Which of the Following Is True of the Direct Costs

Which of the following is true of the direct costs of bankruptcy?

A) Direct costs of bankruptcy do not include legal costs.
B) Most of the direct costs of bankruptcy are the same for both small and large firms.
C) Direct costs of bankruptcy for small firms,as a proportion of the value of their assets,are much smaller than those for large firms.
D) Most direct bankruptcy costs are only borne by the firm's equity holders.