This is the foundational course for the study of the federal Bankruptcy Code and the regulation of the legal relationships between creditors and insolvent debtors. The course begins with a brief survey of individual state law collection remedies and non-bankruptcy composition and liquidation schemes. The remainder (and bulk) of the course focuses on the rights, obligations, and procedures created by federal bankruptcy law. Topics include: commencement of the case, the automatic stay, property of the estate, claims and priorities of distribution, avoidance powers of the bankruptcy trustee, use and protection of collateral during the pendency of the case, treatment of executory contracts and leases, discharge of debts, and exemptions. Basic coverage of Chapters 7, 11, and 13 is included.