Binder & Binder Files For Bankruptcy

Binder & Binder Bankruptcy Shows Why Florida Residents Should Hire a Local Social Security Disability Firm That Provides Representation by Experienced Lawyers

Binder & Binder, a Long Island-based Social Security disability firm that many recognize from late-night television commercials with brothers Harry and Charles Binder sporting 10-gallon hats, filed for Chapter 11 bankruptcy protection on December 18, 2014.

According to court filings and other sources, the firm ran into serious financial problems when the federal government tightened up its disability benefits eligibility standards, which affected the firm’s cash flow. The firm currently owes its creditors approximately $50 million, as indicated by court papers filed with the U.S. Bankruptcy Court for the Southern District of New York.

Image Source (CC BY 2.0) by lendingmemo ff via flickr
Image Source (CC BY 2.0) by lendingmemo [no longer active on platform] ff via flickr

As part of its bankruptcy restructuring, Binder & Binder will reduce its workforce from 966 employees to 355 employees nationwide, presumably by closing offices and implementing layoffs. These reductions are to include non-lawyer call center employees and case interviewers, which the firm has relied heavily upon in the past to perform services for clients.

The firm has hired a Manhattan-based management consultant to provide a chief restructuring officer who will manage the company’s bankruptcy and improve its operating performance. In order to continue operating during the bankruptcy, the U.S. Bank National Association and Capital One have agreed to provide debtor-in-possession financing of up to $26 million, which would be treated a secured loan, the court filings show.

Importance Of Being Represented By Experienced Lawyers From A Local Social Security Disability Law Firm

The granting of Social Security benefits is not automatic. In fact, over the past few years, the number of Social Security disability (SSD) claims approved annually has been falling, due to increased governmental oversight and budget reductions. From 2001 to 2010, the percentage of applicants awarded benefits at the initial claims level averaged 28 percent, with a high of 37 percent approval to a low of 26 percent approval.

While those who are denied have the right to appeal the decision, appeals take time. That is why it is important to have an experienced SSD attorney represent you at every step, including the initial application phase.

An experienced SSD attorney can help you properly complete your SSD application, as well as help you gather the necessary medical and work-related information to adequately support your disability application. At Hoffman, Larin & Agnetti, P.A., our clients are represented by an experienced disability attorney at all phases of the SSD application process. Unlike Binder & Binder and others, we do not send non-attorney personnel to handle matters related to your case.

Our focus on putting clients first is supported by the Federal Trade Commission, which recommends that consumers who are seeking legal representation consider the following tips:

  • Know who you are dealing with – make sure the law firm that you are hiring has the relevant experience. Also, make sure that the attorney you hire will actually be actively involved in your case.
  • Do your research – Not all lawyers are created equally. Check out the attorney’s credentials and experience. Also ask about fees, estimated timeframe for resolving your legal matter, and how the attorney keeps clients informed of progress in the case.
  • Understand the scope of what your attorney will do for you – Make sure your attorney provides you with a clear understanding of the scope of work that will be performed, as well as his or her approach to your case. While success cannot be guaranteed, you should feel comfortable knowing how your case will generally proceed as well as how legal costs will be covered.

Experienced SSD Lawyers In Broward, Monroe, And Dade County, Florida

If you are injured or disabled in Florida and cannot work, it is important to seek experienced legal help right away. If you have questions about obtaining financial help through Social Security disability benefits, the friendly and knowledgeable Florida SSD attorneys at HLA Law are available to help you get the benefits you deserve. Contact Hoffman, Larin & Agnetti, P.A. today for a free consultation to discuss your personal situation. For strong legal help right away, call us at (305) 653-5555 or use our convenient online contact form to tell us how we can help you.