This paper discusses four bankruptcy-related policy issues. First, what is the economic rationale for having a bankruptcy procedure at all and what defines an economically efficient bankruptcy procedure? Second, why did the number of U.S. bankruptcy filings increase so dramatically between 1980...

Both the proportion of bankruptcy filings that are by the elderly and the proportion of foreclosure starts that affect the elderly have increased dramatically over the past twenty years — suggesting an increase in financial distress of the elderly relative to younger age groups. In this paper,...

Bankruptcy is the legal process by which financially distressed firms and individuals resolve their debts. It is an important part of the legal environment for small business owners and their lenders because small businesses are very risky and often fail and because bankruptcy law affects how...