South Florida Bankruptcy Lawyer

After several high-stakes real estate gambles folded, Lehman Brother filed for Chapter 11 bankruptcy protection on Monday.  The company spent the weekend trying to stake a potential buyer through several negotiations.  The two most likely suitors, Bank of America and Barclays PLC turned their backs after the United States government said it would not backstop Lehman’s troubled assets to facilitate a sale.

Lehman brokerage customers can sleep easy as their account will be protected and transferred to other brokerage firms, as guaranteed by federal regulators.  Lehman employees remain in the dark about the status of their jobs.  They have received little information and thousands are expected to be laid off.

If you or someone you love if facing financial crisis, you should consider filing for bankruptcy to help control your debt and your distress.  Contact South Florida bankruptcy lawyer Eric N. Klein, P.A. at  561.353.2500 for a free initial consultation.  We will discuss your case and further legal options.

Though Bank of American walked away from Lehman, it did sweep up Merrill Lynch in a $50 billion all-stock transaction.  The deal was encouraged by federal officials who feared that Merrill would be next on the financial chopping block after Lehman.