I thank Douglas Baird, Stuart Benjamin, Elisabeth DeFontenay, Deborah DeMott, Craig Goldblatt, Melissa Jacoby, Margaret Lemos, Adam Levitin, Joshua Macey, Troy McKenzie, John Pottow, and Steven L. Schwarcz, as well as participants in two early-stage discussion groups at Duke Law School, and at the Global Bankruptcy Scholars Workshop at Brooklyn Law School, for helpful comments and feedback. I am also grateful to Wenxin Lu, Leping Sun, and Andrew O’Shaughnessy for valuable research assistance.