mr. speaker , i rise to oppose this legislation .  after 4 years of record deficits and $ 2 trillion in new debt , one would think that the republican majority would have a better understanding of what bankruptcy is .  they are lucky this law does not apply to their actions in the last 4 years .  instead , we have a bill that promotes one bankruptcy code for the wealthy and another for the middle class .  case in point : the bill preserves the `` millionaires loophole , '' used by the wealthy to hide up to $ 1 million from creditors and courts into offshore accounts known as asset protection .  everyone should be subject to the same law and the same standards , not one set of rules for the wealthy and one for middle-class families .  if one can afford a high-priced lawyer to set up an asset protection trust , they are a lot better off in bankruptcy than a middle-class family struggling to pay off large hospital bills .  more than half of all bankruptcies result from catastrophic medical bills .  mr. speaker , rather than deal with the health care crisis or making college affordable , this legislation protects wealthy deadbeats from the same standard imposed upon every middle-class american .  we should have one rule , one standard in the law of bankruptcy law that applies to every american regardless of income and regardless of wealth or position .  