Monday, October 10, 2011

JK Harris to file for bankruptcy

The JK Harris company once advertised that it could resolve people's tax debts for "pennies on the dollar," but now it could be the company's creditors and disgruntled former clients who will get less than they are owed.

JK Harris & Co. plans to seek bankruptcy protection in Charleston to head off an attempt by the Texas attorney general's office to force the company into receivership, said company founder John K. Harris.

The company, a national tax-debt-resolution service based in Goose Creek, has been dogged by cash-flow problems and the cost of large settlements related to claims that it misled consumers.

The bankruptcy filing is aimed at selling the business quickly while writing off debt. The company would continue operations in the meantime.

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