Chapter 12 and Chapter 13 bankruptcies are used by what kinds of businesses that cannot be turned around?
A)S and C corporations
B)Limited liability corporations
C)Partnerships and limited liability partnerships
D)Family-owned businesses and sole proprietors

Question

Quizplus · Accepted Answer

Chapter 12 bankruptcy is specifically for family-owned farms and fisheries, while Chapter 13 is for individual consumers, including sole proprietors who have personal liability for their business debts. Therefore, the best choice is D, family-owned businesses and sole proprietors.

Chapter 12 and Chapter 13 Bankruptcies Are Used by What