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Consumer bankruptcy: how unsecured lenders fare

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  • Mark Furletti

Abstract

On September 8, 2003, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop on consumer bankruptcy and its effect on unsecured lenders. Professor Melissa Jacoby of Temple University?s School of Law led the workshop. A leading bankruptcy scholar, Jacoby described the current bankruptcy system and the potential impact of Chapter 7 reforms on the rights of unsecured creditors. This paper summarizes Jacoby?s presentation and the ensuing discussion. It offers a brief overview of consumer bankruptcy and the rights of unsecured creditors that lend money to individuals who ultimately file for bankruptcy. ; It also discusses the proposed amendments to the bankruptcy code being debated in Congress. Finally, the paper concludes with Jacoby?s assessment of how unsecured lenders, such as credit card issuers, would likely be treated in the proposed system.

Suggested Citation

  • Mark Furletti, 2003. "Consumer bankruptcy: how unsecured lenders fare," Consumer Finance Institute discussion papers 03-17, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpdp:03-17
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/discussion-papers/ConsumerBankruptcy_112003.pdf
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    Cited by:

    1. Kyle F Herkenhoff, 2019. "The Impact of Consumer Credit Access on Unemployment," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 86(6), pages 2605-2642.
    2. Kyle F. Herkenhoff, 2012. "Informal unemployment insurance and labor market dynamics," Working Papers 2012-057, Federal Reserve Bank of St. Louis.
    3. Mamie Marcuss, 2004. "A look at household bankruptcies," Communities and Banking, Federal Reserve Bank of Boston, issue Spr, pages 15-20.

    More about this item

    Keywords

    Bankruptcy;

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