Last year there were over 1.4 million bankruptcies filed in America. That comes out to almost 4,000 filings every day of the year. Since 1990, personal bankruptcies are up 94.7 percent. This dramatic increase in personal bankruptcies occurred in spite of the fact that over that same period business bankruptcies fell 31 percent and the country enjoyed a healthy and expanding economy. These statistics demonstrate there is need for reform immediately.
Bankruptcy exists to provide relief as a last resort for the most debt-ridden individuals.
It is not a financial planning device. This bill was needed last year, but it did not pass due to the same kinds of partisanship and political tactics we have seen here today. This year, I think Congress will pass this bill. I hope we will proceed to it today for a final vote. The majority leader of the Senate and the members of this Senate have a lot of work to do this year.