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Is the Personal Bankruptcy System Bankrupt?

Loretta J. Mester

Federal Reserve Bank of Cleveland and the Wharton School, University of Pennsylvania

Q1 2002

Business Review – Over the past few years, several attempts have been made to reform the U.S. bankruptcy system, to help stem perceived abuses of the system.

In this article, Loretta Mester outlines the components of reform proposals. She then looks at the empirical research on bankruptcy to evaluate the rationale for reforming the system and the effectiveness of proposed changes.

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