Exchange is the termination of two mutual, overdue, and identical debts by the amount of debt that is small by the declaration of the will of one of the parties. The bankruptcy of the debtor, as a rule, does not constitute an obstacle to the introduction of the exchange. Unlike the system in Turkish debt Law, in case of bankruptcy of the debtor, the creditors of the bankrupt can exchange even their overdue receivables for their debts. And it is also possible that receivables that are subject to something other than money are also the subject of exchange by being cashed in bankruptcy. In addition to the exceptions introduced by the general provisions, provisions a ban of exchange are also included in the Enforcement and Bankruptcy Law. In the Concordat, the exchange provisions applicable to bankruptcy apply in relation to the exchange ban. In bankruptcy, the ban on exchanging is made only for bearer papers. In terms of bearer papers, sufficient recognition of the transfer of ownership makes it impossible to determine who, when and for what purpose this paper was transferred through the paper. Therefore, the difficulty in determining whether the holder of the bill acquired the stock before or after the bankruptcy causes the bearer papers to be subject to the barter of exchange. A foreign exchange bill transferred with a blank endorsement must also be subject to an exchange ban, such as bearer papers. Because the legislator's ban on exchange is limited to bearer papers and does not include blank endorsement and transferred securities within the scope of the provision, it is far from providing the interest to be protected in the real sense.