The Waterfront Fish Market was incorporated under the laws of Delaware. For many years the market was able to show a small profit. About a year ago a new fish market opened nearby and the Waterfront Fish Market lost some of its customers. For the past several months, the market has been unable to pay its creditors. The market could file for bankruptcy under Chapter 7, 11, or 13.

Question

Quizplus · Accepted Answer

Chapter 13 bankruptcy is only available to individuals, not businesses like the Waterfront Fish Market. The market could file under Chapter 7 or 11.

The Waterfront Fish Market Was Incorporated Under the Laws of Delaware