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Consumer Bankruptcy Regimes and Credit Default in the US and Europe: A comparative study. CEPS Working Document No. 318, 27 July 2009

Gerhardt, Maria. (2009) Consumer Bankruptcy Regimes and Credit Default in the US and Europe: A comparative study. CEPS Working Document No. 318, 27 July 2009. [Working Paper]

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    Abstract

    Consumer insolvency is a topic that has gained much prominence in the context of the financial crisis on both sides of the Atlantic. The number of bankruptcy filings has soared in recent years, and is not expected to go down in the near future. This CEPS Working Document explains the consumer bankruptcy procedures in the US and five European countries with quite different approaches: the UK, Ireland, Germany, France and Spain. Since there is no law on consumer insolvency in Italy, the situation in this country is outlined only briefly. When considering current statistics on consumer bankruptcies so far, the first effects of the economic crisis can be observed, so the question arises as to what is yet to come and which bankruptcy procedures are the most appropriate. After a short presentation of each insolvency procedure, the developments in national bankruptcy numbers are traced, highlighting striking developments in the different countries studied here.

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    Item Type: Working Paper
    Uncontrolled Keywords: Financial markets.
    Subjects for non-EU documents: Countries > Ireland
    Countries > France
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    Countries > Spain
    Countries > Germany
    Countries > U.K.
    EU policies and themes > External relations > EU-US
    EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Working Documents
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 27 Jul 2009
    Page Range: p. 25
    Last Modified: 15 Feb 2011 18:13
    URI: http://aei.pitt.edu/id/eprint/11336

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