As reported by numerous news outlets, TaxMasters, Inc. filed for federal bankruptcy protection at roughly 11:00 p.m. on March 18, 2012, hours before the trial of the case brought against it by the State of Texas was set to begin. The court in that case ruled that the trial would continue despite the bankruptcy filing. Opening statements took place yesterday in Austin, Texas. Trial is expected to continue over the next couple of weeks.

TaxMasters provided the minimum amount of information it could provide when it filed for bankruptcy. It will have to provide more information in the coming weeks. As such, the impact of the bankruptcy filing on the federal class action against TaxMasters is still uncertain. The Spencer Law Firm will continue to update this website with information regarding the federal class action case as it becomes available.

In the mean time, for more information regarding TaxMasters’ bankruptcy, see this article posted by Bloomberg at