Consumer bankruptcies: causes and implications for the credit industry

Article

Kumar, Jaynendra, Mason, Rosalind and Ralston, Deborah. 1998. "Consumer bankruptcies: causes and implications for the credit industry." Economic Papers: a journal of applied economics and policy. 17 (3), pp. 18-27.
Article Title

Consumer bankruptcies: causes and implications for the credit industry

ERA Journal ID18207
Article CategoryArticle
AuthorsKumar, Jaynendra (Author), Mason, Rosalind (Author) and Ralston, Deborah (Author)
Journal TitleEconomic Papers: a journal of applied economics and policy
Journal Citation17 (3), pp. 18-27
Number of Pages10
Year1998
PublisherJohn Wiley & Sons
Place of PublicationMelbourne, Australia
ISSN0812-0439
1759-3441
Web Address (URL)http://search.informit.com.au/fullText;dn=990403425;res=APAFT
Abstract

Personal bankruptcies in Australia have hit an all-time high. In the fiscal year 1996/97, 21,830 persons filed for bankruptcy, an increase of 26% over the previous year. The vast majority of bankruptcies arose from debtors' as opposed to creditors' petitions, exhibiting an increase from 81% in 1986 to 91% in 1997 (ITSA 1998). Of the total bankruptcy figure, 5191 or 24% were business' related while the rest were non-business or consumer bankruptcies.
The significant rise in bankruptcy rates can therefore
be attributed to consumer bankruptcy.

Keywordsinsolvency; Australia; consumers; business debt
ANZSRC Field of Research 2020440603. Economic geography
380304. Microeconomic theory
480699. Private law and civil obligations not elsewhere classified
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Byline AffiliationsCentre for Australian Financial Institutions
School of Law
Institution of OriginUniversity of Southern Queensland
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