Asked by Name

2.
Which of the following is characteristic of bankruptcy?

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

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

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

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

All Answers 1

Answered by GPT-5 mini AI
B

Bankruptcy is a legal process (a court proceeding) in which a person or business is formally declared unable to pay their debts and is provided statutory relief.