South Carolina

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February 06, 2012

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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 South Carolina and nationwide: Medical Costs Contribute To Fewer Than One In Five Bankruptcies Bethesda, MD -- Data from a much-cited 2005 study show that medical expenses contribute to less than 20 percent of all bankruptcies, far fewer than... 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

Voluntary bankruptcy

Definition:
Bankruptcy filed by the debtor itself; data from the U.S. Administrative Office of the Courts subdivides bankruptcies into voluntary and involuntary.

Bankruptcy Amendments of 1984

Definition:
A set of amendments to the Bankruptcy Reform Act of 1978. It contains a number of provisions including: limiting the jurisdiction of the bankruptcy court.

Deed in Lieu of Foreclosure

Definition:
If you will be unable to cure the default, and a private sale does not appear realistic, VA will consider accepting a deed in lieu of foreclosure. If there are no liens on the property, and VA agrees to accept a deed, you will have to sign legal papers making VA the owner of the property.

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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

South Carolina Bankruptcy Attorney

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

Abbeville
Aiken
Anderson
Beaufort
Belton
Bennettsville
Bluffton
Camden
Charleston
Chester
Clemson
Clover
Columbia
Conway
Darlington
Dillon
Easley
Elgin
Florence
Fort Mill
Fountain Inn
Gaffney
Gaston
Georgetown
Goose Creek
Greenville
Greenwood
Greer
Hartsville
Hilton Head Island

Inman
Irmo
Ladson
Lancaster
Laurens
Lexington
Marion
Moncks Corner
Mount Pleasant
Murrells Inlet
Myrtle Beach
Newberry
North Augusta
North Charleston
Orangeburg
Pickens
Piedmont
Rock Hill
Seneca
Simpsonville
Spartanburg
Summerville
Sumter
Taylors
Travelers Rest
Union
Walterboro
West Columbia
York

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