Through a comparison of serially and once bankrupt firms, we examine those factors that lead to a successful reorganization. We find that serially bankrupt firms generally fail to restructure their top management around the time of their initial reorganization while over 70% of our sample of...

Using an empirical analysis from Chapter 7 cases in five judicial districts, this article estimates the direct costs in typical small business Chapter 7s. The article finds that direct costs are lower than commonly portrayed, constituting a mean of 6.1% of total assets of 13.5% of total...