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Journal Article
Should business bankruptcy be a one-chapter book?

Mitchell Berlin raises the question "Should Business Bankruptcy Be a One-Chapter Book?" The answer, in part, depends on the answers to other questions: What makes more economic sense? A bankruptcy system that auctions a firm's assets and distributes the proceeds among the creditors? Or one that allows the firm to seek to resume business after renegotiations between its stockholders and its creditors? Or is there room?or even a need?for both?
Business Review , Issue Q3 , Pages 18-25

Journal Article
Unemployment insurance and personal bankruptcy

Economic Quarterly , Volume 89 , Issue Spr , Pages 33-53

Conference Paper
What caused the recent increase in bankruptcy and delinquency: stigma or risk-composition?

Proceedings , Paper 649

Journal Article
Bankruptcy in America: where are we seven years after reform?

While economic worries, including high unemployment and high rates of foreclosure, persist in America, one indicator that receives relatively little media attention is household bankruptcy. While bankruptcy, particularly Chapter 7 bankruptcy, offers a fresh financial start to the petitioner, certain types of obligations, such as child support, tax liens, and security interests in automobiles and homes, remain the responsibility of the petitioner (i.e., the person seeking bankruptcy protection). For the debt that is discharged, all efforts by creditors to recover or collect from the bankrupt ...
Profitwise , Issue Dec , Pages 5-8

Conference Paper
Measuring the individual-level effects of access to credit: evidence from payday loans

Proceedings , Paper 1069

Working Paper
Fresh start or head start? The effect of filing for personal bankruptcy on the labor supply

The key feature of the modern U.S. personal bankruptcy law is to provide debtors a financial fresh start through debt discharge. The primary justification for the discharge policy is to preserve human capital by maintaining incentives for work. In this paper, we test this fresh start argument by providing the first estimate of the effect of personal bankruptcy filing on the labor supply using data from the Panel Study of Income Dynamics (PSID). Our econometric approach controls for the endogenous self-selection of bankruptcy filing and allows for dependence over time for the same household. ...
Finance and Economics Discussion Series , Paper 2004-28

Working Paper
Household Financial Distress and the Burden of 'Aggregate' Shocks

The goal of this paper is to show that household-level financial distress (FD) varies greatly, meaning there is unequal exposure to macroeconomic risk, and that FD can increase macroeconomic vulnerability. To do this, we first establish three facts: (i) regions in the U.S. vary significantly in their "FD-intensity," measured either by how much additional credit households therein can access, or in how delinquent they typically are on debts, (ii) shocks that are typically viewed as "aggregate" in nature hit geographic areas quite differently, and (iii) FD is an economic "pre-existing ...
Working Paper , Paper 20-12

Journal Article
Limited liability plays vital role in level, distribution of economic output

Financial Update , Volume 10 , Issue Apr , Pages 4

Seismic effects of the bankruptcy reform

We argue that the 2005 bankruptcy abuse reform (BAR) contributed to the surge in subprime foreclosures that followed its passage. Before BAR, distressed mortgagors could free up income by filing bankruptcy and having their unsecured debts discharged. BAR blocks that maneuver for better-off filers by way of a means test. We identify the effects of BAR using state home equity bankruptcy exemptions; filers in low-exemption states were not very protected before BAR, so they would be less affected by the reform. Difference-in-difference regressions confirm four predictions implied by that ...
Staff Reports , Paper 358

Journal Article
Recent developments in consumer credit and payments

On September 20-21, 2007, the Research Department and the Payment Cards Center of the Federal Reserve Bank of Philadelphia held their fourth joint conference to present and discuss the latest research on consumer credit payments. Approximately 75 participants attended the conference, which included six research papers on topics such as liquidity constraints, the rise in bankruptcy, and the financial mistakes made by credit card holders. In ?Recent Developments in Consumer Credit and Payments,? Mitchell Berlin summarizes the papers presented at the conference. ; Also issued as Payment Cards ...
Business Review , Issue Q1 , Pages 27-33



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