Political Quotes

“Mr. Speaker, I rise in strong support of S. 3823, the ``Bankruptcy Threshold Adjustment and Technical Corrections Act.'' This important bipartisan, bicameral legislation introduced by my colleague, Congressman Neguse, will ensure that our bankruptcy system works for the entrepreneurs, small businesses, homeowners, and American families who are the backbone of this country and of the communities where they live and work. If there is one foundational principle of American bankruptcy law, it is the promise of the ``fresh start.'' The fresh start is a quintessentially American idea. It is the promise that even when your best efforts have failed, you will have a chance to get back up and try again. It is the promise that your debts will not destroy you. By increasing the debt limit for small businesses electing to file for bankruptcy under subchapter V of Chapter 11 to $7.5 million, and for individual Chapter 13 filers to $2.75 million, this legislation will provide much-needed certainty that the bankruptcy system will be responsive to hardworking Americans and their families trying to stay afloat in a world that can get turned upside down by global economic shocks. We all benefit from the fresh start. When it works as intended, it boosts economic growth, reduces unemployment, and encourages innovation and entrepreneurship. This legislation represents a major step toward ensuring that our bankruptcy system makes good on that promise.…”