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Author: David B. Gross Publisher: ISBN: Category : Bankruptcy Languages : en Pages : 66
Book Description
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 how the propensity to default has changed over time, disentangling the two leading explanations for the recent increase in default rates - a deterioration in the risk - composition of borrowers versus an increase in borrowers' willingness to default due to declines in default costs, including social, information, and legal costs. Even after controlling for risk-composition and other economic fundamentals, the propensity to default significantly increased between 1995 and 1997. By contrast, increases in credit limits and other changes in risk-composition explain only a small part of the change in default rates. Standard default models appear to have missed an important time-varying default factor, consistent with a decline in default costs.
Author: David B. Gross Publisher: ISBN: Category : Bankruptcy Languages : en Pages : 66
Book Description
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 how the propensity to default has changed over time, disentangling the two leading explanations for the recent increase in default rates - a deterioration in the risk - composition of borrowers versus an increase in borrowers' willingness to default due to declines in default costs, including social, information, and legal costs. Even after controlling for risk-composition and other economic fundamentals, the propensity to default significantly increased between 1995 and 1997. By contrast, increases in credit limits and other changes in risk-composition explain only a small part of the change in default rates. Standard default models appear to have missed an important time-varying default factor, consistent with a decline in default costs.
Author: Michelle J. White Publisher: ISBN: Category : Languages : en Pages : 80
Book Description
This paper surveys research on the economics of corporate and personal bankruptcy law. Since the literatures on the two types of bankruptcy have developed in isolation of each other, a goal of the survey is to draw out parallels between them. Both theoretical and empirical research are discussed.
Author: Sara Sternberg Greene Publisher: ISBN: Category : Languages : en Pages : 68
Book Description
Chapter 13 is a cornerstone of the bankruptcy system. Its legal requirements strike a balance between the rehabilitation of debtors through keeping assets and reducing debt, and the repayment of creditors over a period of years. Despite the accolades from policymakers, the hard truth is that the majority of the half-million families each year that seek refuge in chapter 13 bankruptcy will not achieve the debt relief of a discharge. Prior research found that those who drop out of bankruptcy quickly endure the serious financial struggles that they had before bankruptcy -- now even worse off for having spent thousands of dollars to seek help. Despite the profound inefficiency of chapter 13 bankruptcy, we previously did not know what differentiates those who succeed in chapter 13 from those who fail. This article is the first study to use a national random sample to predict which debtors obtain a discharge of debt. Using sophisticated statistical techniques that allow us to control for unobservable or unmeasurable effects at the local level, we identify the factors that make completing chapter 13 bankruptcy more likely. We find, among other robust effects, that blacks are more than twice as unlikely to receive debt relief than non-blacks, that those without an attorney have extremely low odds compared to those who hire an attorney, and that families with children fare worse. We also find that the local variations in bankruptcy practice that have been deemed “best practices” do not correlate with higher rates of bankruptcy completion. We discuss the implications of our findings for the millions of families who struggle to repay their debts in bankruptcy, and suggest concrete fixes to increase the efficacy of the consumer bankruptcy system. This article upsets the debate about bankruptcy reform and will help shape policy and practice in upcoming decades.
Author: Teresa A. Sullivan Publisher: Beard Books ISBN: 9781893122154 Category : Business & Economics Languages : en Pages : 392
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: Iain Ramsay Publisher: Bloomsbury Publishing ISBN: 1509900993 Category : Law Languages : en Pages : 258
Book Description
Since 1979 the world has witnessed a remarkable cycle of personal insolvency law reform. Changes in capitalist economies, financial crises and political interest groups all contributed to this cycle of reform. This book examines the role of interest groups and distinct narratives in shaping reform in different countries while drawing attention to the role of timing, path dependency and unintended consequences in the development of personal insolvency law. The book presents case studies of personal insolvency law in the US, France, Sweden, and England and Wales. It then analyses how, following the Great Recession of 2008, international financial institutions paid greater attention to the significance of household debt in contributing to financial instability and the role of individual insolvency law in providing a fresh start. Personal insolvency law reform became part of EU responses to the eurozone crisis and the EU has proposed harmonisation of individual insolvency law to promote entrepreneurialism. This book examines the extent to which these developments represent an emerging international commonsense about personal insolvency and its relationship to neo-liberalism. Finally, this book discusses whether the international emergence of individual personal insolvency law represents a progressive step or a band-aid for the costs of neo-liberal policies, where a significant number of people live close to the precipice of over-indebtedness.
Author: David B. Gross
Author: David B. Gross
Author: David B. Gross
Author: Richard M. Stana
Author: Brian L. Betker
Author: Elizabeth Tashjian
Author: Michelle J. White
Author: Sara Sternberg Greene
Author: Teresa A. Sullivan
Author: Iain Ramsay
Author: P J. Simmons