Ed Royce: “I think the time for reform really is now. The fact this bill will stop abusers while protecting those who need it most…”

“I think the time for reform really is now. The fact this bill will stop abusers while protecting those who need it most is important. I think for too many wealthy Americans bankruptcy is becoming the first stop rather than the last resort, and more and more higher-income people are choosing bankruptcy as a financial planning tool, sheltering substantial wealth, while sticking the consumers and responsible borrowers with the tab. Even one case of bankruptcy fraud or abuse is too many. It takes 33 Americans to pay for one bankruptcy of convenience. My point is we must restore personal responsibility to our bankruptcy code. Despite economic growth, despite low unemployment, despite rising disposable personal income an exorbitant number of personal bankruptcies are filed every year, many by individuals who have the ability to pay down some or all of their debt. In fact, over the past decade, the number of personal bankruptcies have doubled, and this year more people are projected to declare bankruptcy than will graduate from college.”