ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A legal process in which PEOPLE who cannot pay the debts reorganize their debt.
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Bankruptcy-Chapter 7
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Bankruptcy-Chapter 11
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Bankruptcy-Chapter 13
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Bankruptcy-Chapter 15
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Explanation:
Detailed explanation-1: -Definition: When an organisation is unable to honour its financial obligations or make payment to its creditors, it files for bankruptcy. A petition is filed in the court for the same where all the outstanding debts of the company are measured and paid out if not in full from the company’s assets.
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