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February 06, 2012
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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?    
 
 
Can Co-Signers Be Protected
If you file Chapter 7 bankruptcy, the creditor can proceed against your co-signers, according to the terms of the debt agreement. However, if you file a Chapter 13 debt adjustment, a co-signer is protected if the following conditions are met. The debt must be a consumer debt. Also, the debt may not be incurred in the ordinary course of business, and the co-signer cannot benefit from the proceeds of the debt.

 


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News about Bankruptcy in Arizona and nationwide:

President Signs Bankruptcy Abuse Prevention, Consumer Protection Act
 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 ...
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FTC Announces Settlement With Bankrupt Website, Toysmart.com, Regarding Alleged Privacy Policy Violations
Agreement Enforces Privacy Promises, Prohibits Sale of Customer Lists Except Under Very Restricted Circumstances; Company Also Faces First Charge o...
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SEC Files Supplement to Proposed Worldcom Penalty Settlement; Proposal Subject to District and Bankruptcy Court Review and Approval
The Securities and Exchange Commission today filed documents modifying the proposed settlement of its claim for a civil penal...
Read more >


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Bankruptcy Terms

 


Today's Terms

Core proceedings

Definition:
Those proceedings that are inherent in and fundamental to the administration of a bankruptcy case.

Bankruptcy estate

Definition:
Generally, the property of the debtor that is subject to the jurisdiction of the bankruptcy court.

Petition

Definition:
The document that commences a bankruptcy proceeding. plan of reorganization - the document setting forth how a bankrupt company plans to satisfy its creditors.

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Bankruptcy Resources

 


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Bankruptcy Hot Topics

 
Topics Related to Bankruptcy:

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

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Arizona Bankruptcy Attorney

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

  • Apache Junction
  • Avondale
  • Buckeye
  • Bullhead City
  • Casa Grande
  • Cave Creek
  • Chandler
  • Chino Valley
  • Cottonwood
  • Douglas
  • Flagstaff
  • Florence
  • Fountain Hills
  • Gilbert
  • Glendale
  • Green Valley
  • Kingman
  • Lake Havasu City
  • Mesa
  • Nogales
  • Paradise Valley
  • Payson
  • Peoria
  • Phoenix
  • Prescott Valley
  • Safford
  • Scottsdale
  • Sierra Vista
  • Somerton
  • Sun City
  • Sun City West
  • Surprise
  • Tempe
  • Tucson
  • Yuma
 


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