Canadian Perspectives on the Challenges of Consumer Bankruptcies

Ziegel, Jacob S.

doi:10.1023/a:1006897824633

Cited by 14 publications

(6 citation statements)

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“…35–36; Harding and Szukalska, 2000). Other studies in Australia and Canada have observed a correlation between the number of personal bankruptcies and the unemployment rate (Ziegel, 1997, p. 204; Kumar et al. , 1998, pp.…”

Section: Discussionmentioning

confidence: 91%

Chronic consumer debtors: the need for specific intervention

Townley-Jones

Griffiths

Bryant³

2008

Int J Consumer Studies

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Many studies of consumer debtors have identified risk factors associated with chronic consumer debt. Chronic consumer debtors exist in an environment of ongoing efforts to survive financially and meet their debt commitments. Despite otherwise favourable economic conditions for the community at large such as low interest rates and low levels of unemployment, the chronic consumer debtor remains continuously at peril of overcommitment. An analysis of financial counselling interviews in New South Wales (the largest state in Australia) has been used to identify the group that the authors believe to be most at risk of chronic consumer debt in Australia. Other independent studies are provided to support the choice of the identified group. The situation for chronic consumer debtors is contrasted to the situation for acute cases. While financial literacy and support programmes can be provided to the community, the ability to target programmes towards a specifically identifiable group concentrates activities on measures aimed to alleviate the distress caused by ongoing financial hardship for one particular consumer group. The challenge of reducing chronic consumer debt has the potential to raise awareness and understanding of risk factors for consumer debtors generally. Thus, concentrated efforts towards alleviating chronic consumer debt may lead to a reduction in consumer financial overcommitment.

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Section: Discussionmentioning

confidence: 91%

Chronic consumer debtors: the need for specific intervention

Townley-Jones

Griffiths

Bryant³

2008

Int J Consumer Studies

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“…In the US, a stable fraction of debt in personal bankruptcy of this type over the years is approximately 57% (Domowitz and Sartain 1997;Sullivan, Warren and Westbrook 1989). In Canada, some proportion of similar economic agents are classified as 'guarantors' in personal bankruptcy (Ziegel 1997). In the US, Berger and Udell 1993 report that such guarantors appear in 41% of small firm operations.…”

Section: A Model Of Bankruptcymentioning

confidence: 99%

“…When debt discharge is denied, the reason cited is that it would be 'morally offensive to other debtors or the society in general' in 47% of cases. Canada's Bankruptcy and Insolvency Act (BIA, section 173(1)(a)) also reflects moral conditions for ineligibility (Ziegel 1997). In the US, such considerations are manifested only in the attitudes of judges and attorneys (Sullivan, Warren and Westbrook 1994).…”

Section: Who May Be a Debtor?mentioning

confidence: 99%

“…The Office of the Superintendent of Bankruptcy in Canada provides guidelines for agreements with respect to the share of a bankrupt's income to be distributed to creditors. The guidelines are not mandatory, and are interpreted non-uniformly and flexibly in practice (Ziegel 1997). The basic point is that the amount paid to creditors is somewhat of a random draw within any given jurisdiction.…”

Section: Negotiation and Partial Repayment From Incomementioning

confidence: 99%

“…If a satisfactory agreement is reached with creditors, formal bankruptcy may be avoided. Informal agreements prior to formal bankruptcy are preferred in Canada, where they are negotiated through a court-appointed bankruptcy trustee (Ziegel 1997). The gatekeeper function in Norway is emphasized by Graver 1997.…”

Section: Gatekeepersmentioning

confidence: 99%

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Personal Liabilities and Bankruptcy Reform: An International Perspective

Alexopoulos

Domowitz

1998

International Finance

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We document international changes in bankruptcy law pertaining to personal liabilities. Implications are investigated within a theoretical model, focusing on interest rates, employment, and bankruptcy incidence. Small-firm employment rises as bankruptcy law becomes more stringent, but interest rates may increase. A tightening of bankruptcy law may not decrease bankruptcy probabilities, except in the stark case of no debt discharge. Strict rules pertaining to debt repayment are desirable, as opposed to court or pre-court discretion. Pending international agreements with respect to cross-border insolvency may lower interest rates, but do not necessarily imply a decrease in bankruptcy incidence.

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Consumer over-indebtedness: A review and future research agenda

Leandro

Botelho

2022

Journal of Business Research

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Canadian Perspectives on the Challenges of Consumer Bankruptcies

Cited by 14 publications

References 0 publications

Chronic consumer debtors: the need for specific intervention

Chronic consumer debtors: the need for specific intervention

Personal Liabilities and Bankruptcy Reform: An International Perspective

Consumer over-indebtedness: A review and future research agenda

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