WASHINGTON, DC – U.S. Rep. Chris Cannon (R-Utah) Wednesday voiced strong support for the Bankruptcy Reform Act of 1999, and voted in favor of the bill in the House of Representatives. The bill passed Wednesday night by a 313-108 vote.

“This bill will help restore personal responsibility to the bankruptcy system,” Cannon said. “We need to protect the bankruptcy system by requiring people to pay debts that they are capable of paying. By cracking down on irresponsibility, Utah consumers will pay lower prices.”

The Bankruptcy Reform Act of 1999 allows debt to be restructured, rather than be eliminated. The legislation provides for means testing for those who file for Chapter 7 and creates a repayment plan for those in Chapter 13. It imposes fairness rules on providers and credit card users and it protects churches and charities from creditors.

“Something is wrong with the bankruptcy system when we have 1.4 million filings last year alone,” Cannon said. “Bankruptcy filings cost all Americans. It takes over 30 responsible consumers to pay for just one bankruptcy. This means higher interest rates and prices.”