Political Quotes

“The current state of bankruptcy is in a chaotic mess. One of the reasons is that an individual who wishes to file bankruptcy finds it very easy to do so. Very few standards are applied. The system needed tightening up. Everybody in the world knows that. Creditors, and the credit lobby, really understand that; there is no question about it. We understand how they understand it. On the other hand, an objective onlooker, the lawmakers that we are, who are eager to tighten up the bankruptcy laws because it is good for our society, it is good for our economy, it saves money for consumers to prevent bankruptcies, it saves money for taxpayers to prevent bankruptcies, it helps the tax collecting authorities like State governments, school boards, municipal governments to be able to regain some of their lost taxes by reason of unwarranted bankruptcies, all of these societal needs are met in our bill. What really is something that must be made clear to first the Members of Congress and then to the public is that the current system, that chaotic system, has too much flexibility.”