Darlene Hooley: “Mr. Chairman, I am an original cosponsor of H.R. 833, a bill that provides common sense bankruptcy reform. It has been…”

“Mr. Chairman, I am an original cosponsor of H.R. 833, a bill that provides common sense bankruptcy reform. It has been said that over the last 7 years we have had unparalleled economic prosperity and yet the bankruptcy filings have hit an all-time high. The thing that has happened is we have had a lot of studies that have also said some of those people that are filing bankruptcies can afford to pay back some of that debt. I am supporting this bill because it ensures those with the ability to pay that they pay, and those who legitimately need protection from creditors get it. I hope Members will keep in mind, and we have heard this number of $51,000 for a family of four, which is the median income, they are not even affected by this legislation. If they are making $51,000, they are not affected by this legislation. For those above that threshold, there is a sensible means testing that determines whether a debtor should be able to walk away and not pay anything or at least pay part of their debt. Mr. Chairman, this bill encourages personal responsibility, meets its obligation for children and families and saves American consumers money. I urge support for this bill.”