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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?

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 Providence and nationwide: CFA, ATTORNEYS: CONGRESS SHOULD GIVE KATRINA VICTIMS FINANICAL Burdensome Paperwork Rules, Other “Gotcha!” Requirements Not Practical for Wiped-Out Hurricane Victims; New Law Would Make Victims’ Already Bad Sit... Read more > 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 > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

Secured creditors

Definition:
One of two general types of creditors of a company. Secured creditors have a lien on property of the company.

Chapter Twenty

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

United States Trustee

Definition:
An agent of the U.S. Department of Justice appointed to assist in bankruptcy cases. The U.S. Trustee administers many of the duties of the court including appointing committees.

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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

Providence Bankruptcy Attorney

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

Barrington
Bristol
Central Falls
Coventry
Cranston
Cumberland
East Greenwich
East Providence
Johnston
Lincoln
Middletown
Narragansett
Newport

North Kingstown
North Providence
Pawtucket
Portsmouth
Providence
Riverside
Tiverton
Wakefield
Warwick
West Warwick
Westerly
Woonsocket

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