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The Consumption Effects Associated with Filing for Personal Bankruptcy

Author Info

  • Larry H. Filer II

    ()

    (Old Dominion University, Department of Economics)

  • Jonathan D. Fisher

    ()

    (Bureau of Labor Statistics)

Abstract

This article examines the response of food consumption to filing for personal bankruptcy in the spirit of previous work on the benefits of other social-insurance programs. Using the Panel Study of Income Dynamics (PSID), we find that an increase in the financial benefit to filing for bankruptcy increases the growth in food consumption. In addition, we find that filing under chapter 7 of the bankruptcy code provides consumption insurance, while filing under chapter 13 of the bankruptcy code provides no significant consumption benefits.

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Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 71 (2005)
Issue (Month): 4 (April)
Pages: 837-854

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Handle: RePEc:sej:ancoec:v:71:4:y:2005:p:837-854
Contact details of provider: Web page: http://www.southerneconomic.org/

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Keywords:

Find related papers by JEL classification:

  • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
  • D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
  • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
  • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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Cited by:

  1. Eraslan, Hulya & Koşar, Gizem & Li, Wenli & Sarte, Pierre-Daniel G., 2014. "An anatomy of u.s. Personal bankruptcy under chapter 13," Working Papers 14-33, Federal Reserve Bank of Philadelphia.
  2. Song Han & Wenli Li, 2007. "Fresh Start or Head Start? The Effects of Filing for Personal Bankruptcy on Work Effort," Journal of Financial Services Research, Springer;Western Finance Association, vol. 31(2), pages 123-152, June.
  3. Thomas A. Garrett, 2007. "The rise in personal bankruptcies: the Eighth Federal Reserve District and beyond," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 15-38.
  4. Tal Gross & Matthew J. Notowidigdo & Jialan Wang, 2012. "Liquidity Constraints and Consumer Bankruptcy: Evidence from Tax Rebates," NBER Working Papers 17807, National Bureau of Economic Research, Inc.
  5. Hülya Eraslan & Wenli Li & Pierre-Daniel G. Sarte, 2007. "The anatomy of U.S. personal bankruptcy under Chapter 13," Working Paper 07-05, Federal Reserve Bank of Richmond.
  6. Filer, Larry & Fisher, Jonathan D., 2007. "Do liquidity constraints generate excess sensitivity in consumption? New evidence from a sample of post-bankruptcy households," Journal of Macroeconomics, Elsevier, vol. 29(4), pages 790-805, December.
  7. Song Han & Geng Li, 2009. "Household borrowing after personal bankruptcy," Finance and Economics Discussion Series 2009-17, Board of Governors of the Federal Reserve System (U.S.).
  8. Guo, Sheng, 2010. "The superior measure of PSID consumption: An update," Economics Letters, Elsevier, vol. 108(3), pages 253-256, September.

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