Pete Sessions: “with regard to the Feingold amendment that deals with the waiver of filing fees for those who file bankruptcy, I think…”

“with regard to the Feingold amendment that deals with the waiver of filing fees for those who file bankruptcy, I think we need to be very cautious about that amendment. It has very serious implications. It has been considered by this Senate numerous times and rejected. It has been the argument that this is somehow unfair and denies access to the court system. Courts themselves have denied this argument repeatedly. In fact, the United States Supreme Court has rejected this position. Fees run from around $110 to $160. By that time, the filer would have already hired a lawyer, probably for much more than that. I have here an ad of a lawyer in Texas who says: ``Bankruptcy can be a smart financial move.'' He does not say that bankruptcy is a way to take care of unacceptable debts that you have no chance of paying. This is the what we used to think bankruptcy was for: to help those who, through various circumstances, have found themselves hopelessly in debt. This man says: ``Bankruptcy can be a smart financial move.'' It can be a smart financial move. You can legally--under the current law--defeat legitimate debts. You can just walk away from them, as this man says ``For $350 total.'' And the truth is, that is why we have increased filings of these kinds of advertisements in phone books, in newspapers, in magazines, in the yard sale publications that are passed out free in this country.…”