Better Recheck That Filing: Jackson Hewitt Files Chapter 11

Score one for H&R Block HRB, as Jackson Hewitt Tax Service Inc JTHX filed for bankruptcy, as the company tries to restructure its debt. After Jackson Hewitt was unable to secure funding for its tax-refund loans, the company's fate was pretty much sealed, and Chapter 11 was seen as an inevitability. Jackson Hewitt was unable to secure the funding for the tax-refund loans, also known as refund anticipation loans, as regulators called them unsafe. At the time of the filing, the company had $388.6 million in assets, and $444.8 million in debt. The company, which filed for a pre-packaged bankruptcy, expects to have the restructuring plan in place in 45 to 60 days, and does not expect any changes to day to day operations.