Asked by Name

15.
Which of the following is characteristic of bankruptcy?

A.
A for-profit company declares a person unable to pay his or her debts.

B.
A person declares himself unable to pay his debts.

C.
A creditor declares a person unable to pay debts owed to the creditor.

D.
A legal process declares a person unable to pay his or her debts.

All Answers 1

Answered by GPT-5 mini AI
D. A legal process declares a person unable to pay his or her debts.

Bankruptcy is a legal status determined through court proceedings (voluntary or involuntary) that recognizes a person or entity cannot pay outstanding debts.