Causes of Bankruptcies Among Consumers PDF Download
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Author: Victor Sadd
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 410
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Book Description
Author: Victor Sadd
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 410
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Book Description
Author: Robert T. Williams
Publisher:
ISBN:
Category :
Languages : en
Pages : 37
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Book Description
Author: Victor Sadd
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Robert Dolphin
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 404
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Book Description
Author:
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 204
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Book Description
Author: Igor Livshits
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 64
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Book Description
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 holdings to evaluate several commonly offered explanations. We find that increased uncertainty (income shocks, expense uncertainty) cannot quantitatively account for the rise in bankruptcies. Instead, the rise in filings appears to mainly reflect changes in the credit market environment. We find that credit market innovations which cause a decrease in the transactions cost of lending and a decline in the cost of bankruptcy can largely accounting for the rise in consumer bankruptcy. We also argue that the abolition of usury laws and other legal changes are unimportant.
Author: Mary Eschelbach Hansen
Publisher: University of Chicago Press
ISBN: 022667973X
Category : Business & Economics
Languages : en
Pages : 237
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Book Description
In 2005, more than two million Americans—six out of every 1,000 people—filed for bankruptcy. Though personal bankruptcy rates have since stabilized, bankruptcy remains an important tool for the relief of financially distressed households. In Bankrupt in America, Mary and Brad Hansen offer a vital perspective on the history of bankruptcy in America, beginning with the first lasting federal bankruptcy law enacted in 1898. Interweaving careful legal history and rigorous economic analysis, Bankrupt in America is the first work to trace how bankruptcy was transformed from an intermittently used constitutional provision, to an indispensable tool for business, to a central element of the social safety net for ordinary Americans. To do this, the authors track federal bankruptcy law, as well as related state and federal laws, examining the interaction between changes in the laws and changes in how people in each state used the bankruptcy law. In this thorough investigation, Hansen and Hansen reach novel conclusions about the causes and consequences of bankruptcy, adding nuance to the discussion of the relationship between bankruptcy rates and economic performance.
Author: Teresa A. Sullivan
Publisher: Beard Books
ISBN: 9781893122154
Category : Business & Economics
Languages : en
Pages : 392
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Book Description
Bankruptcy in America is a booming business, with hundreds of thousands of ordinary Americans filing for bankruptcy each year. Is this dramatic growth a result of mushrooming debt or does it reflect a moral decline that permits the middle class to evade their debts? As We Forgive Our Debtors addresses these questions with hard empirical data drawn from bankruptcy court filings. The authors of this multidisciplinary study describe the law and the statistics in clear, nontechnical language, combining a thorough statistical description of the social and economic position of consumer bankrupts with human portraits of the debtors and creditors whose journeys have ended in bankruptcy court. Book jacket.
Author: Daniel A. Austin
Publisher:
ISBN:
Category :
Languages : en
Pages : 24
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Book Description
In his 2009 State of the Union Address, President Barack Obama pleaded with Americans to support healthcare reform, stating, “This is a cost that now causes a bankruptcy in America every thirty seconds.” That jaw-dropping statistic was based on a study co-authored by Senator Elizabeth Warren (D. Mass.) (then a professor at Harvard Law School), which concluded that 62.1% of consumer bankruptcies are medical bankruptcies. The figure has been widely cited by lawmakers, academics, and the media in support of expanded government healthcare. Recently, Senator Warren co-sponsored legislation to create a new category of those filing for bankruptcy: the “medically distressed debtor,” who would be exempt from stringent bankruptcy filing requirements. On the other side, commentators and lawmakers who oppose greater government involvement in healthcare have disputed the study's findings. The issue of medical bankruptcies continues to be a focal point in the healthcare debate.Several other studies have examined medical debt in bankruptcy. Using a variety of methods, these studies have alternatively sought to support the Warren study, refute it, or replace it as the authoritative source on medical bankruptcies. The studies have produced a wide range of estimates for medical debt, feeding opposite positions in the debate over healthcare policy.This study seeks to close that gap by drawing upon medical debt and other data from consumer bankruptcy cases filed in 2013 and responses to a nationwide survey of recent bankruptcy filers. The data adduced in this study shows that medical bills are the single largest causal factor in consumer bankruptcy -- but not to the degree found in the study cited by President Obama. My study concludes that medical debt is the predominant casual factor in 18% to 26% of all consumer bankruptcies.It is important to stress that in most cases, no single element can be cited as the “cause” of the bankruptcy. The decision to file bankruptcy is typically the product of factors such as long-time financial patterns, family and lifestyle decisions, job loss and sudden adverse events, advice from others, and, ultimately, the individual debtor's perception of the value and utility of filing bankruptcy. Accordingly, the purpose of this article is not to establish a bright line definition of “medical bankruptcies,” but rather to look at medical debt as a causal factor of consumer bankruptcy.
Author: Katherine Porter
Publisher: Stanford University Press
ISBN: 0804780587
Category : Social Science
Languages : en
Pages : 322
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Book Description
About 1.5 million households filed bankruptcy in the last year, making bankruptcy as common as college graduation and divorce. The recession has pushed more and more families into financial collapse—with unemployment, declines in retirement wealth, and falling house values destabilizing the American middle class. Broke explores the consequences of this unprecedented growth in consumer debt and shows how excessive borrowing undermines the prosperity of middle class America. While the recession that began in mid-2007 has widened the scope of the financial pain caused by overindebtedness, the problem predated that large-scale economic meltdown. And by all indicators, consumer debt will be a defining feature of middle-class families for years to come. The staples of middle-class life—going to college, buying a house, starting a small business—carry with them more financial risk than ever before, requiring more borrowing and new riskier forms of borrowing. This book reveals the people behind the statistics, looking closely at how people get to the point of serious financial distress, the hardships of dealing with overwhelming debt, and the difficulty of righting one's financial life. In telling the stories of financial failures, this book exposes an all-too-real part of middle-class life that is often lost in the success stories that dominate the American economic narrative. Authored by experts in several disciplines, including economics, law, political science, psychology, and sociology, Broke presents analyses from an original, proprietary data set of unprecedented scope and detail, the 2007 Consumer Bankruptcy Project. Topics include class status, home ownership, educational attainment, impacts of self-employment, gender differences, economic security, and the emotional costs of bankruptcy. The book makes judicious use of illustrations to present key findings and concludes with a discussion of the implications of the data for contemporary policy debates.
