Alabama

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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?

Special purpose entities in bankruptcy can be used
A business, usually a special-purpose entity, established to perform limited functions and to have one or a few primary creditors. This type of entity is sometimes established to protect lenders on large, complex projects, when the lender is to be paid solely or almost exclusively out of the money generated when the project becomes operational.

	Newsroom
	News about Bankruptcy in Alabama and nationwide: Delta Air Lines Receives Court Approval Orders Enable Delta to Continue Employee Pay and Benefits, Customer Programs, Fuel Contracts and Interline Agreements, Among Other Essential Relief... Read more > Definitions Accountant Continue On Page...2 (16) “equity security” means— (A) share in a corporation, whether or not transferable or denominated “stock”, or similar security; (B) interest of ... Read more > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

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.

Absolute priority

Definition:
The order of payment to the different classes of creditors mandated by the Bankruptcy Code. In theory, claims with higher priority are paid in full before other claims receive anything

Small claims

Definition:
Also sometimes called convenience claims - under a plan of reorganization or liquidation, claims that are small (e.g. in the hundreds or thousands of dollars range) and numerous are often grouped into a single class and settled for cash for administrative convenience.

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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

Alabama Bankruptcy Attorney

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

Alabaster
Albertville
Alexander City
Anniston
Athens
Atmore
Auburn
Bay Minette
Bessemer
Birmingham
Cullman
Daphne
Decatur
Dothan
Enterprise
Fairhope
Florence
Fort Payne
Gadsden

Hartselle
Huntsville
Madison
Mobile
Montgomery
Opelika
Ozark
Pelham
Phenix City
Pinson
Prattville
Selma
Sylacauga
Talladega
Theodore
Trussville
Tuscaloosa
Wetumpka

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