AmeriDebt Accounts are Sold

A U.S. Bankruptcy Court judge approved yesterday the transfer of thousands of clients from AmeriDebt to a Houston-based nonprofit, leaving little left of what was one of the largest credit counselors in the country.

Judge Paul Mannes approved the sale of Montgomery County, MD-based AmeriDebt’s remaining 50,000 to 60,000 accounts to Money Management International. Fewer than 1,000 of those are Marylanders.

“MMI is experienced,” said Chapter 11 Trustee Mark D. Taylor yesterday while recommending the sale. “They are qualified. They are capable of protecting the interests of customers.”

The transfer of the accounts will take weeks and is expected to be completed in mid-April. AmeriDebt customers won’t see any change in their repayment plans to creditors, MMI officials said. Also, MMI’s fees for its services are voluntary, and the nonprofit complies with state laws, where fees can vary, the group said.

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