Bankruptcy Lawyers

Idaho.

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?

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 Idaho and nationwide: Representative Adam Smith Will Support Bankruptcy Reform The Bankruptcy Reform Act of 1999 (H.R. 833) is expected to pass the House today. Under current law, bankruptcy filers may file under Chap... Read more > Senate Passes Schumer Amendment To Bankruptcy Bill To Crack Down On Predatory Loans Measure Forces Predatory Lenders To Pass Along Liability To Buyers of Loans During Chapter 11 Proceedings, Making it More Difficult to Discharge As... Read more > Personal Bankruptcy Filings Doubled In Last Decade As Consumer Debt Reached Record Levels There was one bankruptcy filed for every 73 U.S. households during calendar year 2003, up 97 percent from the 144 U.S. households per bankruptcy fi... Read more > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

Avoidance power

Definition:
The power of the court to invalidate certain obligations or transactions undertaken by a debtor prior to filing bankruptcy.

Chapter Thirteen

Definition:
Bankruptcy proceedings for an individual with the intention of rescheduling the individual's debt (rather than liquidating the individual's assets and debt; an individual files under Chapter 7 to liquidate);

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

Idaho Bankruptcy Attorney

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

Blackfoot
Boise
Burley
Caldwell
Coeur D Alene
Eagle
Hayden
Idaho Falls
Jerome
Lewiston

Meridian
Moscow
Mountain Home
Nampa
Pocatello
Post Falls
Rexburg
Sandpoint
Twin Falls

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