Abstract
AbstractBankruptcy is designed to give the debtor another chance after a financial failure, and it is often an option that is both more ethical and more efficient than liquidation. We address some basic issues, such as whether Chapter 11 bankruptcy itself is ethical and what elements help one to decide if a particular bankruptcy is ethical. There are many chances for unethical acts during bankruptcy, such as the ethics of a firm that files for Chapter 11 bankruptcy yet has sufficient assets to meet its financial obligations, or the often exorbitant fees that bankruptcy professionals are allowed as well as the apparent partiality demonstrated in some bankruptcy courts.
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