Consumer Bankruptcy Research Papers - Academia.edu (original) (raw)

"El volumen se dedica al análisis de la disciplina normativa de los Estados europeos en materia de sobreendeudamiento e insolvencia de las personas naturales, materia ésta relacionada a su vez con el vertiginoso aumento del crédito al... more

"El volumen se dedica al análisis de la disciplina normativa de los Estados europeos en materia de sobreendeudamiento e insolvencia de las personas naturales, materia ésta relacionada a su vez con el vertiginoso aumento del crédito al consumo; todo ello en un momento en que gradualmente va tomando forma en Europa una especie de “Derecho concursal civil” (?), centrado en la gura del Ciudadano privado.
El ordenamiento jurídico comunitario, tanto desde una perspectiva general como desde la perspectiva singular que aportan las respectivas legislaciones de los Estados miembros, presenta cierto décit regulatorio desde la perspectiva de la mejor tutela de familias y consumidores endeudados en exceso. Esta insuciencia, tanto por sí misma como en combinación con otras disfunciones, sigue inuyendo en el colapso economico-nanciero de una Europa condicionada por una excepcional coyuntura económica cuyas dimensiones aún no son exactamente apreciables.
El volumen se propone contribuir a la identicación de las ineciencias de fondo que subyacen en el actual sistema jurídico comunitario desde la perspectiva que ofrecen los “ajustes” considerados más oportunos."

Objetivos del derecho concursal con relación a la pandemia

This article analyzes a unique data set to shed new light on credit availability to debtors who filed for consumer bankruptcy. In particular, our data set allows us to distinguish between Chapter 7 and Chapter 13 debtors, to observe... more

This article analyzes a unique data set to shed new light on credit availability to debtors who filed for consumer bankruptcy. In particular, our data set allows us to distinguish between Chapter 7 and Chapter 13 debtors, to observe changes in credit demand and credit supply, and to differentiate between existing and new credit accounts. The paper has four main findings. First, despite speedy recoveries in their credit scores after bankruptcy filings, most debtors have reduced access to credit after filing for bankruptcy including reduced limits. The impact seems to be long lasting—well beyond the discharge date. Second, the reduction in credit access stems mainly from the supply side because credit demand by consumers recovers significantly after the filing, whereas credit supply by lenders remains low. Third, new lenders do not treat debtors who filed for Chapter 13 bankruptcy more favorably than debtors who filed for Chapter 7. In fact, debtors who filed for Chapter 13 are much less likely to receive new credit cards than debtors who filed for Chapter 7. Finally, we find that debtors who filed for Chapter 13 receive, on average, a slightly larger credit limit than debtors who filed for Chapter 7 bankruptcy (both after the filing and after discharge) because they are able to maintain more of their old credit that existed before bankruptcy. Our results suggest that although debtors receive a fresh start through bankruptcy (in the form of dischargeable debt), the fresh start they obtain does not necessarily guarantee new credit for them.

En proclamant le 26 août 1789 que «Les hommes naissent libres et égaux en droit», les signataires de la Déclaration des droits de l'homme et des citoyens, inspirés par la philosophie des Lumières, mettaient un terme à une législation... more

En proclamant le 26 août 1789 que «Les hommes naissent libres et égaux en droit», les signataires de la Déclaration des droits de l'homme et des citoyens, inspirés par la philosophie des Lumières, mettaient un terme à une législation d'Ancien Régime entravant la liberté individuelle. En abolissant les corporations professionnelles et les prescriptions religieuses qui encadraient la liberté contractuelle, les révolutionnaires souhaitaient faire de l'homme et de sa volonté la source du droit contractuel. Le principe de l'autonomie de la volonté, transcrit quinze ans plus tard à l'article 1134 du Code civil, fait de la volonté des parties la source essentielle du droit des conventions. Le contrat, expression de la volonté de l'individu, y est élevé au même rang que la Loi, expression de la volonté collective. L'intervention de l'État dans le domaine économique est cantonnée ; le contenu des contrats n'est plus soumis à son approbation et il ne peut plus intervenir pour en modifier les termes.

In IPC is a situation which trader or company is not able pay its dept. and can't fulfill the Business Commitment. Gitman believes that, bankruptcy happens in situations when the dept. of a company is more than the assets value. So one of... more

In IPC is a situation which trader or company is not able pay its dept. and can't fulfill the Business Commitment. Gitman believes that, bankruptcy happens in situations when the dept. of a company is more than the assets value. So one of the critical factors for Investors who decide to invest is predicting the bankruptcy. Prediction of bankruptcy can be done using many methods that among them ratio analysis method and the analysis of market risk method are the most validated methods. In analysis of market risk method, the probability of bankruptcy is estimated through the changes in market risk. In ratio analysis method the probability of bankruptcy is estimated through a group of financial report that are combined by scholars. In recent years Academic research communities have been trying to predict bankruptcy more exact that these different models for predicting bankruptcy arr including: (William, Altman, D.kin, spin gate ...)

Վերջին տարիներին թրենդային դարձած ֆիզիկական անձանց կամավոր սնանկությունը մի կողմից պարտքերից ազատվելու և մաքուր էջից սկսելու, իսկ մյուս կողմից էլ նույն պարտապանի համար ունի վատնագավոր կողմեր, որոնք անհրաժեշտ է նախ հատկորոշել, այնուհետև... more

Վերջին տարիներին թրենդային դարձած ֆիզիկական անձանց կամավոր սնանկությունը մի կողմից պարտքերից ազատվելու և մաքուր էջից սկսելու, իսկ մյուս կողմից էլ նույն պարտապանի համար ունի վատնագավոր կողմեր, որոնք անհրաժեշտ է նախ հատկորոշել, այնուհետև չեզոքացնել և ապա նոր կամավոր սնանկության դիմում ներկայացնել։

Relying on National Longitudinal Survey (NLS) data, this retrospective cohort study found that 11.6% (n = 882) of the eligible study sample (N = 7,609) declared personal or nonbusiness, nonentrepreneurial between 1986 and 2004. These... more

Relying on National Longitudinal Survey (NLS) data, this retrospective cohort study found that 11.6% (n = 882) of the eligible study sample (N = 7,609) declared personal or nonbusiness, nonentrepreneurial between 1986 and 2004. These debtors had average annual incomes that were about 2.5 times official poverty thresholds. Those who were divorced in 2004 were most likely to have declared bankruptcy (16.4%), followed by

1 It is both an honour and a privilege for us to contribute this paper to the festschrift dedicated to Professor Ian Fletcher QC. Insolvency law and practice around the world owes a huge debt of gratitude to Ian’s scholarship and vision... more

1 It is both an honour and a privilege for us to contribute this paper to the festschrift dedicated to Professor Ian Fletcher QC. Insolvency law and practice around the world owes a huge debt of gratitude to Ian’s scholarship and vision which helped develop insolvency law and ensure that it is a discipline that can be regarded as critical in the commercial world across the globe. It is largely due to Professor Fletcher’s influence that we both entered the world of insolvency in academia, so it is fitting that this paper should be dedicated to him.

While the increased access to consumer credit has helped many families improve their welfare, the rising repayment burdens upon a background of chronically low saving rates have generated concerns that South African families are becoming... more

While the increased access to consumer credit has helped many families improve their welfare, the rising repayment burdens upon a background of chronically low saving rates have generated concerns that South African families are becoming ever more financially fragile and less able to meet their consumer debt repayment obligations. Using data from the Cape Area Panel Study, this article investigates whether consumer debt repayment problems are better explained by excessive spending which leaves households financially overstretched or by negative income shocks. The results indicate that households are significantly more likely to be delinquent on their financial obligations when they suffer negative events beyond their control rather than due to the size of the expenditure burden. This suggests that consumer repayment problems are likely to endure even when consumers borrow within their means. Thus, regulatory efforts to improve mechanisms for debt relief might be more meaningful than restrictions on lending.

The Bankruptcy Reform Act of 1978, effective on October 1, 1979, significantly altered the basic rules by which consumers file for bankruptcy. Between 1979 and 1997, the number of nonbusiness bankruptcies filed annually rose from 200,000... more

The Bankruptcy Reform Act of 1978, effective on October 1, 1979, significantly altered the basic rules by which consumers file for bankruptcy. Between 1979 and 1997, the number of nonbusiness bankruptcies filed annually rose from 200,000 to 1.35 million, and the rate of bankruptcies per 100,000 adults increased from 129 to 715. A controversial aspect of bankruptcy is how much of this increase can be attributed to the 1978 act. Early empirical studies provide estimates ranging from a low of 6% to a high of 75% for the immediate post-act period. However, two recent studies using longer data series report that none of the increase was due to the act. Previous studies suffer from several econometric problems, including inadequate attention to stochastic properties and stationarity of the data series, as well as data errors due to reporting changes. This paper uses an ARIMA intervention analysis to estimate the impact of the 1978 act. Using adjusted quarterly data for 1960:3 to 1995:4, the data first are examined for unit roots. The tests reject the presence of seasonal unit roots but confirm the presence of a nonseasonal unit root. The empirical analysis therefore is based on logged first differences of bankruptcy filings and filing rates per capita. An ARIMA model is estimated using the preintervention data for 1960:3 to 1979:3. This model is re-estimated for 1960:3 to 1995:4 with the intervention terms included. The intervention model estimates indicate that the 1978 act increased consumer bankruptcies by 36% in the post-act period relative to the pre-act period, or about 72,400 additional bankruptcies per year. Overall, the net impact of the 1978 act was modest compared to the substantial rise in bankruptcies that has occurred since 1979.

In den letzten Jahrzehnten haben viele wirtschaftlich entwickelte Staaten auf das soziale Risiko der Überschuldung bzw. Insolvenz von Privathaushalten mit der Einführung von Verbraucherinsolvenzverfahren reagiert, die zahlungsunfähigen... more

In den letzten Jahrzehnten haben viele wirtschaftlich entwickelte Staaten auf das soziale Risiko der Überschuldung bzw. Insolvenz von Privathaushalten mit der Einführung von Verbraucherinsolvenzverfahren reagiert, die zahlungsunfähigen natürlichen Personen einen finanziellen Neuanfang mittels Restschuldbefreiung ermöglichen. Der vorliegende Beitrag zeichnet die Entwicklung des Privatinsolvenzrechts hin zu einem Instrument der Sozialpolitik nach, erläutert das Verbraucherinsolvenzverfahren und analysiert in einem Ländervergleich zwischen Deutschland, Schweden und den USA verschiedene Varianten der staatlichen Regulierung von Entschuldung. Ich argumentiere, dass sich diese Varianten in ihren rechtlichen Regelungen, normativen Grundorientierungen und sozialpolitischen Wirkungen unterscheiden.

Birçok hukuk sisteminde gerçek kişilerin borçlarının tasfiyesi ya da diğer adıyla tüketici iflâsı konusunda özel bir usul öngören düzenlemeler mevcut. Türk hukukunda ise bu konuda müstakil bir usul bulunmuyor ve konu bugüne kadar... more

Birçok hukuk sisteminde gerçek kişilerin borçlarının tasfiyesi ya da diğer adıyla tüketici iflâsı konusunda özel bir usul öngören düzenlemeler mevcut. Türk hukukunda ise bu konuda müstakil bir usul bulunmuyor ve konu bugüne kadar yeterince tartışılmış da değil. Her ne kadar tacir olmayan gerçek kişiler de konkordatoya başvurabiliyor ise de konkordato daha ziyade tacirler dikkate alınarak düzenlenmiş hükümlerden oluşan bir müessese. Bunun bir sonucu olarak tacir olmayan gerçek kişiler bakımından oldukça masraflı ve meşakkatli.
Tacirler için olduğu gibi tacir olmayan gerçek kişiler için de müstakil bir borç tasfiye usulüne ihtiyacımız olduğu düşüncesi bu çalışmanın çıkış noktasını oluşturdu. Bu sayede borçlarını tamamen ödemesi mümkün olmayan ve gün geçtikçe daha çok borçlanan gerçek kişiler belli bir usul çerçevesinde borçlarının en azından bir kısmını ödeyerek ve önceden belirlenmiş bazı yükümlülüklere riayet ederek kalan borçlarından kurtulabilecekler. Böyle bir usulün sadece borçlu ve alacaklılar bakımından değil, borçlunun ailesi ve toplum için de olumlu sonuçlar doğuracaktır.

Bien gérer ses finances est essentiel pour éviter de se retrouver dans une situation d'endettement. En réalisant une bonne gestion de vos finances, vous arrivez à équilibrer vos dépenses et vos revenus. Comment s'y prendre ?...

The National Credit Act 34 of 2005 (hereinafter the “NCA” or “Act”) is an innovative but challenging piece of legislation. It provides for various novel approaches to debt enforcement in respect of credit agreements and has introduced... more

The National Credit Act 34 of 2005 (hereinafter the “NCA” or “Act”) is an innovative but challenging piece of legislation. It provides for various novel approaches to debt enforcement in respect of credit agreements and has introduced debt-relief measures in respect of over-indebtedness and reckless credit that are new to South African consumer credit legislation. It is thus inevitable that in applying the provisions of the Act various issues will arise that will require interpretation and, therefore, intense scrutiny. In the recent judgment of BMW Financial Services (SA) (Pty) Ltd v Donkin, Wallis J was required to scrutinize various aspects relating to debt review and debt enforcement in order to decide the consumer’s fate as influenced by the NCA (66; and see also s 130(1)(a)).

A grave crise económica e financeira que, nos últimos anos, tem fustigado as economias mundiais, deixou fortes marcas nas próprias economias domésticas. O aumento dos processos de insolvência relacionados com pessoas singulares,... more

A grave crise económica e financeira que, nos últimos anos, tem fustigado as economias mundiais, deixou fortes marcas nas próprias economias domésticas. O aumento dos processos de insolvência relacionados com pessoas singulares, verificado nos últimos anos, atesta que os consumidores são particularmente vulneráveis ao impacto da crise económica. Todavia, é também de notar que um elevado número de consumidores e respetivas famílias, correndo o risco de exclusão social, não recorrem a qualquer tipo de serviço de aconselhamento ou apoio ao endividamento, nem tão-pouco ao próprio processo insolvencial ou, recorrendo, fazem-no já tarde de mais, ou seja, quando já existe incumprimento ou não existem bens, nem capacidade de negociar com os credores, respetivamente.

Consumer bankruptcy provides partial insurance against bad luck, but, by driving up interest rates, makes life-cycle smoothing more difficult. We argue that to assess this trade-off one needs a quantitative model of consumer bankruptcy... more

Consumer bankruptcy provides partial insurance against bad luck, but, by driving up interest rates, makes life-cycle smoothing more difficult. We argue that to assess this trade-off one needs a quantitative model of consumer bankruptcy with three key features: life-cycle component, idiosyncratic earnings uncertainty, and expense uncertainty (exogenous negative shocks to household balance sheets). We find that transitory and persistent earnings shocks have very different implications for evaluating bankruptcy rules. More persistent shocks make the bankruptcy option more desirable. Larger transitory shocks have the opposite effect. Our findings suggest the current US bankruptcy system may be desirable for reasonable parameter values. (JEL D14, D91, K35)

We construct a measure of possible income misstatement (PIM) for first-time homebuyers by quantifying the gap between growth in incomes reported on mortgage applications and growth in incomes reported on tax files from 2004 to 2014 in... more

We construct a measure of possible income misstatement (PIM) for first-time homebuyers by quantifying the gap between growth in incomes reported on mortgage applications and growth in incomes reported on tax files from 2004 to 2014 in Canada. Using a two-stage least square framework to correct for the endogenous nature of house prices and PIM, we find robust evidence that part of the observed dispersion in PIM is caused by house price variation. This suggests borrowers have greater incentive to misstate income in high-priced markets. We report evidence that markets with a tendency for income misstatement also had higher default rates.

El Reglamento 2015/848, del Parlamento Europeo y del Consejo, se propone fomentar el rescate de empresas viables en dificultades, ofrecer una “segunda oportunidad” a los empresarios insolventes y evitar la declaración de insolvencia a... more

El Reglamento 2015/848, del Parlamento Europeo y del Consejo, se propone fomentar el rescate de empresas viables en dificultades, ofrecer una “segunda oportunidad” a los empresarios insolventes y evitar la declaración de insolvencia a través de procedimientos de reestructuración de la deuda, en su caso con suspensión de las acciones de ejecución.
El Reglamento refuerza el concepto de “centro de intereses principales del deudor” como lugar que determina la competencia del Juez para declarar el procedimiento principal y evitar foros de conveniencia; faculta al Juez para la adopción de medidas cautelares o provisionales y facilita la más eficaz administración de la masa activa.