access to unsecured credit (because of bankruptcy costs) and aggregate shocks, we show that the cyclical behavior of … credit match the sizes of credit and bankruptcy volatilities. We also find that when the right to file for bankruptcy does …

lent first are given priority in any bankruptcy or restructuring proceedings. The goal of this paper is to incorporate …

bankruptcy filers. In particular, our data allow us to distinguish between Chapter 7 and Chapter 13 bankruptcy filings, to … after bankruptcy filing, most filers have much reduced access to credit in terms of credit limits, and the impact seems to …). Our results, in contrast to prior studies, thus suggest that the current bankruptcy system does not appear to provide much …

dynamics. According to current U.S. law, firms have two bankruptcy options: Chapter 7 liquidation and Chapter 11 reorganization …In this paper, we ask how bankruptcy law affects the financial decisions of corporations and its implications for firm … to include both bankruptcy options in a general equilibrium environment. Finally, we evaluate a bankruptcy policy change …