The Principle of Consumer Utility: A Contemporary Theory of the Bankruptcy Discharge

For better or for worse, we live in an age of consumer credit. To that end, it is beyond contention that the use of consumer credit has become a part of American culture. Indeed, during the course of the twentieth century, attitudes about debt and consumption shifted from moral shame to resounding acceptance. Many believe quite firmly that the escalation in the utilization of consumer credit during the past four or five decades is the result of a loss of personal self-discipline and the rise of materialistic cupidity by the average consumer. Despite this belief, however, borrowing and lending by American consumers have been prevalent practices since the late nineteenth century. But it is in the past few decades that the average American has become indebted and overextended like never before. And while it would certainly be disingenuous to suggest that a segment of American consumers have not attempted to live avariciously beyond their practical means, in today’s