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eBook As We Forgive Our Debtors: Bankruptcy and Consumer Credit in America ePub

eBook As We Forgive Our Debtors: Bankruptcy and Consumer Credit in America ePub

by Jay Lawrence Westbrook,Teresa A. Sullivan

  • ISBN: 1893122158
  • Category: Marketing and Sales
  • Subcategory: Perfomance and Work
  • Author: Jay Lawrence Westbrook,Teresa A. Sullivan
  • Language: English
  • Publisher: Beard Books (January 1, 1999)
  • Pages: 370
  • ePub book: 1356 kb
  • Fb2 book: 1121 kb
  • Other: lrf mobi txt lrf
  • Rating: 4.5
  • Votes: 943

Description

Teresa A. Sullivan (Author), Jay Lawrence Westbrook (Author) .

Teresa A. Sullivan (Author), Jay Lawrence Westbrook (Author), Elizabeth Warren (Author). One slight improvement to the text would have been a summary chapter for the time pressed which could have highlighted the major findings of the study. Otherwise, the authors succeeded admirably in contributing something of value to the bankruptcy literature and to general scholarship.

Content uploaded by Jay Lawrence Westbrook. All content in this area was uploaded by Jay Lawrence Westbrook on Apr 20, 2015. Bankruptcy and mortgage default comply with the basic institutional framework in the US, allowing for the choice between chapter 7 or chapter 13 bankruptcy. The final chapter estimates a lifecycle model of consumption, housing choice and migration in the presence of aggregate and regional shocks, using the Survey of Income and Program Participation (SIPP). January 1990 · Science.

Bankruptcy in America is a booming business, with hundreds of thousands of ordinary Americans filing for bankruptcy each year

Bankruptcy in America is a booming business, with hundreds of thousands of ordinary Americans filing for bankruptcy each year. Is this dramatic growth a result of mushrooming debt or does it reflect a moral decline that permits the middle class to evade their debts? As We Forgive Our Debtors addresses these questions with hard empirical data drawn from bankruptcy court filings

In addition to an overall picture of bankruptcy, As We Forgive Our .

One focuses on women, analyzing the desperate financial circumstances of single women and the increasing pressure on one-income families. Bankruptcy in America is a booming business. Hundreds of thousands of ordinary Americans each year have joined giant corporations, like Johns Manville and Continental Airlines, and once-wealthy individuals, like John Connally, in filing for bankruptcy. Sullivan, Elizabeth Warren. Jay Lawrence Westbrook. Is this dramatic growth a result of mushrooming debt-consumer debt and consumer bankruptcy have both more than doubled si Bankruptcy in America is a booming business.

In 1986 over 400,000 Americans filed for bankruptcy. Their contribution to the USA's growing debt crisis is indicative of the changing economic climate in the country.

As We Forgive Our Debtors. Teresa A. Sullivan, Elizabeth Warren, and Jay Lawrence Westbrook. Oxford University Press, New York, 1989. By Ramona K. Z. Heck. Message Subject (Your Name) has forwarded a page to you from Science.

by Jay Lawrence Westbrook, Teresa A. Bankruptcy in America is a booming business, with hundreds of thousands of ordinary Americans filing for bankruptcy each year

by Jay Lawrence Westbrook, Teresa A. Bankruptcy in America is a booming business, with hundreds of thousands of ordinary Americans filing for bankruptcy each year. Is this dramatic growth a result of mushrooming debt or does it reflect a moral decline that permits the middle class to evade their debts? As We Forgive Our Debtors addresses these questions with hard empirical data drawn from bankruptcy court filings.

Nearly half our debtors suffered large income changes in the two years before bankruptcy.

Find nearly any book by Jay Lawrence Westbrook by Teresa A. Sullivan, Elizabeth Warren, Jay Lawrence Westbrook

Find nearly any book by Jay Lawrence Westbrook. Get the best deal by comparing prices from over 100,000 booksellers. by Teresa A. Sullivan, Elizabeth Warren, Jay Lawrence Westbrook. ISBN 9780195070040 (978-0-19-507004-0) Softcover, Oxford University Press, 1991.

A major contribution to the study of bankruptcy and to our understanding of debtors and creditors who end up in bankruptcy court.

Comments

salivan salivan
Good book
Kata Kata
great book by elizabeth warren
Shakar Shakar
The authors add a lot of substance to the basic tautology that people who are broke declare bankruptcy. Not only do they both acknowledge and recognize this basic tautology, for the first time, in quantitative terms, they define just what it means to be broke. For the authors, merely coming up short at the end of the month does not qualify one as being broke (though most of us wage earning schmucks would tend to disagree). They demonstrate exactly what level of indebtedness generally forces people to seek the protection of the bankruptcy courts. Based on their work, the key metric appears to be the debt to income ratio, and their analysis shows that the bankrupt tend to have debts that exceed their gross annual income, or in quantitative terms, a debt to income ratio greater than one. Finally, they establish a tipping point based on the debt to income ratio that specifies the point in time at which the indebted fall into the abyss of bankruptcy, which appears to be when debts are eight-tenths of a household's most recent full employment annual gross income.

Honestly speaking, although the material presented is dense, and the text is top-heavy with citations, footnotes and whatnot, the book still reads well. The authors manage to provide a comprehensive treatment of the topic without sacrificing readability. The reader learns about the history and function of US bankruptcy, the various debtors in bankruptcy and also gleans a fair bit of knowledge about creditors in bankruptcy. One slight improvement to the text would have been a summary chapter for the time pressed which could have highlighted the major findings of the study. Otherwise, the authors succeeded admirably in contributing something of value to the bankruptcy literature and to general scholarship.

The book does have several severe limitations, most likely put in place by a colluding cabal of federal agencies and private banking/financial institutions (one could speculate with giddy glee as to why these parties would not want a clear picture of bankruptcy to emerge). I noticed that the sample size, which stood at about 2400, was barely adequate for good statistical inference. The authors pulled the sample from records obtained in three states. A more appropriate (and comprehensive) study would have obtained samples of about this size from each and every state of the union. A statistically literate observer would note that any inferences about the larger population based on such a small sample size would be highly suspect, given that obvious socioeconomic and demographic differences exist within each state, and also that bankruptcy laws tend to vary from state to state. Still, at no point did the authors reason beyond the limits of the available data, nor did they engage in any speculation. In the authors' defense, I must concede that subsequent studies into the US bankruptcy conundrum have affirmed all of their conclusions and most disturbingly, their predictions. The other crippling limitation of this study was the inability to glean the actual reasons for and the progression toward bankruptcy in each particular case. This particular handicap could not have been addressed based on the methodology employed by this study; however, the authors did address these specific points in a follow-up study, which they published in 2000 titled, The Fragile Middle Class- Americans in Debt.

Still, the amount of information that the authors uncovered, as well as their findings based on this information, caused me considerable discomfort. Throughout the narrative, the authors skillfully slay several myths surrounding bankruptcy, and lay bare some disturbing truths about who goes into bankruptcy, and just how bankruptcy comes to pass, albeit in general terms. I found the following observations and conclusions from the book to be the most disturbing:

Bankruptcy is largely a middle-class phenomenon, and generally is not an avenue available to the poor. By middle-class, I mean those that have upwardly-mobile economic aspirations, generally some education beyond high school, and gainfully employed, wage-earning schmucks (the authors present their own more elaborate and more comprehensive definition in the text).

The powers-that-be have progressively made bankruptcy less generous and more difficult for the debtor to obtain. Additionally, the system has steadily funneled more debtors into chapter 13 and fewer and fewer into chapter 7, while simultaneously depriving the debtor of a fighting chance to emerge from bankruptcy and achieve the promise of a fresh start.

The likelihood of bankruptcy increases not only with debt levels, but also with marital status and homeownership. Apart from the obvious observation that married people tend to have higher incomes and assets than their single counterparts, and that homeownership (by this I mean mortgages) go hand in hand with higher debt, the major finding of the study was that a married homeowner was way more likely to go into bankruptcy than a single renter. As such, the results seem to support the counter-intuitive notion that marriage and homeownership are far from being the safe harbors and islands of stability that all of us generally consider them to be, and usually are the key ingredients for a bankruptcy. I do not mean to say that marriage and homeownership cause bankruptcy; they merely tend to be pre-existing states which in more than a few cases further exacerbate, rather than ameliorate, a financial crisis, which in all honesty is usually caused by some other precipitating event. A critical reader should, as a given, bear in mind that other forces are always at work (such as divorce, job loss and illness to name a few).

Women tend to seek bankruptcy protection more frequently than men, and both sexes tend to seek bankruptcy protection in equal frequencies after a divorce. Interestingly, single men (who may also rent) tend to have the lowest bankruptcy rates, while single females as a group (inclusive of all marital and childbearing combinations) have the highest bankruptcy rates (note also that married women have lower bankruptcy rates than unmarried women). This disturbing outcome seems to strongly imply that from a financial standpoint, marriage is a stabilizing force for women and a de-stabilizing force for men.

In sum, the authors have produced a detailed analysis of the socio-economics and the demography of failure, both economic and financial, in America. As such, I believe the book should be required reading for anyone looking to own a home or get married in this great nation of ours.
Mot Mot
As We Forgive Our Debtors is a result of a landmark study of bankrupt debtors in the 1980s. The authors, three of the leading experts on bankruptcy in the United States, focus on who files for bankruptcy. Contrary to widespread myth, most bankrupts are not irresponsible spendthrifts who could afford to pay their debts. Instead, they cross all income and occupational levels. What they do have in common is they have insurmountable financial problems resulting from crises in their lives, including divorce, job loss, and medical problems.
What is perhaps most disturbing is that single women have been and are increasingly filing for bankruptcy, thanks to their much lower salaries to begin with. It is this group who would suffer most from any kind of so-called bankruptcy reform.
This book, while it is geared for an academic market, is actually highly readable, with copious footnotes at the end of each chapter. The book, while originally published in 1989, is more timely than ever as Congress is considering a fatally flawed bankruptcy reform bill which would be devasting to the vast majority of people filing for bankruptcy but a boon to the credit card industry.
I highly recommend this book and its sequel, The Fragile Middle Class.
Bumand Bumand
This book does an outstanding job of delivering the message that Americans are tapped out of money. From record setting personal bankruptcies to U.S. government's pension for borrowing, it is very easy to see that we as a populis and as a nation are on the edge of a new financial depression. An Excellent Read for Anyone interested in the Truth. - Mason Johnson, President, [...]
Qwert Qwert
The federal government funded this "empirical" study of the "choices" available to those who have filed for bankruptcy.
The principal finding? People who file for bankruptcy are broke. A true revelation.
So where is Senator Proxmire when you need him?
Sennnel Sennnel
In my opinion, this book has no credibility. The authors were accused of scientific misconduct by peers in academia. "Professor Shuchman concluded his book review with this powerful allegation: This book contains so much exaggeration, so many questionable ploys, and so many incorrect statements that it would be well to check the accuracy of their raw data, as old as it is. But the authors arranged matters so that they could not provide access to the computer printouts by case, with the corresponding bankruptcy court file numbers, this preventing any independent check of the raw data in the files from which they took their information. In the footnote to this paragraph, Shuchman notes: A common instance of misconduct in science occurs when 'there [is] no way to verify whether or not [the] research was accurate.' Woolf, Deception in Scientific Research, 29 Jurimetrics J. 67, 83 table 5 n.4 (1988).

The author is the same one who claimed to be an American Indian to burnish her resume at Harvard. Delusional.