This book was written to provide comprehensive and comprehensible coverage for both a basic course on bankruptcy and a specialized course on reorganization. It is neither purely problem-driven nor wholly case-law dominated; rather, it supports both approaches with ample problem sets and case-law treatment. The book deals with consumer and business bankruptcies, and avoids an unremittingly political or theoretical perspective, although questions of theory are treated robustly in the discussion. Coverage includes creditors' rights and remedies, the first consequences of bankruptcy, unsecured claims in bankruptcy, secured claims in bankruptcy, the avoiding powers, the treatment of executory contracts and unexpired leases, the bankruptcy discharge, and reorganization. The new edition features the latest decisions, both as principal cases and as the foundation for questions and problems.