Which of the following statements is true of Chapter 11 of the Bankruptcy Code?
A) It provides a proceeding whereby the debtor's financial affairs can be liquidated rather than reorganized.
B) Unlike Chapter 13, in Chapter 11 cases, the debt is predominately nonconsumer debt.
C) Petitions for Chapter 11 cases cannot be filed voluntarily by the debtor.
D) The reorganization plan is essentially a contract between a debtor and its trustees.
Correct Answer:
Verified
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