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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?

Can Co-Signers Be Protected
If you file Chapter 7 bankruptcy, the creditor can proceed against your co-signers, according to the terms of the debt agreement. However, if you file a Chapter 13 debt adjustment, a co-signer is protected if the following conditions are met. The debt must be a consumer debt. Also, the debt may not be incurred in the ordinary course of business, and the co-signer cannot benefit from the proceeds of the debt.

	Newsroom
	News about Bankruptcy in New Jersey and nationwide: 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 > 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 > New Bankruptcy Law Requires Credit Counseling Before Filing If you are considering filing for bankruptcy,you should know about one major change to thebankruptcy law: Beginning October 17,2005,you must get cr... Read more > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

Foreclosure

Definition:
Your mortgage lender may start a foreclosure action and sell your home at a Sheriff's sale. If the sale nets less than you owe, there will be a "deficiency balance" that you will own to the lender.

Substantive consolidation

Definition:
The combination of the estate of one debtor with the estate of one or more other debtors and the application of the combined estate to satisfy their combined liabilities.

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.

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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

New Jersey Bankruptcy Attorney

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

Absecon
Asbury Park
Atlantic City
Bayonne
Blackwood
Bloomfield
Brick
Bridgeton
Bridgewater
Clementon
Clifton
East Brunswick
East Orange
Edison
Elizabeth
Englishtown
Fort Lee
Freehold
Hackensack
Hoboken
Howell
Jackson
Jersey City
Kearny
Lakewood
Linden

Marlton
Millville
Monroe Township
Morristown
Mount Holly
Mount Laurel
New Brunswick
Newark
North Bergen
North Brunswick
Old Bridge
Passaic
Paterson
Perth Amboy
Piscataway
Plainfield
Princeton
Sewell
Somerset
Teaneck
Toms River
Trenton
Union
Vineland
Wayne

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