The fifth edition of Understanding Bankruptcy continues to provide a detailed introduction to bankruptcy and related state and federal debtor-creditor law. It will be helpful for students taking an introductory Creditors' Rights course that emphasizes bankruptcy; a free-standing Bankruptcy course; or an advanced course in Chapter 11 Reorganization. This edition includes explanations of the effect of Supreme Court and Court of Appeals decisions since the last edition, including the so-called "Texas Two-Step" approach to Chapter 11 cases, an explanation of Subchapter V for Small Business Reorganizations, and an updated explanation of transnational cases. It also contains updates reflecting the changes in dollar amounts to a number of Code provisions that went into effect on April 1, 2025. Jeffrey Ferriell is Professor of Law Emeritus at Capital University Law School Edward Janger is the David M. Barse Professor of Law and Associate Dean for Faculty Research and Scholarship at Brooklyn Law School.