Consumer Bankruptcy: A Third Way Between Autonomy and Paternalism in Private Law

The introduction of American ideas of consumer bankruptcy in European continental civil law systems appears to present an opportunity to resolve some of the paradoxes of paternalism analysed by Ogus. Bankruptcy law for individuals in Europe has evolved from a neglected field of procedural civil law, in which creditor autonomy was the prevailing norm, into a blossoming field of social policy and consumer protection. This article sketches the history of ‘bankruptcy waves’ and reflects on the possibilities of a future regulatory wave in which the lessons of the credit crunch have been incorporated. It concludes with some thoughts on the theme of this issue of the Erasmus Law Review.