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Personal bankruptcy laws protect a fraction of an individual's assets from seizure by unsecured creditors in case of default. An increase in the level of bankruptcy protection diminishes the collateral value of assets, and can therefore reduce borrowers' access to credit. However, it might also increase the demand for credit especially from risk averse borrowers by improving risksharing. Using changes in the level of protection across US states and across time, we show that bankruptcydoi:10.2139/ssrn.2447687 fatcat:kjcdfvxturaghmsui7bwilukwe