Ask Question
6 December, 17:35

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

a. 10

b. 6

c. 2

d. 12

+5
Answers (1)
  1. 6 December, 20:12
    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
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “How many types of bankruptcy cases are provided for in the Bankruptcy Code? a. 10 b. 6 c. 2 d. 12 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers