Political Quotes

“we have averted a crisis in the bankruptcy court system. It may have been a quiet crisis--one few Americans talked about--but it was real nonetheless. Although it is all too rare in Washington these days, on this issue, we found a way to work together and deliver a solution. I am proud to say that on May 25, President Obama signed into law legislation I authored to extend 29 expiring temporary bankruptcy judgeships in 19 judicial districts. With this new law, some of our Nation's busiest bankruptcy courts-- those in Nevada and Delaware and New York and Michigan and Florida and so many other States--will finally be able to replace a sitting bankruptcy judge if he or she resigns or dies in office. Especially in times of economic recovery and uncertain growth, our bankruptcy courts perform a vital restorative role for our Nation's economy. Bankruptcy courts can give individuals, many of whom are victims of our great recession, a clean slate to start fresh. They give corporations that can't pay their bills an opportunity to restructure their debts and continue in operation, rather than shuttering their offices and factories, multiplying the pain by putting Americans out of work. Bankruptcy offers relief for creditors as well by providing an orderly distribution of the debtor's estate. Without bankruptcy, the debts of past mistakes, miscalculations, and misfortune will remain on the balance sheets, unpaid and yet unpayable.…”