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The Consumption Effects Associated with Filing for Personal Bankruptcy

Author Info

Listed author(s):
  • 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 - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
  • 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. Song Han & Geng Li, 2011. "Household Borrowing after Personal Bankruptcy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43, pages 491-517, 03.
  2. Eduardo Dávila, 2016. "Using elasticities to derive optimal bankruptcy exemptions," ESRB Working Paper Series 26, European Systemic Risk Board.
  3. Hülya Eraslan & Wenli Li & Pierre-Daniel G. Sarte, 2007. "The anatomy of U.S. personal bankruptcy under Chapter 13," Working Papers 07-31, Federal Reserve Bank of Philadelphia.
  4. Régis Blazy & Bertrand Chopard & Eric Langlais & Ydriss Ziane, 2013. "Personal Bankruptcy Law, Fresh Starts, and Judicial Practice," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 169(4), pages 680-702, December.
  5. Wenli Li & Pierre-Daniel Sarte & Hulya Eraslan, 2007. "A Structural Model of Chapter 13 Personal Bankruptcy," 2007 Meeting Papers 972, Society for Economic Dynamics.
  6. Eraslan, Hulya & Kosar, Gizem & Li, Weli & Sarte, Pierre-Daniel, 2014. "An Anatomy of U.S. Personal Bankruptcy under Chapter 13," Working Papers 14-030, Rice University, Department of Economics.
  7. Tal Gross & Matthew J. Notowidigdo & Jialan Wang, 2014. "Liquidity Constraints and Consumer Bankruptcy: Evidence from Tax Rebates," The Review of Economics and Statistics, MIT Press, vol. 96(3), pages 431-443, July.
  8. Guo, Sheng, 2010. "The superior measure of PSID consumption: An update," Economics Letters, Elsevier, vol. 108(3), pages 253-256, September.
  9. 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.
  10. 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.
  11. Geraldo Cerqueiro & María Fabiana Penas & Robert Seamans, 2017. "Personal Bankruptcy Law and Entrepreneurship," Working Papers 17-42, Center for Economic Studies, U.S. Census Bureau.
  12. 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.

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