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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.

	Newsroom
	News about Bankruptcy in Syracuse and nationwide: Bankruptcy Filings Rose in March 2006 May 26, 2006 — The number of bankruptcy cases filed in federal courts rose 12.8 percent in the 12-month period ending March 31, 2006, according to ... Read more > New Bankruptcy Law 2005 Beginning on October 17, 2005, most individual debtors filing for bankruptcy relief were required to complete either Official Bankruptcy Form B22A ... Read more > 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 > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

Bankruptcy estate

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

Liquidating reorganization

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

Chapter Seven

Definition:
Liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. (Individuals may file Chapter 7 also.)

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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

Syracuse Bankruptcy Attorney

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Westbury
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