Bankruptcy Saving Lives!!!



A new study finds that bankruptcy filers make more money and live longer than those who were denied such protection, Fortune Magazine reported today. In a working paper released Monday by the National Bureau of Economic Research, economists Will Dobbie and Jae Song examine 500,000 bankruptcy filings in the U.S. to measure the effect of bankruptcy laws on consumers. They found that the Bankruptcy Code is an effective social insurance policy. According to their findings, getting approved for chapter 13 bankruptcy protection “increases annual earnings by $5,562, decreases five-year mortality by 1.2 percentage points, and decreases five-year foreclosure rates by 19.1 percentage points.”

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Bryan K. Mickler