Financial, demographic, and psychological differences between chapter 13 bankruptcy filers and non-filers

Authors

  • Scott E. Kehiaian Southern New Hampshire University
  • Albert A. Williams Nova Southeastern University
  • Carolyn L. Bird North Carolina State University

DOI:

https://doi.org/10.61190/fsr.v29i1.3444

Keywords:

Financial literacy, Psychological differences, Demographic differences, Non-filers, Chapter 13 bankruptcy filers

Abstract

This study finds financial, demographic, and psychological differences between Chapter 13 filers and non-filers. Financial training reduces the likelihood of filing for personal bankruptcy. Males are twice as likely as females to be filers. Blacks are twice as likely as Whites to be filers. A single per- son is 38% less likely to file than a married person. Homeowners are five times as likely as renters to be filers. Increases in education, religious commitment, and parents’ income reduce the likelihood of filing. Increases in the psychological factors, self-efficacy, locus of control, and self-control, reduce the likelihood of filing for Chapter 13 bankruptcies. These results can be used to influence public policy to reduce personal bankruptcy.

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Published

2021-03-30

How to Cite

Kehiaian, S. E., Williams, A. A., & Bird, C. L. (2021). Financial, demographic, and psychological differences between chapter 13 bankruptcy filers and non-filers. Financial Services Review, 29(1), 67–84. https://doi.org/10.61190/fsr.v29i1.3444

Issue

Vol. 29 No. 1 (2021): Spring 2021

Section

New Original Submission

License

Copyright (c) 2021 Academy of Financial Services

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