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Public Statements

Bankruptcy Abuse Prevention and Consumer Protection Act of 2003

By:
Date:
Location: Washington, DC


BANKRUPTCY ABUSE PREVENTION AND CONSUMER PROTECTION ACT OF 2003 -- (House of Representatives - January 28, 2004)

BREAK IN TRANSCRIPT

Mr. CANTOR. Mr. Chairman, I rise today to speak in favor of bankruptcy reform, an issue this body has voted in favor of time and time again.

This reform is long overdue and will go a long way to stop abuses of the bankruptcy code.

This measure will permanently extend the agricultural chapter of the bankruptcy code and will add new protections for the American people, including a "bill of rights" for those who file for bankruptcy.

Additionally, this measure will provide new protections for parents and will strengthen their ability to collect child support. This legislation will also fix the system so that high income debtors attempting to protect their excessive lifestyles will be held accountable and not continue to live lavishly at the expense of working families.

By establishing a means test for those who file for bankruptcy, this legislation will ensure that those who can repay their debts will no longer be able to abuse the system. These abuses negatively affect the economy by raising the price of goods while simultaneously lowering the availability of credit. This measure is a victory for the majority of Americans who play by the rules over those who choose to play by their own.

Mr. Chairman, the time has come for us to pass bankruptcy reform. These reforms are necessary to protect the American people; and I urge passage of this legislation.

END

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