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August 24, 2010
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Bankruptcy News

 

President Signs Bankruptcy Abuse Prevention, Consumer Protection Act



THE PRESIDENT: Thank you all. Please be seated. Welcome. Thank you very much for coming today. Today we take an important action to strengthen -- to continue strengthening our nation's economy. The bipartisan bill I'm about to sign makes common-sense reforms to our bankruptcy laws. By restoring integrity to the bankruptcy process, this law will make our financial system stronger and better. By making the system fairer for creditors and debtors, we will ensure that more Americans can get access to affordable credit.

 I'm pleased to be joined today by the Attorney General Al Gonzales. I want to thank the bill sponsors in the House and the Senate -- Senator Chuck Grassley of the Senate -- I think you told me you'd been working on this bill for nine years. That's a long time. I appreciate Congressman Jim Sensenbrenner from the House for being the sponsor in the House. Thank you.

 

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Did You Know?    
 
 
There are a number of protections for consumers in the Fair Debt Collections Practices Act
One important point - you are responsible for your debts. Nothing in this law gives you the right to skip out on your bills. It just protects you from unscrupulous collection agencies. And the lender can take legal action to collect the money.

 


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News about Bankruptcy in Indiana and nationwide:

Delaware Bankruptcy Court's Grants New Hampshire's Request for $100,000 to Pay Accrued
Delaware Bankruptcy Court's Grants New Hampshire's Request for $100,000 to Pay Accrued Vacation Time to CCT WorkersCONCO...
Read more >


New Bankruptcy Law Requires Credit Counseling Before Filing
If you are considering filing for bankruptcy,you should know about one major change to thebankruptcy law: Beginning October 17,2005,you must get cr...
Read more >


Senate Passes Schumer Amendment To Bankruptcy Bill To Crack Down On Predatory Loans
Measure Forces Predatory Lenders To Pass Along Liability To Buyers of Loans During Chapter 11 Proceedings, Making it More Difficult to Discharge As...
Read more >


More Bankruptcy News >

 
 

Bankruptcy Terms

 


Today's Terms

Liquidation value

Definition:
The aggregate value of a business if its assets are sold piecemeal.

Liquidating reorganization

Definition:
An informal term for a Chapter 11 proceeding when the company is essentially liquidated through one or more asset sales.

Foreclosure

Definition:
Your mortgage lender may start a foreclosure action and sell your home at a Sheriff's sale. If the sale nets less than you owe, there will be a "deficiency balance" that you will own to the lender.

More Bankruptcy Terms >

Bankruptcy Resources

 


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Bankruptcy Hot Topics

 
Topics Related to Bankruptcy:

  • Chapter 7
  • Chapter 13
  • Chapter 11
  • Chapter 12
  • Chapter 9

More Bankruptcy Topics >


Indiana Bankruptcy Attorney

 
If you live in the following cities and need a Bankruptcy attorney you should contact our Bankruptcy Attorney as soon as possible:

  • Bloomington
  • Brownsburg
  • Carmel
  • Columbus
  • Connersville
  • Crawfordsville
  • Crown Point
  • East Chicago
  • Elkhart
  • Evansville
  • Fishers
  • Fort Wayne
  • Franklin
  • Goshen
  • Granger
  • Greenfield
  • Greenwood
  • Hobart
  • Huntington
  • Indianapolis
  • Jeffersonville
  • Kokomo
  • La Porte
  • Lafayette
  • Logansport
  • Marion
  • Martinsville
  • Merrillville
  • Michigan City
  • Mishawaka
  • Muncie
  • New Albany
  • New Castle
  • Newburgh
  • Noblesville
  • Peru
  • Plainfield
  • Portage
  • Richmond
  • Seymour
  • Shelbyville
  • South Bend
  • Terre Haute
  • Valparaiso
  • Vincennes
  • West Lafayette
 


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