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Full-Text Articles in Law
Cracking The Code: An Empirical Analysis Of Consumer Bankruptcy Outcomes, Sara Sternberg Greene, Parina Patel, Katherine M. Porter
Cracking The Code: An Empirical Analysis Of Consumer Bankruptcy Outcomes, Sara Sternberg Greene, Parina Patel, Katherine M. Porter
Faculty Scholarship
Chapter 13 is a cornerstone of the bankruptcy system. Its legal requirements strike a balance between the rehabilitation of debtors through keeping assets and reducing debt, and the repayment of creditors over a period of years. Despite the accolades from policymakers, the hard truth is that the majority of the half-million families each year that seek refuge in chapter 13 bankruptcy will not achieve the debt relief of a discharge. Prior research found that those who drop out of bankruptcy quickly endure the serious financial struggles that they had before bankruptcy—now even worse off for having spent thousands of dollars …
Promoting Innovation While Preventing Discrimination: Policy Goals For The Scored Society, Danielle K. Citron, Frank Pasquale
Promoting Innovation While Preventing Discrimination: Policy Goals For The Scored Society, Danielle K. Citron, Frank Pasquale
Faculty Scholarship
There are several normative theories of jurisprudence supporting our critique of the scored society, which complement the social theory and political economy presented in our 2014 article on that topic in the Washington Law Review. This response to Professor Tal Zarsky clarifies our antidiscrimination argument while showing that is only one of many bases for the critique of scoring practices. The concerns raised by Big Data may exceed the capacity of extant legal doctrines. Addressing the potential injustice may require the hard work of legal reform.
Debt, Bankruptcy, And The Life Course, Allison Mann, Ronald J. Mann, Sophie Staples
Debt, Bankruptcy, And The Life Course, Allison Mann, Ronald J. Mann, Sophie Staples
Faculty Scholarship
This Essay considers the significance of credit markets and bankruptcy for life course mobility. Comparing parallel data from the 2007 Survey of Consumer Finances (SCF) and the 2007 Consumer Bankruptcy Project (CBP), it analyzes use of the bankruptcy process as a function of the distribution of unplanned events, the ability of households to use credit markets to limit the adverse effects of such events, and barriers in access to the bankruptcy system. Our findings suggest two things. One, although the financial characteristics of filers vary markedly by age and race, bankrupt households generally come from the bottom quartiles of the …
Unsafe At Any Price, Ronald J. Mann
Unsafe At Any Price, Ronald J. Mann
Faculty Scholarship
Making Credit Safer is a fascinating collaboration between two scholars of very different bents. Elizabeth Warren's career rests oil decades of careful empirical research, integrated into trenchant policy analysis, and deeply informed by the cultural and social significance of debt. Oren Bar-Gill, by contrast, is a formally trained economist, who is at the start of his academic career, and has gained wide recognition for his successful application of theories of behavioral economics to the products that dominate the modern credit card industry.
Credit Cards, Consumer Credit, And Bankruptcy, Ronald J. Mann
Credit Cards, Consumer Credit, And Bankruptcy, Ronald J. Mann
Faculty Scholarship
This paper analyzes the effects of credit card use on broader economic indicators, specifically consumer credit, and consumer bankruptcy filings. Using aggregate nation-level data from Australia, Canada, Japan, the United Kingdom, and the United States, I find that credit card spending, lagged by 1-2 years, has a strong positive effect on consumer credit. Finally, I find a strong relation between credit card debt, lagged by 1-2 years, and bankruptcy, and a weaker relation between consumer credit, lagged by 1-2 years, and bankruptcy. The relations are robust across a variety of different lags and models that account for problems of multicollinearity …
Optimizing Consumer Credit Markets And Bankruptcy Policy, Ronald J. Mann
Optimizing Consumer Credit Markets And Bankruptcy Policy, Ronald J. Mann
Faculty Scholarship
This Article explores the relationship between consumer credit markets and bankruptcy policy. In general, I argue that the causative relationships running between borrowing and bankruptcy compel a new strategy for policing the conduct of lenders and borrowers in modern consumer credit markets. The strategy must be sensitive to the role of the credit card in lending markets and must recognize that both issuers and cardholders are well placed to respond to the increased levels of spending and indebtedness. In the latter parts of the Article, I recommend mandatory minimum payment requirements, a tax on distressed credit card debt, and the …
Competing State And Federal Roles In Consumer Credit Law , Carl Felsenfeld
Competing State And Federal Roles In Consumer Credit Law , Carl Felsenfeld
Faculty Scholarship
An important problem confronting those in the consumer credit industry is the absence of a cohesive body of law. This impairs creditors of all types and also results in unequal treatment of consumers. In a comprehensive study Mfr. Felsenfeld analyzes the evolution from purely state regulation of consumer credit to a combination of state and federal control. The author suggests that, despite certain merits of local regulation, the consumer credit area may well be preempted by future federal legislation.