Political Quotes

“it is common sense in my areas of Michigan, that if you make it too easy to file bankruptcy and discharge your debts, a lot of those lenders are going to have to jack up their interest rates on everybody else to compensate for the money they lose when that debt is discharged. This legislation provides a better balance, a golden mean. I would hope both sides could work together to find compromize so that we don't end up with harder to get loans and higher interest rates as a result of existing law that makes it easy to declare bankruptcy and discharging those debts. I have two bills that are now incorporated in this bankruptcy bill. One is H.R. 4672, the extension of the Section 12 provision for farmers and agriculture; the other is a provision suggested to me by an Eaton County Michigan probate Court official, Tom Robinson. That section does not allow the discharge of debt for child care that would be owed to a local court or municipality. I thank Chairman Gekas for yielding me time and for his perseverance in developing needed reform to our bankruptcy law.”