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Rudiy27
3 years ago
7

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

Business
1 answer:
Alenkasestr [34]3 years ago
7 0
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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Answer:

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Business entity assumption -

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As all the money required for business need to be recorded separately .

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Answer:

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Explanation:

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