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How many types of bankruptcy cases are provided for in the Bankruptcy Code?

a. 10 b. 6 c. 2 d. 12

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How many types of bankruptcy cases are provided for in the Bankruptcy Code?

a. 10
b. 6
c. 2
d. 12

Answer

the answer is b.
6 There are 6 types of bankruptcy outlined by title 11 of the United States Codes.
Those cases are : - Chapter 7 Bankruptcy governs the process of liquidation.
Designed for debtors in financial difficulity who do not have the ability to pay their debt - Chapter 9 Bankruptcy available exclusively for municipalities - Chapter 11 Which designed for reorganization of a business - Chapter 12 Similar to cahpter 11, but only apply for farmers and fishermen - Chapter 13 Which designed for debt rehabilitation - Chapter 15 If the bankruptcy case involve some assets that was spread across the country

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Virtual Teaching Assistant: Colleen R.
Question Level: Basic
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Upload Date: 5/31/2017

This 21 words question was answered by Colleen R. on StudySoup on 5/31/2017. The question contains content related to Business Since its upload, it has received 155 views.

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