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 …

We provide a novel explanation to the longstanding puzzle of the “missing bankruptcy filings.” Even though a household … with a negative net worth will receive contemporaneous benefit from bankruptcy, there may be greater insurance value from … delaying the filing. Household bankruptcy is thus an American-style put option, which is not necessarily exercised even if the …

assets (cash and pensions), appearing on the balance sheets of neighboring bankruptcy filers …

Bankruptcy reform in 2005 eliminated debtors' ability to discharge private student loan debt in bankruptcy. This law … bankruptcy even if they had sufficient income to service their debt. Using a unique, nationally representative sample of … anonymized credit bureau files, we examine the bankruptcy filing and delinquency rates of private student loan borrowers in …

variations in travel-related entry costs into the Canadian consumer bankruptcy system. Using detailed balance sheet and travel … bankruptcy (unsecured debt discharged, minus secured assets forgone). When compared across filers, each extra kilometer traveled … to access the bankruptcy system requires approximately $11 more in financial benefits from bankruptcy. {{p …