mr. speaker , i thank the gentleman for yielding me time . 
mr. speaker , i rise in strong support for this long overdue legislation . 
i want to thank the chairman of the committee on the judiciary , the gentleman from wisconsin ( mr. sensenbrenner ) xz4003650 , for his leadership and his efforts in making this bill a reality . 
it represent years of work , compromise and what i believe to be necessary reforms . 
our bankruptcy laws have shifted away from what was their original purpose . 
in 1915 the supreme court wrote that our bankruptcy laws were intended to give honest debtors a chance to `` start afresh , free from obligations and responsibilities consequent upon business misfortunes. '' this view was later reaffirmed in the 1934 case , local loan company v. hunt , in which the court wrote that `` the purpose of the act has been again and again emphasized by the courts in that it gives to the honest but unfortunate debtor a new opportunity in life and a clear field for future effort , unhampered by the pressure and discouragement of preexisting debt. '' over the last several decades , bankruptcy protections have expanded to cover basically anyone and everyone , not just those who truly need it . 
statistics reveal that in 2004 approximately 1.5 million individuals sought bankruptcy protection . 
increasingly , this protection is being sought for the consumer debt that has skyrocketed out of control as a result of the misuse of credit cards and other credit options . 
this expansive coverage comes at a price . 
personal bankruptcy filing cost businesses and our economy tens of billions of dollars every year . 
it is basically a $ 500 per family annual tax on each and every american family . 
h.r. 685 the bankruptcy abuse and consumer protection act of 2005 , the bill that is here before us today , strikes a balance . 
it requires those who have the means to repay debts to do so while protecting those who truly need the assistance provided by chapter 7 , such as those with serious medical conditions , the men and women of our armed services who are on active duty , as well as those disabled veterans who served in years past . 
decisions to seek the protection of bankruptcy should be taken seriously . 
the consequences of filing are not just personal but impact our economy and society as a whole . 
as i mentioned , it is $ 600 per family that we are essentially taxed this year for everybody who is paying their debts from those who are not . 
personal filings can not continue at the current rate . 
this bill represents a long overdue , much necessary first step ; and i urge my colleagues to support this legislation . 
