Bankruptcy Attorney

Washington.

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?

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 Washington and nationwide: Bankruptcy Filings Rose in March 2006 May 26, 2006 — The number of bankruptcy cases filed in federal courts rose 12.8 percent in the 12-month period ending March 31, 2006, according to ... 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 > Bankruptcy Filings Continue to Increase,Records Broken for Total Filings and Non-Business Filings 2003 The number of bankruptcy petitions filed in federal courts rose 7.1 percent in the 12-month period ending March 31, 2003, according to statistics r... Read more > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

Period of exclusivity

Definition:
Personal bankruptcy - filed by an individual; also called a household bankruptcy, consumer bankruptcy or wage-earner bankruptcy. (see Chapter 13 and also Chapter 12).

Reorganization

Definition:
The resolving of a Chapter 11 bankruptcy by the emergence of the debtor as a viable business. Generally, the company agrees with creditors on a plan for payment of their claims (plan of reorganization) and emerges from Chapter 11 after the plan is confirmed by the court.

Liquidating reorganization

Definition:
An informal term for a Chapter 11 proceeding when the company is essentially liquidated through one or more asset sales.

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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

Washington Bankruptcy Attorney

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

Arlington
Auburn
Bellevue
Bellingham
Bothell
Bremerton
Edmonds
Everett
Federal Way
Kennewick
Kent
Kirkland
Lacey
Longview
Lynnwood
Marysville
Moses Lake
Oak Harbor

Olympia
Pasco
Port Orchard
Redmond
Renton
Richland
Seattle
Shelton
Snohomish
Spanaway
Spokane
Sumner
Tacoma
Vancouver
Walla Walla
Wenatchee
Woodinville
Yakima

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