mr. speaker , after eight years of intense congressional scrutiny and debate , this long-overdue legislation is now close to becoming law . 
i will vote in favor of this legislation , just as i have supported similar bills in the past , and i encourage my colleagues to pass s. 256 without amendments so it can go directly to the president for his signature . 
without a doubt , bankruptcy reform is needed . 
under current law , it is far too easy for debtors with significant cash resources to declare bankruptcy and walk away from their debts , even when they have the ability to pay a substantial portion of those debts . 
bankruptcies cost the rest of us american taxpayers billions of dollars each year . 
why ? 
because commercial institutions have to pass their losses on to everyone else in the form of higher prices and higher interest rates . 
the bankruptcy abuse prevention and consumer protection act is a well-balanced measure that will permit people with real financial need to get a fresh start , but lessen the burden placed on other working americans who now must support people who are taking advantage of the system . 
this bankruptcy reform bill will force those who have the ability to repay their debts to do so . 
at the same time , it provides safeguards such as child and spousal protections , debtor education , and mandatory credit counseling before someone files for bankruptcy . 
the bill also makes common-sense revisions to homestead exemptions to reduce the ability of a wealthy individual shielding his money in an extravagant home just prior to filing bankruptcy . 
put simply , this legislation helps restore the fundamental concept of personal responsibility in the bankruptcy system . 
i urge my colleagues to adopt . 
