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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?    
 
 
Special purpose entities in bankruptcy can be used
A business, usually a special-purpose entity, established to perform limited functions and to have one or a few primary creditors. This type of entity is sometimes established to protect lenders on large, complex projects, when the lender is to be paid solely or almost exclusively out of the money generated when the project becomes operational.

 


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News about Bankruptcy in Vermont and nationwide:

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 >


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...
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SEC Charges Scott D. Sullivan, WorldCom’s Former Chief Financial Officer, with Engaging in Multi-Billion Dollar Financial Fraud
Sullivan Consents to Anti-Fraud Injunction, Permanent Bar from Serving as an Officer and Director of a Public Company, and Pe...
Read more >


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Bankruptcy Terms

 


Today's Terms

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.

Chapter Eleven

Definition:
Reorganization proceedings, generally for business entities; the debtor maintains control of the business in Chapter 11 (unless the Court appoints a trustee).

Chapter Twenty Two

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

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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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Vermont Bankruptcy Attorney

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

  • Barre
  • Bennington
  • Brattleboro
  • Burlington
  • Colchester
  • Essex Junction
  • Milton
  • Montpelier
  • Rutland
  • Saint Albans
  • South Burlington
 


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