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July 20, 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?

Filing Chapter 11 is known as reorganization
In a chapter 11 case, a liquidating plan is permissible. Such a plan often allows the debtor in possession to liquidate the business under more economically advantageous circumstances than a chapter 7 liquidation.

	Newsroom
	News about Bankruptcy in Kansas and nationwide: Customers of Enron-related REPs Protected Safeguards Approved for 13,500 non-residential Customers Wednesday March 6, 2002 The Public Utility Commission (PUC) on Wednesday issued an interim order approving a procedure to allow for the transfer of... 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

Exclusivity (period of)

Definition:
A debtor in Chapter 11 has the exclusive right to file a plan of reorganization for the first 120 days of its bankruptcy. Thereafter, unless the period of exclusivity is extended by the court, other parties may file reorganization plans.

Bankruptcy Court

Definition:
The federal tribunal where cases under the Bankruptcy Code are litigated.

Debtor

Definition:
The entity seeking protection from creditors under the bankruptcy laws.

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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

Kansas Bankruptcy Attorney

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

Derby
Dodge City
Emporia
Garden City
Hays
Hutchinson
Junction City
Kansas City
Lawrence
Leavenworth
Lenexa

Liberal
Manhattan
Newton
Olathe
Overland Park
Pittsburg
Prairie Village
Salina
Shawnee
Topeka
Wichita

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