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9 February, 09:18

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

a. 10

b. 6

c. 2

d. 12

+4
Answers (1)
  1. 9 February, 09:47
    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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