Washington, D.C. - U.S. Senator Mike Enzi, R-Wyo., was joined by 82 of his Senate colleagues in passing major bankruptcy reform legislation last night.

After days of debate the Senate passed the bill 83-15. Enzi said the bill represents sound fiscal policy.

"If someone has fallen on hard times, is a victim of circumstance and needs a fresh start I want the law to be there for them. This bill provides protection for people who are legitimately working toward debt repayment and people who are having problems with unreasonable creditors. But the bill also would reform our bankruptcy laws to stop the bad actors who are able to pay what they owe and who are using legal loopholes to avoid their obligations," said Enzi.

Enzi is pleased the bill would reform personal bankruptcy law. It is designed to encourage partial repayment under Chapter 13 when a debtor is able as opposed to total liquidation under Chapter 7.

Enzi also noted the bill would permanently extend Chapter 12 bankruptcy, which has been approved on a periodic basis every year. This chapter expired last summer. Chapter 12 is a provision specially tailored to handle the complexities of agricultural bankruptcy. Many Wyoming farmers and ranchers support the law making Chapter 12 a permanent option for members of the ag community who find themselves faced with financial ruin, Enzi said.

Enzi also said the legislation is good for the U.S. economy and world economic stability. When people are able to avoid paying their legitimate debts through slick legal maneuvering the economy suffers.

The House passed its version of the bill earlier. Now a conference committee made up of both Senate and House members will be chosen to work out differences in the two bills. The committee will then send the bill back to each chamber for a final vote. If both Houses agree, it will be sent to the President for his signature.