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Why It Pays to File for Bankruptcy: A Critical Look at Incentives Under U.S. Bankruptcy Laws and A Proposal for Change

Author

Listed:
  • White, M.J.

Abstract

This article rst examines the economic justication for having a personal bankruptcy procedure at all. I argue that it is economically worthwhile to have a bankruptcy pro- cedure, but that costs rise more quickly than benets as the exemption level increases.

Suggested Citation

  • White, M.J., 1998. "Why It Pays to File for Bankruptcy: A Critical Look at Incentives Under U.S. Bankruptcy Laws and A Proposal for Change," Papers 98-02, Michigan - Center for Research on Economic & Social Theory.
    • Handle: RePEc:fth:michet:98-02
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    Citations

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    Cited by:

    1. Wei Fan & Michelle J. White, 2002. "Personal Bankruptcy and the Level of Entrepreneurial Activity," NBER Working Papers 9340, National Bureau of Economic Research, Inc.
    2. Fan, Wei & White, Michelle J, 2003. "Personal Bankruptcy and the Level of Entrepreneurial Activity," Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 543-567, October.
    3. Michel Robe & Eva Maria Steiger, 2016. "Insolvency and its Consequences: A Historical Perspective," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(04), pages 35-40, February.
    4. Krueger, Dirk & Perri, Fabrizio, 2011. "Public versus private risk sharing," Journal of Economic Theory, Elsevier, vol. 146(3), pages 920-956, May.
    5. Lin, Emily Y. & White, Michelle J., 2001. "Bankruptcy and the Market for Mortgage and Home Improvement Loans," Journal of Urban Economics, Elsevier, vol. 50(1), pages 138-162, July.
    6. repec:ces:ifodic:v:13:y:2016:i:4:p:19191585 is not listed on IDEAS
    7. Martin Brown & Marta Serra-Garcia, 2017. "The Threat of Exclusion and Implicit Contracting," Management Science, INFORMS, vol. 63(12), pages 4081-4100, December.
    8. Yannis Georgellis & Howard J. Wall, 2006. "Entrepreneurship and the policy environment," Review, Federal Reserve Bank of St. Louis, vol. 88(Mar), pages 95-112.
    9. I. Ramsay & T. Williams, 2020. "Peering Forward, 10 Years After: International Policy and Consumer Credit Regulation," Journal of Consumer Policy, Springer, vol. 43(1), pages 209-226, March.
    10. Henry, Ruby, 2013. "Business, Bankruptcy, and Beliefs: The Financial Demise of NBA Stars," IZA Discussion Papers 7238, Institute of Labor Economics (IZA).
    11. Monique Jeanblanc & Peter Lakner & Ashay Kadam, 2004. "Optimal Bankruptcy Time and Consumption/Investment Policies on an Infinite Horizon with a Continuous Debt Repayment Until Bankruptcy," Mathematics of Operations Research, INFORMS, vol. 29(3), pages 649-671, August.
    12. Wei Fan & Michelle J. White, 2001. "Personal Bankruptcy and the Level of Entrepreneurial Activity," Center for Financial Institutions Working Papers 01-11, Wharton School Center for Financial Institutions, University of Pennsylvania.
    13. Nadja König, 2016. "Household Debt and Macrodynamics - How do Income Distribution and Insolvency Regulations interact?," Macroeconomics and Finance Series 201603, University of Hamburg, Department of Socioeconomics.

    More about this item

    Keywords

    BANKRUPTCY ; DECISION MAKING;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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