As more Americans lose all or part of their incomes and struggle with mounting debts, another crisis looms: a wave of personal bankruptcies. Bankruptcy can discharge or erase many types of debts and stop foreclosures, repossessions and wage garnishments. But our research shows the bankruptcy system is difficult to navigate even in normal times, particularly for minorities, the elderly and those in rural areas.
Skiiba, P.M. Jiménez, D., Miller, M.M., Foohey, P., Greene, S.S. (2020). Bankruptcy courts ill-prepared for tsunami of people going broke from coronavirus shutdown. The Conversation.