_____ is the popular name for a_____ bankruptcy in which a bankrupt firm's assets are sold by the bankruptcy trustee and the proceeds used to pay the firm's debts.

Question

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Liquidation bankruptcy is also known as Chapter 7 bankruptcy, in which a trustee sells the debtor's non-exempt assets and distributes the proceeds to the creditors to pay off the debts. This type of bankruptcy is different from Chapter 11 bankruptcy, which is a reorganization bankruptcy that allows a company to restructure its debts and continue operating.

_____ Is the Popular Name for A_____ Bankruptcy in Which

_ Is the Popular Name for A_ Bankruptcy in Which