Predictors of Chapter 13 Completion Rates: The Role of Socioeconomic Variables and Consumer Debt Type |
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| Authors: | David A Evans Jean M Lown |
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| Institution: | (1) Department of Consumer Sciences, The Ohio State University, 1787 Neil Ave, Columbus, OH 43210, USA;(2) Family, Consumer and Human Development, Utah State University, 2905 Old Main Hill, Logan, UT 84322-2905, USA |
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| Abstract: | This study examined whether demographic or financial variables best predict completion of Chapter 13 bankruptcy plans. Multinomial
logistic regression revealed that demographic variables were more important than financial variables in predicting completion.
Completion of a Chapter 13 repayment plan was not associated with a debtor’s monthly income or expenses. Never married debtors,
dependent children, a previous filing, and higher mortgage arrears increased the likelihood of dismissal. Longer job tenure
and home ownership improved completion rates. Discharge was associated with higher unsecured debts. Results can help improve
Chapter 13 completion rates. Debtors need guidance in setting up realistic repayment plans. Financial counselors could help
ensure that repayment plans are feasible and to counsel debtors who miss a plan payment.
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| Keywords: | Bankruptcy Chapter 13 Completion Debtor Logit |
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