Under a Chapter 7 liquidation proceeding, which of the following would be eligible for this type of bankruptcy?
A) Savings and loan
B) Insurance company
C) Banks
D) Corporations
E) Credit union

Question

Quizplus · Accepted Answer

Corporations are eligible for Chapter 7 bankruptcy, which involves liquidating assets to pay off creditors. Other entities like savings and loans, insurance companies, banks, and credit unions are not eligible for Chapter 7 bankruptcy.

Under a Chapter 7 Liquidation Proceeding, Which of the Following