Recent changes in bankruptcy law pertaining to personal liabilities are widespread. Broad trends include eligibility of personal liabilities in voluntary bankruptcy proceedings, strict insolvency requirements, and debt discharge. Moral considerations are even codified within the law, restricting...

We document international changes in bankruptcy law pertaining to personal liabilities. Implications are investigated within a theoretical model, focusing on interest rates, employment, and bankruptcy incidence. Small-firm employment rises as bankruptcy law becomes more stringent, but interest...

We document recent international changes in bankruptcy law pertaining to personal liabilities. Implications are investigated within a theoretical model, focusing on interest rates, employment, and bankruptcy incidence. Our abstraction of bankruptcy law covers issues of eligibility, debt...