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dc.contributor.authorAshcraft, Adam B.en_US
dc.contributor.authorDick, Astrid A.en_US
dc.contributor.authorMorgan, Donald P.en_US
dc.date.accessioned2012-08-17T14:25:13Z-
dc.date.available2012-08-17T14:25:13Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/60550-
dc.description.abstractThousands of U.S. households filed for bankruptcy just before the bankruptcy law changed in 2005. That rush-to-file was more pronounced, we find, in states with more generous bankruptcy exemptions and lower credit scores. We take that finding as evidence that the new law effectively reduces exemptions, which in turn should reduce the “demand” for bankruptcy and the resulting losses to suppliers of consumer credit. We expect the savings to suppliers will be shared with borrowers by way of lower credit card rates, although credit card spreads have not yet fallen. If cheaper credit is the upside of the new law, the downside is reduced bankruptcy “insurance” against bad luck. The overall impact of the new law on the average household depends on how one weighs those two sides.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 279en_US
dc.subject.jelG33en_US
dc.subject.jelK35en_US
dc.subject.ddc330en_US
dc.subject.keywordpersonal bankruptcy, consumption smoothing, insurance, competitionen_US
dc.subject.stwPrivate Verschuldungen_US
dc.subject.stwInsolvenzen_US
dc.subject.stwVerbraucherschutzen_US
dc.subject.stwUSAen_US
dc.titleThe Bankruptcy Abuse Prevention and Consumer Protection Act: Means-testing or mean spirited?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn526663022en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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