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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?    
 
 
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 Michigan and nationwide:

Attorney General Advocates Pay Raise for Federal Judges
  January 18, 2007 — Attorney General Alberto R. Gonzales said he thinks federal judges should receive a pay raise. His comments about judges'...
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Safeguards in Place on Tax and Personal Information
Recent media coverage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), roughly a year after the Act went into effec...
Read more >


President Signs Bankruptcy Abuse Prevention, Consumer Protection Act
 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 ...
Read more >


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Bankruptcy Terms

 


Today's Terms

Asset

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

Core proceedings

Definition:
Those proceedings that are inherent in and fundamental to the administration of a bankruptcy case.

Disclosure statement

Definition:
A comprehensive disclosure document sent to creditors when they are asked to vote on a plan of reorganization in Chapter 11.

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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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Michigan Bankruptcy Attorney

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

  • Adrian
  • Ann Arbor
  • Battle Creek
  • Bay City
  • Belleville
  • Canton
  • Clinton Township
  • Dearborn
  • Dearborn Heights
  • Detroit
  • East Lansing
  • Flint
  • Grand Blanc
  • Grand Rapids
  • Hamtramck
  • Highland Park
  • Holland
  • Howell
  • Jackson
  • Lansing
  • Lincoln Park
  • Livonia
  • Macomb
  • Mount Pleasant
  • Muskegon
  • Niles
  • Northville
  • Plymouth
  • Port Huron
  • Redford
  • Rochester
  • Roseville
  • Saginaw
  • Sterling Heights
  • Taylor
  • Traverse City
  • Trenton
  • Troy
  • Warren
  • Westland
  • Wyandotte
  • Ypsilanti
 


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