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• W1580853863 abstract "(ProQuest Information and Learning: ... denotes formula omitted.)Nonbusiness bankruptcy filing rates have increased almost fivefold since 1980. This alarming growth was largely the impetus for the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The intent of the new law, which went into effect in October 2005, was to eliminate alleged abuses of the bankruptcy system and to reduce filing rates.In deliberations on the new law, Congress expressed concern about the underlying causes of bankruptcy. The tools currently available for analysis leave serious gaps in understanding bankruptcy behavior. While many studies have sought to discover the causes of the rising filing rates, they have largely focused on aggregated data over time. This approach is logical-but ignores the considerable variation in filing rates across regions. Only by examining the regional differences in rates can we gain meaningful insight into their causes.This article describes a new model of county bankruptcy filing rates. The model contributes to the current understanding by improving on some of the approaches already used in other studies and by including a number of determinants not previously considered.The first section of the article describes the findings of earlier studies that looked at rising nonbusiness bankruptcy filing rates. The second section uses the new model to reveal a number of regional variations in the underlying factors of the rising filing rates. The article concludes that homestead exemptions and wage garnishments can be effective policy levers in managing rising bankruptcy filing rates. It also finds that social issues-stigma, gambling, and health insurance, among others-are critical regional factors that may help explain the rising bankruptcy filing rates. Finally, the article shows that higher levels of self-employment, another regional characteristic, are associated with lower bankruptcy filing rates.I. CURRENT UNDERSTANDINGBankruptcy filing rates in the United States vary considerably by county (Figure 1). In 2000, nonbusiness bankruptcy filing rates in counties with over 50,000 people ranged from only 0.5 per 10,000 households to roughly 410 per 10,000 households. This section discusses the factors commonly believed to be responsible for such variation. Some of the factors are policy levers that can be directly employed by government to manage bankruptcy filing rates, while others are social issues that have often been underappreciated in the existing literature on bankruptcy. The section also examines the potential role of self-employment in explaining bankruptcy filing rates.Policy leversTwo of the main factors influencing bankruptcy filing rates in the United States are homestead exemptions and wage garnishment regulation. Both factors might be used as policy levers to manage the rising filing rates.Homestead exemptions. Each state has the power to establish a homestead exemption, which limits the amount of home equity that must be used to pay unsecured debt under bankruptcy.1 Individuals in states without a homestead exemption are entitled to the Federal homestead exemption, currently $15,000. In 2005, six states (Florida, Iowa, Kansas, North Dakota, South Dakota, and Texas) had exemptions that were unlimited in value (but limited in acreage; for example, the exemption might be for 40 acres and improvements). For other states, the value of the homestead exemption in 2005 ranged from $5,000 (Alabama, Kentucky, and Maryland) to $500,000 (Massachusetts), with the mean exemption, excluding those with unlimited exemptions, at $63,527.Homestead exemptions allow bankruptcy filers to have higher postbankruptcy consumption than would be the case in the absence of exemptions. Because nonexempt assets (such as deposit accounts) are easily converted to home equity (for example, by selling assets and paying off mortgage debt), high homestead exemptions offer protection for all kinds of wealth, not just actual homesteads. …" @default.
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• W1580853863 date "2006-03-22" @default.
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• W1580853863 title "A New Perspective on Rising Nonbusiness Bankruptcy Filing Rates: Analyzing the Regional Factors" @default.
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