The article delves upon the bankruptcy laws existing in some selected market economies. Some of these are found to protect the interest of the creditors, while others protect the interests of the debtors. Since the problem of bankruptcy has been increasing nowadays in almost all parts of the globe, the issue has been gaining global recognition. In this context, the various laws in economies like USA, Canada, UK and Russia are investigated so as to throw some light on the problem of bankruptcy. The legal cultures and the historical background involved with these laws are explored.