An improved stripping basket for fly fishing is disclosed. The stripping basket is easily compacted for stowing while on board a boat, or for packing the stripping basket in a suitcase for travel to a fishing destination. The basket comprises multiple removable line separators and drainage holes in a base plate. The base plate folds towards the front wall of the stripping basket. The front wall has multiple slits that correspond to the arrangement of the line separators. With the line separators still attached to the base plate, the stripping basket can be quickly unfolded for use. This is convenient when on board a boat, awaiting a turn to fish. For longer term storage, such when packing in a suitcase for travel, the line separators can be removed for maximum portability.