Doug Bereuter: “this Member rises today to express his support for H.R. 833, the Bankruptcy Reform Act, of which he is an original…”

“this Member rises today to express his support for H.R. 833, the Bankruptcy Reform Act, of which he is an original cosponsor. First, this Member would thank the distinguished gentleman from Pennsylvania [Mr. Gekas], Chairman of the Judiciary Subcommittee on Commercial and Administrative Law, for introducing this bill. This Member would also like to express his appreciation to the distinguished gentleman from Illinois [Mr. Hyde], the Chairman of the Judiciary Committee, for his efforts in getting this measure to the House Floor for consideration. This Member supports the Bankruptcy Reform Act for numerous reasons; however, the most important reasons include the following: First, and of preeminent importance to the nation's agriculture sector, this Member supports the provision in H.R. 833 which permanently extends Chapter 12 of the Bankruptcy Code for family farmers. Chapter 12 bankruptcy allows family farmers to reorganize their debts as compared to liquidating their assets. Chapter 12 bankruptcy has been a viable option for family farmers nationwide. 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 permanently extended for family farmers, this will have a drastic impact on an agricultural sector already reeling from low commodity prices.”