Auto lenders were perhaps the biggest winners of the 2005 Bankruptcy Reform. Cars depreciate quickly, so borrowers … to the market value of the car through a "cramdown" in Chapter 13 bankruptcy. The Reform prohibited cramdowns during the … eliminating cramdowns affected only one of the two types of consumer bankruptcy: Chapter 13. They exploit persistent historical …

Increasing personal bankruptcy protection raises consumers' desire to borrow and lenders' cost of extending credit; the … impact on equilibrium borrowing is ambiguous. Using bankruptcy protection changes between 1999 and 2005 across U.S. states …

We argue that the 2005 bankruptcy abuse reform (BAR) contributed to the surge in subprime foreclosures that followed … its passage. Before BAR, over-indebted mortgagors could free up income to pay the mortgage by filing bankruptcy and having … effects of BAR using state home equity bankruptcy exemptions; filers in low-exemption states were not very protected before …

This paper examines the impact of the financial crisis of 2008, specifically the bankruptcy of Lehman Brothers, on the … became more restrictive in their choice of counterparties. Following the Lehman bankruptcy, we find that amounts and spreads …

proportional hazard model of bankruptcy and Merton's contingent claims approach, we estimate the probability of default for US …. -- credit derivatives ; corporate bankruptcy ; Merton's distance to default …