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January 30, 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?

Chapter 7 of the United States Bankruptcy Code is the Bankruptcy Code’s “liquidation” chapter
Lawyers sometimes refer to it as a “straight bankruptcy.” It is used primarily by individuals who wish to free themselves of debt simply and inexpensively, but may also be used by businesses that wish to liquidate and terminate their business.

	Newsroom
	News about Bankruptcy in Utah and nationwide: In Pennsylvania, U.S. Labor Department Sues Owner Of Company Gone Bankrupt Philadelphia, Pennsylvania - The U.S. Department of Labor has filed an adversary complaint in federal bankruptcy court against the owner of now def... Read more > SEC Files Supplement to Proposed Worldcom Penalty Settlement; Proposal Subject to District and Bankruptcy Court Review and Approval The Securities and Exchange Commission today filed documents modifying the proposed settlement of its claim for a civil penal... Read more > U.S. Trustee Program Launches Bankruptcy Civil Enforcement Initiative WASHINGTON, D.C. The United States Trustee Program has launched an initiative to more aggressively use existing civil enforcement methods to curb a... Read more > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

Chapter Thirty Three

Definition:
An unofficial term describing a company that has filed for Chapter 11 three times.

Petition

Definition:
The document that commences a bankruptcy proceeding. plan of reorganization - the document setting forth how a bankrupt company plans to satisfy its creditors.

Voluntary bankruptcy

Definition:
Bankruptcy filed by the debtor itself; data from the U.S. Administrative Office of the Courts subdivides bankruptcies into voluntary and involuntary.

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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

Utah Bankruptcy Attorney

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

American Fork
Bountiful
Brigham City
Cedar City
Clearfield
Draper
Kaysville
Layton
Lehi
Logan
Magna
Midvale
Ogden
Orem

Pleasant Grove
Provo
Riverton
Roy
Saint George
Salt Lake City
Sandy
South Jordan
Spanish Fork
Springville
Tooele
Vernal
West Jordan

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