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Debtors' Assessments of Bankruptcy Financial EducationDeborah ThorneOhio University - Department of Sociology Katherine M. PorterUniversity of California - Irvine School of Law August 6, 2010 FINANCIAL DECISIONS ACROSS THE LIFESPAN, Douglas Lamdin, ed., Springer, Forthcoming University of Iowa Legal Studies Research Paper No. 10-28 Abstract: Bankruptcy law now requires individuals to complete a financial education class to receive a discharge of debts. Using data from the 2007 Consumer Bankruptcy Project, this chapter examines debtors’ attitudes about the value of financial education. The data shows that debtors’ attitudes vary by race, educational attainment, age, and familiarity with household finances. While many debtors express optimism about the future benefits of financial education, only about one in three debtors believes financial education could have prevented their bankruptcy. These findings have implications for designing financial education curricula and for understanding the causal relationship between financial distress and financial knowledge.
Number of Pages in PDF File: 31 Keywords: Consumer Bankruptcy, Bankruptcy, Financial Education, Financial Literacy, BAPCPA JEL Classification: G33, D12, D18, K40 Accepted Paper SeriesDate posted: August 10, 2010 ; Last revised: September 14, 2010Suggested Citation |
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