Political Quotes

“I refer for the record to the Consumer Alert issued by the Federal Trade Commission warning consumers of exactly the situation that this amendment addresses, the fraudulent advertising, the kind of advertising that sucks consumers into a situation where they wind up declaring bankruptcy, which was not their original intent, because they were misled by the people that would be covered by this amendment. This amendment addresses abuses by 'bankruptcy mills' which advertise themselves as debt counseling organizations or government sanctioned sources of assistance for consumers having difficulty meeting debt repayments. According to the Federal Trade Commission, consumers are frequently using these organizations without understanding that the only relief that these groups offer is to put the debtor into bankruptcy, sometimes when the debtor could have avoided such a drastic step through voluntary repayment arrangements. The amendment requires debt relief organizations to disclose the nature of the services they offer, explain to consumers the alternatives to filing bankruptcy, disclose the rights and obligations of a debtor who files for bankruptcy and the consequences of a bankruptcy filing. The purpose of the amendment is to educate the consumer about bankruptcy and bankruptcy mills before it is too late; in other words, before the debtor has made an uninformed decision.”