Doug Bereuter: “This Member wishes today to express his support for the Bankruptcy Abuse Prevention and Consumer Protection Act, H.R.…”

“This Member wishes today to express his support for the Bankruptcy Abuse Prevention and Consumer Protection Act, H.R. 333. It is important to note that this Member is an original cosponsor of H.R. 333. First, this Member would thank the distinguished gentleman from Pennsylvania (Mr. Gekas), for introducing the House bankruptcy legislation, H.R. 333. This Member would also like to express his appreciation to the distinguished gentleman from Wisconsin (Mr. Sensenbrenner), 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, this Member supports the provision in H.R. 333 which provides for a means testing--needs-based--formula when determining whether an individual should file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy allows a debtor to be discharged of his or her personal liability for many unsecured debts. In addition, there is no requirement that a Chapter 7 filer repay many of his or her debts. However, Chapter 13 bankruptcy filers commit to repay some portion of his or her debts under a repayment plan. Some Chapter 7 filers actually have the capacity to repay some of what they owe, but they choose Chapter 7 bankruptcy and are able to walk away from these debts.”