Jasper Packard: “I rise in support in H.R. 833, the Bankruptcy Reform Act of 1999. It is time we revitalize our weak bankruptcy system…”

“I rise in support in H.R. 833, the Bankruptcy Reform Act of 1999. It is time we revitalize our weak bankruptcy system, which is supposed to benefit those who need it most. As the sponsor of bankruptcy reform legislation during the 105th Congress which protected churches and charities, I strongly endorse the efforts of my colleagues in crafting the bill we are debating today. The truth is, our bankruptcy system is seriously flawed. This system allows individuals who have the ability to pay back a portion of their debts to declare bankruptcy so American taxpayers can foot the bill for them. This costs Americans an average of $550 a year in the form of higher interest rates and increased product prices. The original reason for people to file bankruptcy was as a last resort, for those in a dire situation. Unfortunately, bankruptcy has become a way for some reckless spenders to escape their debts. There are more people declaring bankruptcy in America each year than what are graduating from college. This is absurd! H.R. 833 will give this country a need-based bankruptcy system, not an easy way out for those who choose to not repay their debts. I firmly believe this legislation will restore a sense of fairness and personal obligation to our bankruptcy system.”