Article
Less Stigma or More Financial Distress
An Empirical Analysis of the Extraordinary Increase in the Bankruptcy Filings
by Teresa A. Sullivan, Elizabeth Warren & Jay Lawrence Westbrook
The passage of the 2005 amendments to the Bankruptcy Code represents the turning of a page in the long history of personal bankruptcy in the United States. At the very moment that European countries are liberalizing their treatment of individual debtors, the U.S. Congress has embraced changes intended to make bankruptcy difficult or impossible for…