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Spotlight on Bankruptcy

September, 2008

Recovering From Bankruptcy

It is estimated in the United States that over a million bankruptcies are filed each year. There are many concerns a person may have after filing for bankruptcy, such credit, property/possessions, and their potential future...More>>

If you are in need of legal help concerning bankruptcy, contact a lawyer in your area now.

New! Local Spotlight on Bankruptcy Law
See Below...

New bankruptcy law effective October 17, 2005
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 S. 256

Under the new Bankruptcy Act of 2005, credit counseling may be required or other options may be required, Contact a local Bankruptcy Lawyer to find out all your legal options and rights

It is more important than ever to consult and speak with a Bankruptcy Lawyer, for the new law changes will be explained better to you from bankruptcy lawyers. Your rights and options are too important, more than ever. If you want all your new legal rights and options explained then, you must speak with a bankruptcy lawyer. They will inform you of the new 2005 law changes and your rights.

A recent 2005/2006 study shows that 80% +- of past filers will still qualify today under the new law.

S. 256 penalizes creditors who unreasonably refuse to negotiate a pre-bankruptcy debt repayment plan with a debtor. The bill strengthens the disclosure requirements for reaffirmation agreements so that debtors will be better informed about their rights and responsibilities.

Some other reforms of S. 256 include the following:

Protection for small business owners
Family farmers
Small business debtors
Transnational insolvencies
Protections for employees

Why Do I need A Bankruptcy Lawyer?

Bankruptcy can be a devastating blow to an individual, a small business, or a multi-million dollar corporation. Have a Bankruptcy Lawyer help you to get control over the finances possibly recover from insolvency.

Under the new Bankruptcy Act of 2005, credit counseling may be required or other options may be required, Contact a local Bankruptcy Lawyer to find out all your legal options and rights

Featured U.S. Bankruptcy Areas
Salem, Massachusetts	Massachusetts Bankruptcy Lawyer

Bankruptcy Law Is A Federal Law. This Sheet Gives You Some General Information About What Happens In A Bankruptcy Case. The Information Here Is Not Complete. You May Need Legal Advice.

News Room

Read news and articles about Bankruptcy:

Bankruptcy Filings in the Federal Courts for ...
US Courts Gov, Sep 03, 2008
Filings involving predominantly business debts also rose substantially. They totaled 30,741, up 40 percent from the 21,960 business bankruptcies filed in the 12-month...

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Notice Regarding Debtor Audits with Bankruptc...
DOJ, Aug 12, 2008
The USTP is preparing to resume its designation of cases, although random audits will now be conducted in 1 out of 1,000 cases as opposed to 1:250 cases filed in a judi...

Read more >

Dana Corporation Agrees to Allow $24M Bankrup...
EPA, Jun 23, 2008
Dana filed petitions under Chapter 11 of the U.S. Bankruptcy Code in May 2006. Under terms of this week's settlement, Dana will withdraw its previous legal objections...

Read more >

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Did You know?

Automatic stay - the suspension of actions, such as debt collection or foreclosure, against the company in bankruptcy. This occurs automatically when the bankruptcy petition is filed. This action protects the debtor from creditors seeking to seize its assets.

Executory contract - a contract in which some or all of the obligations of each party have not yet been completed.

Can co-signers be protected - If you file Chapter 7 bankruptcy, the creditor can proceed against your co-signers, according to the terms of the debt agreement. However, if you file a Chapter 13 debt adjustment, a co-signer is protected if the following conditions are met.

The debt must be a consumer debt. Also, the debt may not be incurred in the ordinary course of business, and the co-signer cannot benefit from the proceeds of the debt.

Reaffirmation agreements are not required by bankruptcy law or by any other law - Even if a debt can be discharged, you may have special reasons why you want to promise to pay it. For example, you may want to work out a plan with the bank to keep your car. To promise to pay that debt, you must sign and file a reaffirmation agreement with the court. Reaffirmation agreements are under special rules and are voluntary.

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