One of the time-honored values in America is a good credit reputation. It’s an asset that works at least two ways – for the individual consumer in gaining credit and for business in general in maintaining a solid, dependable business – customer relationship. It is to protect this type of relationship and eliminate abuses in existing laws that House sponsors of the Bankruptcy Improvement Act of 1981 are urging adoption of their measure known as I-I.R. 4786. ‘ “This is an issue that is not limited to those in the credit or retailing industry, but one that concerns all Americans,”‘ says Rep. Harold J, Daub, RNeb,, one of the original sponsors. Addressing the House the other day, Daub blasted what he termed ”bankruptcy for convenience.” He asserted that abuses made possible by the 1978 act have resulted in a dramatic increase in use of “straight bankruptcy” – Chapter 7 of the Bankruptcy Code by individuals “whom the law was not intended to protect.” The lawmaker charged that these individuals are discharging about $1.6 billion worth of debts this year alone. “Yet they are capable of repaying their debts on the same basis that credit was extended – on the basis of future eamings,” he said. He told Congress that because the existing bankruptcy code does not consider the basis upon which credit is extended in the modern sense, individuals are able to dispose of debt burdens they knowingly assumed. The impact falls on the businesses granting credit and eventually on the consumer. In the long run Americans must pay more for goods because of the losses incurred by businesses which extended credit in good faith. It is unfair that society be taken for a ride by individuals who fail to discharge responsibilities. I-LR. 4706 is a piece of consumer legislation that ought to be debated on its merits, strengthened if iiecessary, and passed into aw.