Political Quotes

“Madam Speaker, despite some of the rhetoric on the other side of the aisle, H.R. 833 is a pro-consumer piece of legislation. That is, pro-responsible consumer. H.R. 833 protects individuals and businesses from having to pick up the tab for irresponsible debtors, some of whom are capable of paying off a significant portion of their debts. This legislation establishes a clear causal link between a debtor's ability to pay and the availability of Chapter 7 bankruptcy remedies. In other words, it makes those who can afford to pay their debts pay. There are, of course, some people who truly have a legitimate need to declare bankruptcy. At times, hardworking people come up against extraordinary circumstances. Family illness, disability, or the loss of spouse may necessitate the need to seek relief. H.R. 833 protects these individuals. Too frequently, however, people who have the financial ability or earnings potential to repay their debts are seeking an easy way out. While this may prove convenient for the debtor, it is not fair to their friends and neighbors who are stuck with their bills. The average American family pays $550 per year in a bad debt tax in the form of higher prices and increased interest rates to cover the economic cost associated with excessive bankruptcy filings.”