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22 Emory Bankr. Dev. J. 481 (2005-2006)
Bankruptcy Stigma: Plausible Causes for Shifting Norms

handle is hein.journals/bnkd22 and id is 487 raw text is: BANKRUPTCY STIGMA: PLAUSIBLE CAUSES FOR SHIFTING NORMS Rafael Efrat* ABSTRACT Traditionally, American society has viewed bankruptcy petitioners negatively. By the 1960s, a number of critics began to voice concerns about the dramatic rise in consumer bankruptcy filings in the United States. The critics predominantly attributed the increase in filing to an alleged decline in morals and shame associated with bankruptcy. Charges of fading bankruptcy stigma have recently intensified. A number of recent studies have attempted to correlate assertions of declining stigma in bankruptcy using indirect variables as proxies. These various attempts to measure bankruptcy stigma have been roundly criticized. The disapproval mainly centers on the studies' failure to directly measure changes in public perception about bankruptcy. A recent study attempted to measure evolving public perception about bankruptcy by examining public sentiments. The public's perception was measured by examining sentiments as manifested through newspaper articles published on the subject over the last 140 years. That study detected a noticeable shift, beginning in the 1960s, in public attitudes towards individuals filing personal bankruptcy. This Article aims to identify some of the plausible reasons for the evolving public attitudes in the United States relating to personal bankruptcy. By shifting attribution of fault away from the financially troubled individual, American society may have developed a more positive attitude towards the individual that was manifested by less anger and more sympathy with the plight of the individual. Evolving attribution of fault for financial failure may * Associate Professor, College of Business & Economics, California State University, Northridge. J.S.D., 2002, Stanford Law School; J.S.M., 1998, Stanford Law School; J.D., 1992, University of Southern California Law Center. The author owes special thanks for valuable comments on earlier drafts from Professor Emeritus William Whitford at the University of Wisconsin Law School, Professor Todd J. Zywicki at George Mason University School of Law, as well as the participants in the Celga Center Conference on Personal Bankruptcy in 21st Century: Emerging Trends and New Challenges, held at Tel Aviv University School of Law, June 5-8, 2005.

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