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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.

Contact Greensboro lawyers today and get a free consultation!

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.

	Newsroom
	News about Bankruptcy in Greensboro and nationwide: Customers of Enron-related REPs Protected Safeguards Approved for 13,500 non-residential Customers Wednesday March 6, 2002 The Public Utility Commission (PUC) on Wednesday issued an interim order approving a procedure to allow for the transfer of... Read more > Three Indicted For Bankruptcy Fraud, Impeding The Fdic's Operations FDIC Inspector General Gaston L. Gianni, Jr., announced today that Frank C. Romano, Jr., of Rowley, MA, the owner and operator of several Massachus... Read more > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

Chapter Thirty Three

Definition:
An unofficial term describing a company that has filed for Chapter 11 three times.

Small claims

Definition:
Also sometimes called convenience claims - under a plan of reorganization or liquidation, claims that are small (e.g. in the hundreds or thousands of dollars range) and numerous are often grouped into a single class and settled for cash for administrative convenience.

Exclusivity (period of)

Definition:
A debtor in Chapter 11 has the exclusive right to file a plan of reorganization for the first 120 days of its bankruptcy. Thereafter, unless the period of exclusivity is extended by the court, other parties may file reorganization plans.

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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

Greensboro Bankruptcy Attorney

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

Apex
Asheboro
Asheville
Burlington
Cary
Chapel Hill
Charlotte
Clayton
Concord
Durham
Elizabeth City
Fayetteville
Fort Bragg
Garner
Gastonia
Goldsboro
Greensboro
Greenville
Henderson
Hickory
High Point

Jacksonville
Kernersville
Lenoir
Lexington
Lincolnton
Lumberton
Matthews
Monroe
Morganton
Mount Airy
Raeford
Raleigh
Reidsville
Sanford
Statesville
Thomasville
Wake Forest
Wilmington
Wilson
Winston Salem

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