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TaxMasters Files For Chapter 11 Bankruptcy

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HOUSTON -- TaxMasters Inc. has filed for bankruptcy protection following a legal challenge from Texas prosecutors who say the company's famed TV commercials mislead potential customers.

The Houston-based tax resolution company filed Chapter 11 reorganization documents in federal court on Sunday.

The filing says TaxMasters has assets of less than $50,000 and estimated liabilities of $1 million to $10 million.

Company founder and president Patrick Cox fronts the company's national advertising campaign.

A TaxMasters spokesman and attorney did not immediately respond to calls for comment Monday.

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