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Personal Bankruptcy: A Literature Review 1 (September 2000)

handle is hein.congrec/cbo0674 and id is 1 raw text is: Page 1 of 43 PERSONAL BANKRUPTCY: A LITERATURE REVIEW September 2000 NOTES Shaded areas in figures represent recessions as defined by the National Bureau of Economic Research. The areas extend from the peak to the trough of the recessions. Annual data on personal bankruptcy filings end on June 30 of the year indicated. Other annual data refer to calendar years. Numbers in the text and tables may not add up to totals because of rounding. Tle sharp rise in personal bankruptcy filings between 1994 and 1998, a period of economic expansion, has renewed a long-standing debate about bankruptcy laws. One side of that debate ascribes a significant share of the rise in filings to the current law and to a lessening of the stigma associated with filing for bankruptcy. The other side of the debate argues that the rise primarily reflects an increase in financial distress within the consumer sector. This Congressional Budget Office (CBO) paper reviews the available data and evaluates the empirical research on personal bankruptcy. It was prepared at the request of John Conyers Jr., Ranking Democratic Member, House Committee on the Judiciary; Jerrold Nadler, Ranking Democratic Member, Subcommittee on Commercial and Administrative Law of the House Committee on the Judiciary; and Representatives William D. Delahunt and Martin T. Meehan. Kim Kowalewski of CBO's Macroeconomic Analysis Division prepared the paper under the supervision of Robert Dennis. At CBO, Coleman Bazelon, Doug Hamilton, Arlene Holen, Debbie Lucas, Angelo Mascaro, John Peterson, David Torregrosa, and Christopher Williams offered helpful comments, and David Arnold, Ezra Finkin, John MeMurray, and Michael Simpson provided capable research assistance. Thanks are due to Ian Domowitz of Pennsylvania State University, Stanley Longhofer of Wichita State University, Dean Maki of the Board of Governors of the Federal Reserve System, Preston Miller of the Federal Reserve Bank of Minneapolis, and Tim Muris and Todd Zywicki of George Mason University's School of Law for their comments on earlier drafts. Special thanks go to Melissa Jacoby of the Beasley School of Law at Temple University for sharing her expertise on countless occasions regarding personal bankruptcy and the law, and to Marilyn Miller of the Administrative Office of the U.S. Courts for promptly filling requests for data on bankruptcy filings. Kevin Brown of the Federal Deposit Insurance Corporation kindly supplied and explained the data on commercial banks. Leah Mazade edited the paper, and Christine Bogusz proofread it. Verlinda Lewis-Harris typed the paper and prepared the manuscript for final publication. Annette Kalicki prepared the electronic

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