Russ Feingold: “today I introduce the ``Involuntary Bankruptcy Improvement Act,'' along with Senator Leahy, the ranking member of the…”

“today I introduce the ``Involuntary Bankruptcy Improvement Act,'' along with Senator Leahy, the ranking member of the Judiciary Committee, and my colleague Senator Kohl, the senior Senator from Wisconsin. This bill addresses the growing problem of the use of involuntary bankruptcy petitions as a means to harass public officials. A similar bill has been introduced in the other body by the Chairman of the House Judiciary Committee. I believe this bill should be enacted on its own as soon as possible or, if necessary, be a part of any bankruptcy-related legislation that goes through the Congress this year. Involuntary bankruptcy petitions are a rarely used, but legitimate, creditor tool to prevent the wasting of an asset that would otherwise be available to satisfy creditor claims. Unfortunately, tax protestors and others with real or imagined grievances against the government have filed fraudulent involuntary bankruptcy petitions against government officials as a way to harass and harm them. This problem came to my attention recently because of a case in my home State of Wisconsin.”