On the recordMay 5, 1999
H.R. 833 is a necessary bill, and this is a good rule to support to move that bill forward. H.R. 833 restores fairness and common sense and personal responsibility to a bankruptcy code that, in many ways, is out of control. Current bankruptcy filings are about triple the level of the early 1980s, when the rates of interest and unemployment were significantly higher than today. In other words, even in the robust economy that we are living in today, bankruptcies are more than triple what they were in past times. To make the situation worse, many of the petitioners who file under Chapter 7, which is the straight bankruptcy, doing away with all the debts provision, many of these are simply walking away without any responsibility for any of their debts. This, despite the fact that many have the ability to repay at least a portion of the debts they owe.
Source
govinfo.gov
