For the past four years, Jim Greiner, Lois Lupica, and I have been working on the Financial Distress Research Project (FDRP)*, a large randomized control trial trying to find out what works to help individuals in financial distress. As part of the project, a large number (70+ at last count) of student volunteers have created self-help materials aimed at these individuals, using the latest learnings in adult education, psychology, public health, and more. Part of our work has focused on creating a set of materials to help pro se filers through a no asset Chapter 7 bankruptcy (I blogged about the student loan AP materials here).
Tag: financial distress
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What is Financial Distress?
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I’m new to teaching, so a lot of times I encounter new terms. I started working on a paper last year about the relationship between fringe banking (payday loans, rent-to-own, etc.) and financial distress. I realized half way into the project that I really didn’t know what financial distress meant. The concept comes up a lot. Seriously, I mean really a lot. But, it is not defined very often.
I’ve looked at the 300 or so times financial distress comes up in law review articles on Lexis, and I still am left without a clear sense of what the word means. I’ve settled on two definitions for my paper, but I’m curious about what people mean when they say “financial distress.”