Consumer default after the 2005 bankruptcy reform
利用行政信用局数据，研究发现2005年美国破产改革提高了申请成本，使新陷入财务困境的借款人第7章破产率下降15%，但未显著影响第13章破产，且缺失的破产导致长期财务困境增加。
Abstract The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act is the most important reform of US personal bankruptcy legislation in recent years. It increased the monetary costs of both Chapter 7 and Chapter 13 bankruptcy, while leaving benefits mostly unchanged. Using administrative credit bureau data from a nationally representative panel, we quantify the effects of the rise in filing costs by exploiting its geographical variation. We show the increase in filing costs reduced Chapter 7 bankruptcy rates by 15% for newly financially distressed borrowers, but had no statistically significant effect on Chapter 13. We argue this differential response is consistent with binding liquidity constraints. Additionally, we find that the missing Chapter 7 bankruptcies lead to increased rate of long term financial distress but also a limited rise in rate of returning to being current, while we find no evidence of substitution from Chapter 7 to Chapter 13 filing or foreclosure.