Citation

Hira TK. Journal of Consumer Studies & Home Economics 1992; 16(3): 229-243.

Copyright

(Copyright © 1992)

DOI

10.1111/j.1470-6431.1992.tb00514.x

PMID

unavailable

Abstract

Data for this study were collected during 1988 through surveys conducted in Canada, Japan, Scotland and the United States. The overall objectives of the study were to determine differences in factors influencing decisions to file bankruptcy, expectations from bankruptcy and impact of bankruptcy filing on debtor's life in each country. It was found that over 50% of debtors in all countries except the United States (46%) identified 'too much borrowing' as a reason for having to file for bankruptcy. Most of the debtors in each country agreed that bankruptcy provided a 'fresh start'. In addition, U.S. and Canadian debtors also indicated that filing for bankruptcy had a positive influence on their health status, family relations and the employment status. The impact of bankruptcy for Japanese debtors was rather harsh, resulting in family problems, health problems, suicides and running away from home. To help reduce the growth in bankruptcy and halt repeat bankruptcies, a multi‐level effort focusing on lending practices, borrowing practices and bankruptcy procedures is needed. Copyright © 1992, Wiley Blackwell. All rights reserved

Language: en