THREE-MONTH EXTENSION OF REENACTMENT OF CHAPTER 12, TITLE 11, UNITED
STATES CODE -- (Extensions of Remarks - March 11, 1999)
[Page: E400]
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SPEECH OF
HON. PATSY T. MINK
OF HAWAII
IN THE HOUSE OF REPRESENTATIVES
TUESDAY, MARCH 9, 1999
- Mrs. MINK of Hawaii. Mr. Speaker, I rise in strong support of H.R. 808,
the Chapter 12 Farm Bankruptcy Bill, of which I am a cosponsor.
- During the farm crisis of the 1980's, Congress recognized that the
bankruptcy code failed to address the needs of most family farmers. In an
effort to fill this void, Congress in 1986 enacted Chapter 12 of the
bankruptcy code providing relief designed specifically for family farmers.
Chapter 12 enabled family farmers to reorganize their debt and continue to
operate, rather than having to liquidate, when they declared
bankruptcy.
- Chapter 12 is scheduled to expire in 3 weeks, on April 1, 1999. The
Chapter 12 Farm Bankruptcy Bill, will extend Chapter 12 of the bankruptcy code
for 3 additional months and continue this much needed bankruptcy option until
it can be made permanent with the bankruptcy reform legislation that will be
heard later this year.
- Family farmers, the backbone of our country, deserve an opportunity to
reorganize their debts and continue operating after they have declared
bankruptcy. I support H.R. 808 and urge it's immediate passage.
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