What is some research on the benefits of bankruptcy?
Bankruptcy is a difficult financial decision that millions of Americans make each year. Although it can be an emotionally and financially taxing experience, there is research showing that bankruptcy has significant benefits.
A recent study conducted by the National Bureau of Economic Research found that filing for bankruptcy can improve mental health and increase job satisfaction. This is because bankruptcy gives individuals a fresh start in their finances and they are no longer burdened by debt. The study also showed that individuals who filed for bankruptcy were more likely to engage in entrepreneurship activities, suggesting additional economic advantages to filing for bankruptcy.
In addition, the Federal Reserve Bank of Philadelphia found that those who file for Chapter 13 had higher credit scores than pre-bankruptcy levels after about five years following the filing.
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