TAILIEUCHUNG - BANKRUPTCY REFORM AND CREDIT CARDS

Bulgaria’s difficult transition from plan to market was marked by persistent macroeconomic and financial instability leading to a major economic collapse in 1996-1997. In 1997 a currency board arrangement (CBA) was established as a “policy of last resort” with the aim to impose fiscal and financial discipline. The change in the monetary regime was accompanied by a comprehensive package of policy reforms affecting not only the macroeconomic but also the institutional environment and the functioning of the financial system. In particular, the norms of prudential bank lending and bank supervision were tightened considerably; at the same time . | NBER WORKING PAPER SERIES BANKRUPTCY REFORM AND CREDIT CARDS Michelle J. White Working Paper 13265 http papers w13265 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge MA 02138 July 2007 I am grateful to Jim Hynes Richard Hynes Eva-Marie Steiger Andrei Schleifer Tim Taylor and Jeremy Stein for very helpful comments. The views expressed herein are those of the author s and do not necessarily reflect the views of the National Bureau of Economic Research. 2007 by Michelle J. White. All rights reserved. Short sections of text not to exceed two paragraphs may be quoted without explicit permission provided that full credit including notice is given to the source. Bankruptcy Reform and Credit Cards Michelle J. White NBER Working Paper No. 13265 July 2007 JeL No. G21 G28 G33 K35 ABSTRACT From 1980 to 2004 the number of personal bankruptcy filings in the United States increased more than five-fold from 288 000 to million per year. Lenders responded to the high filing rate with a major lobbying campaign for bankruptcy reform that led to the adoption in 2005 of the Bankruptcy Abuse Prevention and Consumer Protection Act BAPCPA which made bankruptcy law much less debtor-friendly. The paper first examines why bankruptcy rates increased so sharply. I argue that the main explanation is the rapid growth in credit card debt which rose from of . median family income in 1980 to in 2004. The paper then examines how the adoption of BAPCPA changed bankruptcy law. Prior to 2005 bankruptcy law provided debtors with a relatively easy escape route from debt since credit card debt and other types of debt could be discharged in bankruptcy and even well-off debtors had no obligation to repay. BAPCPA made this escape route less attractive by increasing the costs of filing and forcing some high-income debtors to repay from post-bankruptcy income. However because many consumers are hyperbolic discounters making bankruptcy law less .

• Ngân hàng - Tín dụng
• Molecular Determinants
• High Fertility
• Systems Biology
• Understanding Male
• Male Infertility
• Gene Mutations
• Epigenetic Chromatin
• Regulators as Mediators
• Chronic Inflammation
• Gastroenteropancreatic Neuroendocrine
• Chromogranin
• 3D images
• Report medicine
• traditional medicine
• scientific reports
• breast cancer
• biological activities
• environmental medicine
• chemical substances
• Naming and indexing
• chemical formulae
• molecular structure
• chemistry journals