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dc.contributor.authorAshcraft, Adam B.en
dc.contributor.authorDick, Astrid A.en
dc.contributor.authorMorgan, Donald P.en
dc.date.accessioned2012-08-17T14:25:13Z-
dc.date.available2012-08-17T14:25:13Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x279en
dc.subject.jelG33en
dc.subject.jelK35en
dc.subject.ddc330en
dc.subject.keywordpersonal bankruptcy, consumption smoothing, insurance, competitionen
dc.subject.stwPrivate Verschuldungen
dc.subject.stwInsolvenzen
dc.subject.stwVerbraucherschutzen
dc.subject.stwUSAen
dc.titleThe Bankruptcy Abuse Prevention and Consumer Protection Act: Means-testing or mean spirited?-
dc.typeWorking Paperen
dc.identifier.ppn526663022en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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