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Debt Literacy, Financial Experiences, and Overindebtedness
Lusardi, Annamaria - 2009
We analyze a national sample of Americans with respect to their debt literacy, financial experiences, and their judgments about the extent of their indebtedness. Debt literacy is measured by questions testing knowledge of fundamental concepts related to debt and by self-assessed financial...
Persistent link: https://www.econbiz.de/10012463839
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An Empirical Analysis of Personal Bankruptcy and Delinquency
Gross, David B. - 2001
This paper uses a new panel data set of credit card accounts to analyze credit card delinquency, personal bankruptcy, and the stability of credit risk models. We estimate duration models for default and assess the relative importance of different variables in predicting default. We investigate...
Persistent link: https://www.econbiz.de/10012470309
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Personal Bankruptcy and Credit Supply and Demand
Gropp, Reint - 1996
This paper examines how personal bankruptcy and bankruptcy exemptions affect the supply and demand for credit. While generous state-level bankruptcy exemptions are probably viewed by most policymakers as benefitting less-well-off borrowers, our results using data from the 1983 Survey of Consumer...
Persistent link: https://www.econbiz.de/10012473189
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Macroeconomic Effects of Debt Relief : Consumer Bankruptcy Protections in the Great Recession
Auclert, Adrien - 2019
This paper argues that the debt forgiveness provided by the U.S. consumer bankruptcy system helped stabilize employment levels during the Great Recession. We document that over this period, states with more generous bankruptcy exemptions had significantly smaller declines in non-tradable...
Persistent link: https://www.econbiz.de/10012479637
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The Economic Consequences of Bankruptcy Reform
Gross, Tal - 2019
A more generous consumer bankruptcy system provides greater insurance against financial risks, but it may also raise the cost of credit to consumers. We study this trade-off using the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which raised the costs of filing for...
Persistent link: https://www.econbiz.de/10012480198
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Insolvency After the 2005 Bankruptcy Reform
Albanesi, Stefania - 2018
the effects of the reform on bankruptcy, insolvency, and foreclosure, we explore the mechanism generating these responses … 25% permanent rise in insolvency, but had no effect on Chapter 13 filings. Exploiting the cross-district variation in … higher monetary cost of filing for bankruptcy. We show that insolvency is associated with worse outcomes than bankruptcy, in …
Persistent link: https://www.econbiz.de/10012480589
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Designed to Fail : Effects of the Default Option and Information Complexity on Student Loan Repayment
Cox, James C. - 2018
We ask why so few student loan borrowers enroll in Income Driven Repayment when the majority would benefit from doing so. To do so we run an incentivized laboratory experiment using a facsimile of the government's Student Loan Exit Counseling website. We test the role information complexity,...
Persistent link: https://www.econbiz.de/10012480909
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Moral and Social Constraints to Strategic Default on Mortgages
Guiso, Luigi - 2009
We use survey data to study American households' propensity to default when the value of their mortgage exceeds the value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing defaults are strategic. We also find that no household...
Persistent link: https://www.econbiz.de/10012463505
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Saving Your Home in Chapter 13 Bankruptcy
White, Michelle J. - 2008
This paper examines how filing for bankruptcy under Chapter 13 helps financially distressed debtors save their homes. We develop a model of debtors' decisions to default on their mortgages and file for bankruptcy under Chapter 13 and evaluate the model using new data on Chapter 13 bankruptcy...
Persistent link: https://www.econbiz.de/10012464468
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Accounting for the Rise in Consumer Bankruptcies
Livshits, Igor - 2007
Personal bankruptcies in the United States have increased dramatically, rising from 1.4 per thousand working age population in 1970 to 8.5 in 2002. We use a heterogeneous agent life-cycle model with competitive financial intermediaries who can observe households' earnings, age and current asset...
Persistent link: https://www.econbiz.de/10012465287