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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?

Many family finances include a credit card debt
The typical family filing for bankruptcy in 1997 owed more than one and a half times its annual income in short-term, high-interest debt. A family earning $24,000 had an average of $36,000 in credit card and similar debt.

	Newsroom
	News about Bankruptcy in Bronx and nationwide: Eighth Circuit Court of Appeals Finds that the U.S. Commodity Futures Trading Commission Properly Pursued Charges Against NRG Energy, Inc. in Minnesota District Court August 10, 2006 Eighth Circuit Court of Appeals Finds that the U.S. Commodity Futures Trading Commission Properly Pursued Charges Against... Read more > Definitions Accountant Continue On Page...2 (16) “equity security” means— (A) share in a corporation, whether or not transferable or denominated “stock”, or similar security; (B) interest of ... Read more > 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... Read more > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

Adequate protection

Definition:
The right of a party with an interest in the debtor's property (such as a secured creditor) to assurance that its interest will not be diminished during the bankruptcy proceedings.

Bankrupt

Definition:
The entity that files a bankruptcy; the debtor; the insolvent entity. This is a non-technical term and is not used in the Bankruptcy Code.

Chapter Twenty

Definition:
An unofficial term describing the filing of a Chapter 7 proceeding followed by a Chapter 13.

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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

Bronx Bankruptcy Attorney

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Westbury
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