A Colorado law firm that lists debt collection and creditor’s rights among its practices areas has filed for Chapter 11 bankruptcy protection.
The firm, which is run by Irvin Borenstein, said it owes nearly $700,000 to creditors and has less than $50,000 of assets when it filed for bankruptcy protection on Nov. 26. The firm’s largest creditor — Salsa Properties Briarwood LLC — is owed $366,087.86. It appears as though the creditor is a former landlord of the law firm and had previously obtained a judgment for $339,792 in unpaid rent, according to a published report. The firm also owes more than $185,000 in filing fees, according to the bankruptcy filing.
According to the bio on his firm’s website, Irvin Borenstein said he spent 25% of his time on creditor’s rights and defending suits alleging violations of the Fair Debt Collection Practices Act, 30% of this time performing debt collection work, and 15% of his time on subrogation. The remaining 30% was spent handling criminal law cases and traffic violations.
The firm lists Encore Capital Group, Midland Credit Management, Asset Acceptance Corp., and Portfolio Recovery Associates on its website as “representative clients.”
Borenstein was admitted to the bar in 1981 and is licensed to practice in New York and Colorado, according to the firm’s website. According to the bankruptcy filing, the firm also used to operate under the name Silverman & Borenstein.