Editors' Summary: The wetland mitigation banking business has grown dramatically in the last decade. But as is true with any business, mitigation banks are subject to risk, including the risk of going bankrupt. This Article looks at how bankruptcy law can affect the rights and obligations of the mitigation banker and government agencies. After providing an overview of wetland mitigation banking and a primer on bankruptcy law, the Article examines two ongoing bankruptcy actions that involve mitigation banks. It then offers suggestions that regulatory agencies can adopt to protect against the consequences of a bankrupt mitigation bank.