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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?    
 
 
Repossession is the power of the creditor to take back goods
There are two types of loans: secured and unsecured. A secured loan is one that requires you to pledge something as collateral. For example, if you purchase a car, the creditor will usually require you to put up the car as collateral. On the other hand, an unsecured loan, does not require collateral. Using a credit card is usually an unsecured loan.

 


  Newsroom  
 


News about Bankruptcy in Mississippi and nationwide:

U.S. Bankruptcy Court Declines GM Plea to Halt Delphi Hearing
U.S. Bankruptcy Court Declines GM Plea to Halt Delphi Hearing

NEW YORK: A U.S. bankruptcy court judge has turned down Gen...

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Accountant Means Accountant Authorized Under Applicable Law To Practice Public Accounting
101. Definitions (1) accountant means accountant authorized under applicable law to practice public accounting, and includes professional accountin...
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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

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).

Asset

Definition:
An economic resource or item owned by a business that is expected to benefit its future operations.

Debtor-in-possession

Definition:
The debtor which remains in control of operations; as opposed to having a trustee operate the company.

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Bankruptcy Resources

 


Search Bankruptcy resources in our resource center:

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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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Mississippi Bankruptcy Attorney

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

  • Biloxi
  • Brandon
  • Brookhaven
  • Canton
  • Clarksdale
  • Cleveland
  • Clinton
  • Columbus
  • Corinth
  • Greenville
  • Greenwood
  • Grenada
  • Gulfport
  • Hattiesburg
  • Jackson
  • Laurel
  • Lucedale
  • Madison
  • Mccomb
  • Meridian
  • Natchez
  • Ocean Springs
  • Olive Branch
  • Oxford
  • Pearl
  • Philadelphia
  • Picayune
  • Ridgeland
  • Southaven
  • Starkville
  • Tupelo
  • Vicksburg
  • Yazoo City

 


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