The Federalist Cost of Bankruptcy Exemption Reform

Bankruptcy is relevant not merely as a last resort but influences individual and corporate decisions from the time of or before obligations are first incurred. In this sense, bankruptcy is as basic to private ordering as the more familiar inhabitants of the private-law pantheon including contract, corporate, property, and tort law. This book of brief, mostly non-technical, excerpts from leading bankruptcy scholarship builds the concepts of bankruptcy law from first principles and thus allows the reader to understand bankruptcy’s fundamental nature