Political Quotes

“over the decades since enactment of the last major reform of the Bankruptcy Code, the monetary and financial landscape faced by both businesses and consumers has changed. As financial institutions have expanded to become more interstate in scope, and with increasingly complex transactions among companies, there has emerged a need for a Bankruptcy Code which can adapt to these changes. This code should reinforce the balance between the interest of the creditor and the debtor while ensuring strong commercial markets for both the consumers and businesses of America. The proposed amendments, as designated in the omnibus bankruptcy reform bill, make the necessary changes to carry the Bankruptcy Code into the next century. For the reporting period in 1993, there were a total of 918,734 bankruptcy filings. This represents a slight decrease in 1993 over the number of bankruptcy filings reported in 1992, but even with a decrease the filings in 1993 are still more than double the number of case filings of any year prior to 1985. In fact, the annual reported filings during 1990-93 have been about twice the annual average for the entire 1980's. Over the past 8 years filings nationwide have increased by 152 percent. Filings have doubled during this period in 37 of the 50 States and in Puerto Rico and the District of Columbia. In fact, in 13 States the bankruptcy filings have increased by a staggering 200 percent since 1985.”