mr. speaker , i yield myself 1 minute . 
in response to the gentleman from illinois , the reform bill significantly limits two practices that some wealthy filers use to hide assets from bankrupt creditors . 
under the current system , in states with unlimited homestead exemptions , debtors can shield the full value of their residencies from creditors . 
to discourage debtors from relocating to the state to hide assets prior to a bankruptcy filing , the legislation requires a 3-year residency before a debtor can take advantage of the state 's full homestead exemption . 
currently , that is 91 days . 
in addition , the bill adds a specific provision that prevents filers from shielding funds in an asset protection trust when fraud is involved . 
in fact , these practices will continue unabated unless this legislation is passed . 
mr. speaker , i reserve the balance of my time . 
