Personal Economic Bankruptcy

AKA: Personal Insolvency.
Context:
- It can range from being an Individual Bankruptcy Event to being a Household Bankruptcy.
- It can be associated to a Personal Bankruptcy Rate Measure.
- ...
Example(s):
- a Medical Expense-caused Bankruptcy (due to medical bills).
- a Reduced Income-caused Bankruptcy (due to reduced income).
- Abraham Lincoln's bankruptcy (of Abraham Lincoln).
- …
Counter-Example(s):
- an Organizational Bankruptcy.
See: Personal Event, Middle-Class Household Bankruptcy.

References

http://en.wikipedia.org/wiki/Personal_bankruptcy
- Personal bankruptcy law allows, in certain jurisdictions, an individual to declare bankruptcy. Virtually every country with a modern legal system features some form of debt relief for individuals. Personal bankruptcy is distinguished from corporate bankruptcy.

(Sullivan et al., 2000) ⇒ Teresa A Sullivan, Elizabeth Warren, and Jay Lawrence Westbrook. (2000). “The Fragile Middle Class: Americans in Debt." Yale University Press. ISBN:0300091710
- QUOTE: More than a million American families now file for federal bankruptcy annually, & many more are perilously close to financial disaster. … Insofar as those efforts are directed at stimulating buying by people with stagnant incomes, they must lead to increased debt and eventually to increased bankruptcy rates. … Job-related financial stress is implicated in over two-thirds of the bankruptcies we studied. Although layoffs are a major factor …