Fresh Start or Head Start? The Effect of Filing for Personal Bankruptcy on the Labor Supply

Topics:
Commercial Banking
Tags:
Bankruptcy,
Bankruptcy Filing,
Business Operations,
Litigation
Source:
Federal Reserve Board

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Overview: The key feature of the modern U.S. personal bankruptcy law is to provide debtors a financial fresh start through debt discharge. The primary justification for the discharge policy is to preserve human capital by maintaining incentives for work. This paper tests this fresh start argument by providing the first estimate of the effect of personal bankruptcy filing on the labor supply using data from the Panel Study of Income Dynamics (PSID). The econometric approach controls for the endogenous self- selection of bankruptcy filing and allows for dependence over time for the same household.

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Format: PDF | Size: 270KB | Date: Apr 2004 | Pages: 33

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