This paper contains an overview of personal, or consumer, bankruptcy
in the United States, concentrating on empirical issues in the study
of this important legal institution. Business cycle effects are
reviewed, in the context of both the passage of legislation and
the effect of economic fluctuations on bankruptcy filings. Evidence
on the determinants of bankruptcy filings and choice of bankruptcy
alternative at the level of the household also is examined, concentrating
on demographic influences, employment and occupation, and the status
of household finances. Finally, the link between bankruptcy and
consumer credit is briefly explored.
Ian Domowitz, Department of Economics, Northwestern
University
Published in Peter Newman (ed.), The New Palgrave Dictionary
of Economics and the Law, MacMillan, London, 1998.
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