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BINDER & BINDER BANKRUPTCY: WHAT IT TELLS YOU

On December 18, 2014 the nation's largest Social Security disability firm, Bender and Bender, filed Chapter 11 bankruptcy in the southern District of New York court.  The firm declared debts of between 40 and 50 million dollars, in spite of the fact that it reportedly collected $88 million in fees last year.

The Binder and Binder bankruptcy is telltale, pointing to the new direction in Social Security disability representation.  Here is our take:
  • It is no longer possible to sell a one-size-fits-all program for disabled Americans seeking disability benefits. 
  •  It is much more difficult to get an award for Social Security disability benefits than it was a few years ago.  These cases are now hard fought and only the strong survive.  There is no easy payday.
  • Representatives are waiting longer than ever to get paid for the cases they win; we have to be selective about the cases we take.
Because of the difficulty in collecting benefits, relatively fewer people are filing claims.  (This is one of the intended benefits of the administration's push back on the large number of disability applications in the last year).

There remains a place for advocates or representatives who want to serve their clients in a personal, hard working manner.  These advocates are going to have to get to know their clients as individuals, develop their cases with a sense of real caring about the total needs of the client and work harder than before.  Advocates who are not willing to do that will probably be looking for another job.  Times, they are a-changing!  That may not be a bad thing.

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