HOUSE PASSES RULES FOR BANKS IN BANKRUPTCY

House passes rules for banks in bankruptcy. Big banks may need to consult bankruptcy lawyers very soon. The reason? The United States House of Representatives passed rules that relate to big banks. The rules relate to big banks filing a bankruptcy case. Under the new legislation, the FDIC could still take over a bankrupt parent’s company. The healthy subsidiaries could continue to stay in business. The rules would also provide relief to a bank or financial firm in bankruptcy. Partner companies would have to wait several days before canceling some transactions with the bankrupt company. There are critics of these new rules. They say these new rules favor the big banks. Critics also do not believe the new rules would prevent another taxpayer bailout of big banks who file bankruptcy. The bill was passed with bipartisan support. As we all know, Washington has been locked down by gridlock. No one knows if these new rules will pass the Senate. Or be signed into law by the President. If it does become law, bankruptcy attorneys will be busy. Many clients will need to understand the new laws before filing bankruptcy. This is no different than anyone deciding to file bankruptcy. In Broward County, many are facing money issues. Filing bankruptcy is often the only way to gain a fresh start. It can get confusing. Filing bankruptcy. What type of Chapter of bankruptcy to file. Understanding the difference between a Chapter 7 and a Chapter 13 bankruptcy. The first step to take is to contact an experienced Broward County bankruptcy lawyer. Ask for a free consultation. Explore your options. Then you can make an informed decision. Big banks will consult with bankruptcy lawyers to protect their rights. You should do the same. Bankruptcy could give you the fresh start you need to get back on your feet.