Article:
Robert K. Rasmussen, Debtor’s Choice: A Menu Approach to Corporate Bankruptcy, 71 TEXAS L. REV. 51 (1992).
 

Abstract:
In this article, Rasmussen argues that bankruptcy law should not be treated as a mandatory rule because bankruptcy law should be considered as part of contract law. Instead, Rasmussen suggests various bankruptcy options he thinks Congress should enact. Among the items on Rasmussen’s “menu” of options are allowing a firm to commit to never filing a federal bankruptcy petition, enabling a firm to file a Chapter 7 petition only, enacting a new bankruptcy petition that would stay all creditors except for the financing creditor, and allowing a firm to create its own bankruptcy regime. Rasmussen goes on to explore the strategic problems that may result from a firm choosing its own bankruptcy regime.