The U.S. personal bankruptcy system functions as a bankruptcy system for small businesses as well as for consumers … entrepreneur has an incentive to file for bankruptcy under Chapter 7, since both business debts and the entrepreneur's personal … debts will be discharged. The entrepreneur must give up assets above a fixed bankruptcy exemption level for repayment to …

intermediation influence the welfare implications of consumer bankruptcy regulations? To quantitatively address these questions, I … stricter bankruptcy regimes, through either higher wage garnishment or longer borrowing exclusion, result in aggregate welfare … gains. The welfare sensitivity to bankruptcy strictness depends positively on the degree of financial frictions …

In this paper, I construct a model of an exchange economy in which bankruptcy arises in a manner similar to what we … highlight some welfare effects of bankruptcy …

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 significantly expanded the exemptions from … the normal workings of the U.S. Bankruptcy Code. Using a large sample of U.S. banks we study investors' reaction to news …

Bankruptcy reform in 2005 eliminated debtors' ability to discharge private student loan debt in bankruptcy. This law … bankruptcy even if they had sufficient income to service their debt. Using a unique, nationally representative sample of … anonymized credit bureau files, we examine the bankruptcy filing and delinquency rates of private student loan borrowers in …

The central justification for the debtor financial relief provisions of the Bankruptcy Code is founded in a natural law … form the moral dimension of the debtor relief provisions of the Bankruptcy Code. Historically, America has recognized an … objective moral dimension to the bankruptcy process, and Congress has continually enacted legislation implementing its fresh …