[Congressional Record (Bound Edition), Volume 149 (2003), Part 5]
[House]
[Page 6534]
[From the U.S. Government Publishing Office, www.gpo.gov]




                 CONSUMER BANKRUPTCY FILINGS IN AMERICA

  (Mrs. MILLER of Michigan asked and was given permission to address 
the House for 1 minute and to revise and extend her remarks.)
  Mrs. MILLER of Michigan. Mr. Speaker, since 1980 consumer bankruptcy 
filings in America have absolutely quadrupled. Think about that. They 
have quadrupled, and why is that? Because bankruptcy used to be a term 
that made people shudder in their boots. Nobody wanted that black mark 
on their record. No one wanted that stigma. But today too many 
individuals think that filing for bankruptcy will erase their debt with 
little or no consequence, and it is high time for Americans to take 
financial responsibility for the debts that they have acquired.
  The Bankruptcy Abuse Prevention and Consumer Protection Act of 2003 
holds people accountable for their personal spending habits. If a 
person has debts and dissolves under Chapter 7, but have sufficient 
funds to pay off their debt, then clearly they should be required to 
pay it off, not to have their debt whisked painlessly away by just 
filing bankruptcy.
  In my opinion, the Federal Government should not be in the business 
of bailing people out of their debt. We should instead be encouraging 
people to spend within their means and make logical and responsible 
financial choices, and this bill does just that.
  This bill is about being held accountable, and it comes at just the 
right time. This is common-sense legislation. Bankruptcy abuse needs to 
stop, and this legislation is a step in the right direction.

                          ____________________