thereafter. This, and similar results using the likelihood of reentering bankruptcy, suggest that there may be an optimal time in … results have implications for the reform and design of bankruptcy systems. …

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. …

This paper demonstrates the important role of job displacement in the household bankruptcy decision. I develop a … dynamic, forward-looking model of unemployment and bankruptcy where persistent negative income shocks increase a household …'s likelihood of filing for bankruptcy both immediately and in the future. Consistent with the model's predictions, I find that …

Are consumers who have filed for personal bankruptcy before excluded from the unsecured credit market? Using a unique … default risk--those with a bankruptcy history. On average, over one-fifth of personal bankruptcy filers receive at least one … offer in a given month, with the likelihood being even higher for those who filed for bankruptcy within the previous two …

Consumer bankruptcy laws, which vary across states and over time, permit debtors to keep assets below a statutory … debts, but they also provide a crude form of consumption insurance. We combine information on state-level bankruptcy laws … bankruptcy rates, (2) households that are more likely to simultaneously hold low-return liquid assets and owe high-cost unsecured …

The recent explosion in personal bankruptcy filings has motivated research into whether credit markets are being … bankruptcy exemptions across states. We note that the literature has focused on aggregate household credit, making no distinction …

The key feature of the modern U.S. personal bankruptcy law is to provide debtors a financial fresh start through debt …. In this paper, we test this fresh start argument by providing the first estimate of the effect of personal bankruptcy … the endogenous self-selection of bankruptcy filing and allows for dependence over time for the same household. We find …

Under the assumption that asset markets are incomplete, this paper introduces bankruptcy in an intertemporal … argues that intervention in the form of a level of bankruptcy exemption can enhance not only social welfare but also … distributive equity. The bankruptcy law is carefully specified in the model. The model generates distributional changes in …

general equilibrium model. Binding ceilings on loan rates reduce the probability of bankruptcy. Lower bankruptcy rates result … in lower bankruptcy and liquidation costs. The authors state conditions under which the resources freed by this cost …