Article: 

Donald R. Korobkin, Contractarianism and the Normative Foundations of Bankruptcy Law, 71 TEXAS L. REV. 541 (1993).   

Abstract:

In “Contractarianism and the Normative Foundations of Bankruptcy Law,” Professor Korobkin critiques and expands on the ongoing search for a “deep structure” of bankruptcy law.  He examines Thomas Jackson’s contractarian model, which depicts bankruptcy as a system that mirrors the type of agreement one would expect creditors to form among themselves from an ex ante position.  Korobkin proposes an alternative, the “bankruptcy choice” model, which follows the paradigm of the hypothetical choice situation as originally developed by John Rawls in A Theory of Justice.