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First Time Versus Repeat Filers: The Likelihood of Completing a Chapter 13 Bankruptcy Repayment Plan

Author(s): Cazilia Loibl | Tahira K. Hira | Michael Rupured

Journal: Financial Counseling and Planning
ISSN 1052-3073

Volume: 17;
Issue: 1;
Start page: 23;
Date: 2006;
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Keywords: Bankruptcy | Financial behavior | Financial education | Financial knowledge

Factors that explain the likelihood of completing a Chapter 13 repayment plan were identified. Using data from 489 Georgia participants who completed a 3-hour workshop, how factors differed for first-time and repeat filers were investigated. Results indicated that repeat filers were more likely than first-time filers to start an emergency fund, to reduce spending, and to write a spending plan. For repeat filers, six of seven recommended financial management practices were related to the likelihood of completing the Chapter 13 plan. For first-time filers, one practice, organization of financial records, was related to a higher likelihood to complete the Chapter 13 plan. Financial knowledge scores were not related to the likelihood of plan completion for either group.
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