Doug Bereuter: “I rise in support of H.R. 2465. Mr. Speaker, this Member rises today to express his support for H.R. 2465, which extends…”

“I rise in support of H.R. 2465. Mr. Speaker, this Member rises today to express his support for H.R. 2465, which extends Chapter 12 bankruptcy for family farms and ranches to January 1, 2004. Chapter 12 bankruptcy once again is set to expire on July 1, 2003. This legislation is very important to the nation's agriculture sector. This Member would express his appreciation to the distinguished gentleman from Wisconsin (Mr. Sensenbrenner), the Chairman of the House Judiciary Committee, for introducing H.R. 2465. In addition, this Member would like to express his appreciation to the distinguished gentleman from Michigan (Mr. Smith) for his efforts in getting this measure to the House Floor for consideration. This extension of Chapter 12 bankruptcy is supported by this Member as it allows family farmers to reorganize their debts as compared to liquidating their assets. The use of the Chapter 12 bankruptcy provision has been an important and necessary option for family farmers throughout the nation. It has allowed family farmers to reorganize their assets in a manner which balances the interests of creditors and the future success of the involved farmer. If Chapter 12 bankruptcy provisions are not extended for family farmers, it will be another very painful blow to an agricultural sector already reeling from low commodity prices.…”