Washington, D.C. —  “I came to the U.S. Senate to get things done – and so far we are delivering. This Senate has already passed Class Action reform and Bankruptcy reform – legislation that was bogged down in obstructionist politics for years. These important reforms will stimulate small businesses and help grow our economy.

“But our work is not over. We still have big issues in front of us, including passing a responsible budget; delivering a national energy plan; and strengthening Social Security. I hope that we can put partisan politics aside and do what the American people sent us here to do.”

Background on S. 256, The Bankruptcy Reform Act of 2005:

• Reforms the bankruptcy system to require repayment of debts by individuals who have the ability to pay, while protecting the right of debtors to a financial fresh start;
  
• Strengthens protections for child support and alimony payments by giving family support obligations a higher priority in bankruptcy;
  
• Makes permanent Chapter 12 bankruptcy for family farmers and lessens the capital gains tax burden on financially strapped farmers who declare bankruptcy;
  
• Creates new protections for patients when hospitals and nursing homes declare bankruptcy;
  
• Requires credit card companies to disclose the dangers of making only minimum payments and prohibits deceptive advertising of low introductory rates; and
  
• Strengthens enforcement and penalties against abusive creditors for predatory debt collection practices.
  

Listen to the sound byte here.