Of Contractarians and Bankruptcy Reform

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In response to Professor Barry Adler’s paper, Bankruptcy Primitives, where he argued that "[b]ankruptcy law could better serve its basic functions with greater freedom of contract both for individual and corporate debtors," this short essay argues that a non-waivable bankruptcy system, with a supervised bankruptcy process, and a non-waivable discharge right, are not only important, but are necessary and essential. In short, this essay seeks to support the proposition that bankruptcy should be a mandatory rule, rather than merely a default rule.
Original languageEnglish (US)
Pages (from-to)259-271
JournalAmerican Bankruptcy Institute Law Review
StatePublished - 2004

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