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

Helen Mirza

Profitwise, 2012, issue Dec, 5-8

Abstract: 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 party (outside the bankruptcy process) must cease. There is no ready source of data on the amount of debt discharged annually in bankruptcy proceedings.

Keywords: Bankruptcy (search for similar items in EconPapers)
Date: 2012
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.chicagofed.org/digital_assets/publicati ... 2_ReEd_FINAL_web.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedhpw:y:2012:i:dec:p:5-8

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Profitwise from Federal Reserve Bank of Chicago Contact information at EDIRC.
Bibliographic data for series maintained by Lauren Wiese ().