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Full-Text Articles in Law
Non-Procrustean Bankruptcy, Richard M. Hynes
Non-Procrustean Bankruptcy, Richard M. Hynes
Faculty Publications
Many advocates of bankruptcy reform bristle at aspects of the bankruptcy system they find distributively "unfair." These scholars point to the instances in which wealthy debtors have been able to retain million-dollar homes and luxury items, examples which at first glance might offend any reasonable sense of decency or fairness. Yet if bankruptcy provides insurance otherwise unavailable because of market failures, then an ideal bankruptcy system would embrace much of this inequality in post-bankruptcy standards of living. The wealthy generally choose private contracts that ensure their high standards of living. Though others envy these benefits, they do not wish to …
Overoptimism And Overborrowing, Richard M. Hynes
Overoptimism And Overborrowing, Richard M. Hynes
Faculty Publications
No abstract provided.
Optimal Bankruptcy In A Non-Optimal World, Richard M. Hynes
Optimal Bankruptcy In A Non-Optimal World, Richard M. Hynes
Faculty Publications
Consumer bankruptcy insures individuals against misfortune. Like other forms of insurance, bankruptcy reduces an individual's incentive to guard against misfortune and provides her with an incentive to overstate her need for relief. The "first-best," or optimal, bankruptcy system, like the first-best tax or public assistance system, solves these moral hazards without any loss of efficiency. In bankruptcy, this first-best approach would deny relief to debtors responsible for their own distress and reduce the deserving debtors' obligations to an amount commensurate with their ability to pay. While the Bankruptcy Code tries (in part) to follow this first-best approach, such a utopian …
Can Shame, Guilt, Or Stigma Be Taught? Why Credit-Focused Debtor Education May Not Work, A. Mechele Dickerson
Can Shame, Guilt, Or Stigma Be Taught? Why Credit-Focused Debtor Education May Not Work, A. Mechele Dickerson
Faculty Publications
No abstract provided.
Clearer Conceptions Of Insider Preferences, Peter A. Alces
Clearer Conceptions Of Insider Preferences, Peter A. Alces
Faculty Publications
No abstract provided.
Rethinking Professor Westbrook's Two Thoughts About Insider Preferences, Peter A. Alces
Rethinking Professor Westbrook's Two Thoughts About Insider Preferences, Peter A. Alces
Faculty Publications
No abstract provided.