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Chicago Fed Letter, No. 52, December 1991
Personal Bankruptcies in Retrospect

Many proposed explanations for why personal bankruptcies increased during a period of national economic upswing assume that the upward trend in the number of personal bankruptcy filings during most of the 1980s was countercyclical. However, an alternative explanation is that personal bankruptcies responded to a series of localized economic downturns which took place during the 1980s.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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