Household Borrowing after Personal Bankruptcy

摘要：

A large literature has examined factors determining filing for personal bankruptcy, but little is known about household borrowing behavior after bankruptcy. Using data from the Survey of Consumer Finances, we find that relative to comparable nonfilers, bankruptcy filers generally have more limited access to unsecured credit but borrow more secured debt post bankruptcy, and they pay higher interest rates on all debt. We also find that credit access and pricing improve as more time passed since filing. However, filers continued to experience financial distress and accumulate less wealth, even many years after filing, suggesting that bankruptcy discharges fail to generate an effective fresh start as intended by the law.

关键词： Personal bankruptcy credit constraint household finance

作者: Song Han Geng Li

作者单位: Capital Markets Section, Federal Reserve Board, Mail Stop 89, Washington, DC 20551 USA Household and Real Estate Finance Section, Federal Reserve Board, Mail Stop 93, Washington, DC 20551

会议类型: 国际会议

会议名称: 2009年中国金融国际年会

会议地点: 广州

会议语种:英文

页码: 1-43

在线出版日期: 2009-07-07（万方平台首次上网日期，不代表论文的发表时间）