Political Quotes

“I rise to speak briefly on a technical amendment offered by myself and Senator Sessions. Senator Sessions and I are offering this technical amendment merely to correct some provisions which we felt were needed in order to avoid an unintended reading of the amendment. Reaffirmations are essentially agreements between creditors and consumers whereby the consumer agrees to continue to repay the debt owed the creditor, even after all other debts may be discharged in bankruptcy. Unfortunately, there have been many instances in the past in which consumers have not been well-informed going into these agreements, and in some cases have been coerced into signing them. As some of my colleagues may recall, in offering our original amendment on reaffirmations, Senator Sessions and I had two major goals: the first was to improve consumer's understanding of what they are doing when they agree to reaffirm a debt that they were entitled to, under the law, have discharged. The second goal was to promote efficient handling of reaffirmations in the bankruptcy process.”