Political Quotes

“Much of what was in the original McCollum-Boucher bill and then later the McCollum-Gekas-Boucher-whatever bill, 3150, is in this report. The most important portion of it is the needs-based test. Granted, we have adopted a certain compromise to the Senate that allows for the judge to have a say over this, but there is a presumption that if somebody can repay their debt after following the formula that was in the House bill, to see if they can afford to repay their debt and have enough money left over to do it after deducting their expenses for secured credit items and for real living expenses and for child support and so forth, if once they have done that, then there is a presumption that they are not eligible for Chapter 7 if they have greater than the median family income, which is about $52,000 a year for a family of four, and they will have to file in Chapter 13 where they have to work out a repayment plan. I think that is an enormous reform of very great monument in this.”