolio of accounts, we found MMI to be in a favorable position to take on these accounts and deliver the professional, high-quality credit counseling and financial education these individuals require. “
MMI was selected by the bankruptcy court after the trustee’s recommendations because of the organization’s non-profit status, experience, credibility, educational focus, counseling infrastructure and ability to help consumers realize their financial goals. This represents a fresh start for the individuals impacted by the AmeriDebt bankruptcy proceeding and allows them to partner with a trusted and proven non-profit credit counseling agency.
“It is an honor for MMI to have been recommended by the trustee and chosen by the bankruptcy court to help this group of individuals and we are eager to offer MMI’s educational programs and services to them, “ said Ivan Hand, president and CEO of Money Management International. “I believe that with our help, these consumers will be better educated about smart spending and money management and will be better equipped to manage their finances in the future.”
Today’s news acknowledges the positive impact MMI has had on the thousands of individuals it has counseled throughout its history. It also reinforces the organization’s mission of community education and delivering quality, individual counseling as the keys to achieving personal financial objectives.
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