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Tailoring Bankruptcy Insolvency Education to Ensure Solvency Literacy

Tailoring Bankruptcy Insolvency Education to Ensure Solvency Literacy <p>This position article proposes that bankruptcy counseling and education should be tailored so that bankrupts and consumer debtors can attain <italic>solvency literacy</italic>, a new construct developed for this initiative. They need to (a) handle their financial affairs <italic>during</italic> the insolvency process while (b) concurrently striving for a fresh start, rehabilitation (financial health), and reduced recidivism <italic>after</italic> discharge. Each of the Canadian and American insolvency education and counseling curricula is described with attendant discussions of financial education (literacy), consumer education (literacy), and credit education (literacy). Intending to keep bankruptcy insolvency education relevant and effective, a specially tailored curriculum is tendered for consideration. The curriculum represents a hybrid of consumer, financial, and credit education. It is relevant to immediate, situation-specific financial needs anticipating that people can strive for more generic consumer and financial literacy after they have attained solvency literacy.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Tailoring Bankruptcy Insolvency Education to Ensure Solvency Literacy

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Publisher
Springer Publishing
Copyright
© 2020 Springer Publishing Company
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/JFCP-19-00018
Publisher site
See Article on Publisher Site

Abstract

<p>This position article proposes that bankruptcy counseling and education should be tailored so that bankrupts and consumer debtors can attain <italic>solvency literacy</italic>, a new construct developed for this initiative. They need to (a) handle their financial affairs <italic>during</italic> the insolvency process while (b) concurrently striving for a fresh start, rehabilitation (financial health), and reduced recidivism <italic>after</italic> discharge. Each of the Canadian and American insolvency education and counseling curricula is described with attendant discussions of financial education (literacy), consumer education (literacy), and credit education (literacy). Intending to keep bankruptcy insolvency education relevant and effective, a specially tailored curriculum is tendered for consideration. The curriculum represents a hybrid of consumer, financial, and credit education. It is relevant to immediate, situation-specific financial needs anticipating that people can strive for more generic consumer and financial literacy after they have attained solvency literacy.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jun 24, 2020

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