Abstract: The improvements in a collapsible fish trap of the present invention include a flotation collar releasably secured around the flared neck of the trap above the fish-holding chamber in the trap, as by latch means in the form of one or more pins and rotatable latch arms. The collar maintains the neck in an uncollapsed, fully open state with the upper open end of the trap adjacent to the surface of water when the trap is immersed therein. This provides convenient access to the holding chamber. Moreover, the collar prevents loss of the trap and fish therein by sinking. In one embodiment, the collar is of soft resilient foamed elastomer. It can also be formed of hard foamed plastic segments, cork or the like, or can be in the form of an inflatable expandable doughnut. The float may include trap-locating means, such as a brightly colored surface layer, which may also be fluorescent or phosphorescent, to facilitate the recovery of the trap should it slip its moorings.