More than 75 percent of financially desperate firms file for a:

Question

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When financially desperate, more than 75 percent of firms file for a liquidation bankruptcy, in which the company's assets are sold off to pay the creditors. Reorganization bankruptcy and Chapter 12 bankruptcy are options for companies that want to continue operating, but in a restructured form. Partial bankruptcy is not a recognized legal term or type of bankruptcy filing.

More Than 75 Percent of Financially Desperate Firms File for A