To Forgive or Not to Forgive: An Analysis of U.S. Consumer Bankruptcy Choices
نویسنده
چکیده
C urrent U.S. bankruptcy law has two separate bankruptcy procedures, known as Chapter 7 and Chapter 13. When a debtor files for bankruptcy under Chapter 7, he or she must give up all assets not legally sheltered from creditor seizure in exchange for a discharge of almost all preexisting debts. Under Chapter 13, a debtor may keep all property in exchange for a promise to pay all or some specified part of his or her debts under a payment plan approved by the court.1 Between 1980 and 1999, the total number of U.S. personal bankruptcy filings rose from 331,257 to nearly 1.4 million per year, and the rate of consumer bankruptcies per 100,000 adults increased from 201 to 650. Most bankruptcy filings during that period (about 70 percent) were under Chapter 7 as opposed to Chapter 13, which accounts for much of the increase in the total rates. As a result, net losses to creditors grew twice as fast as consumer installment credit during those years; today, those losses are counted in the tens of billions of dollars. The continued climb in consumer bankruptcy rates and the resulting losses to creditors have generated considerable debate and led to a number of bankruptcy reform proposals. Although there is as yet no consensus concerning the driving force behind the drastic upward trend in U.S. personal bankruptcy
منابع مشابه
As We Forgive Our Debtors. Bankruptcy and Consumer Credit in America. Teresa A. Sullivan, Elizabeth Warren, and Jay Lawrence Westbrook. Oxford University Press, New York, 1989. xii, 370 pp. $29.95.
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