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| Author: | Fay, S. Hurst, E. White, M. J. |
| Title: | The Household Bankruptcy Decision |
| Journal: | American Economic Review
2002 : JUN, VOL. 92:3, p. 706-718 |
| Index terms: | BANKRUPTCY DECISION MAKING HOUSEHOLD ECONOMICS |
| Language: | eng |
| Abstract: | Personal bankruptcy filings have risen from 0.3 percent of households per year in 1984 to around 1.35 percent in 1998 and 1999, transforming bankruptcy from a rare occurrence to a routine event. Lenders lost about $39 billion in 1998 due to personal bankruptcy filings. But economists have little understanding of why households file for bankruptcy or why filings have increased so rapidly. Until very recently, studying the household bankruptcy decision was very difficult, because no household-level data set existed that included information on bankruptcy filings. In this paper, the authors use new data from the Panel Study of Income Dynamics, which includes information on bankruptcy filings, to estimate a model of households' bankruptcy decisions. |
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