Question

which type of bankruptcy is available to individuals or business owners, with businesses being turned over to a trustee who reorganizes the company's assets and overseas the repayment of debt, and with individuals coming up with a similar plan?

A. chapter 11
B. chapter 13
C. chapter 7
D. chapter 9

Answer 1

The type of bankruptcy that is available to both individuals and business owners, involving the reorganization of assets and overseeing the repayment of debt by a trustee, is:

**A. Chapter 11**

Chapter 11 is primarily used for business reorganizations but can also be used by individuals who have significant assets or debts. Chapter 13 is another option for individuals but has a different structure focusing on repayment plans.