A Profile of Selected Personal Bankruptcy Cases

GGD-83-16: Published: Nov 4, 1982. Publicly Released: Dec 3, 1982.

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In response to a congressional request, GAO examined five personal bankruptcy cases to determine certain characteristics of those who filed and the major reasons for filing.

In its analysis of three of the bankruptcy cases, GAO identified three common factors which either singly or in combination prompted the decisions to file for bankruptcy: (1) an overextension of credit, (2) high medical bills, and (3) poor financial management. Since no assets under law were available for liquidation and distribution to creditors in four of the five cases examined, GAO found that these debtors were granted a discharge from their debts.

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