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41 Emory Bankr. Dev. J. 1 (2024-2025)

handle is hein.journals/bnkd41 and id is 1 raw text is: JUST CONSUMER FINANCIAL PROTECTION: PREVENTION OR CURE Andrea J. Boyack* Justice is the first virtue of social institutions, as truth is of systems of thought. A theory however elegant and economical must be rejected or revised if it is untrue; likewise, laws and institutions no matter how efficient and well-arranged must be reformed or abolished if they are unjust. ~ John Rawls, A Theory of Justice1 TABLE OF CONTENTS INTRODUCTION ...................................................................................................2 I. PREVENTION: CONTRACTUAL OVERSIGHT ..............................................5 A. Consumer Debt in the United States................................................5 B. Ex Ante Consumer Financial Protection in the United States.......13 C. (Some) European Approaches to Consumer Finance R egulation .............................................................................. . 23 II. CURE: BANKRUPTCY FRESH START ......................................................32 A. U.S. Bankruptcy Goals, Access, and Impacts................................32 B. (Some) Consumer Bankruptcy Developments in Europe...........38 III. MITIGATING FINANCIAL DISTRESS: THE BEST OF BOTH WORLDS........44 A. Treatment Through Prevention and Cure.................................44 B. Holistic Medicine for Consumer Financial Distress .....................50 C. Why Consumer Financial Protection Matters...............................54 C ON CLU SION ................................................................................................ . 57 Floyd R. Gibson Endowed Professor of Law, University of Missouri. My gratitude to Virginia Harper Ho, Stephen Ware, and the participants of the National Business Law Society conference at the S.J. Quinney School of Law, University of Utah, for helpful comments. Thanks also to Eric for his encouragement. 1 JOHN RAWLS, A THEORY OF JUSTICE 3 (rev ed. 1999).