Bankruptcy The Case for Relief in an Economy of Debt

A decade after the Global Financial Crisis and Great Recession, developed economies continue to struggle under excessive household debt. While exacerbating inequality and political unrest, this debt - when combined with wage stagnation and a shrinking welfare state - has played a key role in maintaining economic growth and allowing households faced with rising costs of living to make ends meet. In Bankruptcy: The Case for Relief in an Economy of Debt, Joseph Spooner examines this economic model and finds it increasingly unsustainable. In a call to action to reduce debt burden, he turns to bankruptcy law, which is uniquely situated as a mechanism of social insurance against the risks of a debt-dependent economy. This book should be read by anyone interested in understanding the problem of consumer debt and how best to address it.

1. Introduction; 2. Financialised capitalism and the centrality of household debt; 3. Consumer bankruptcy theory and the case for debt relief; 4. A consumer bankruptcy marketplace; 5. The limits of contractual consumer bankruptcy; 6. The austere creditor: austerity, bankruptcy policy and government debt collection; 7. Moral hazard and bankruptcy abuse prevention; 8. Conclusion; Index.

Spooner examines the increasing instability of using excessive household debt as a means of maintaining economic growth. He turns to bankruptcy law as a mechanism of social insurance against the risks of a debt-dependent economy. This will appeal to anyone interested in understanding the problem of consumer debt and how to address it.

Joseph Spooner is an Assistant Professor at the London School of Economics and Political Science Law Department. He researches issues of law, policy and politics relating to household debt and over-indebtedness. He has worked on the World Bank's Report on the Treatment of the Insolvency of Natural Persons (2013) and the Law Reform Commission of Ireland's project on personal debt management (2010–12). He has published articles on the law and politics of bankruptcy and household debt in leading journals including the Journal of Law and Society and Modern Law Review.