Reforms made to the U.S. Bankruptcy Code in 2005 instituted a new means testing requirement that restricts the … bankruptcy judges to reduce mortgage principal for underwater homeowners through a policy of cramdown would have had only a small …

fundamental to the legal system's effectiveness and to the rule of law. About a million people file bankruptcy every year, making … the consumer bankruptcy system the part of the federal court system with which people most often come into contact. Given … the importance of bankruptcy to American families and the credit economy, there should exist a rich literature theorizing …

to the U.S. economy, and then consider the effect of alternative personal bankruptcy regimes. For reasonable parameter … values, a less lenient (higher post bankruptcy garnishment of income) bankruptcy law deters households with moderate … entrepreneurial ability from entering entrepreneurship, while variations in bankruptcy systems have negligible effects on higher …