Introductory Business Law CLEP Prep Practice Exam

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What are the two types of bankruptcy?

Chapter 7 and Chapter 11
Chapter 5 and Chapter 13
Chapter 9 and Chapter 11
Chapter 7 and Chapter 13

The correct answer is: Chapter 7 and Chapter 13

Chapter 5 and Chapter 13 are not types of bankruptcy, but rather sections of the bankruptcy code. Chapter 9 bankruptcy is specifically for municipalities and not individuals or businesses. Chapter 11 bankruptcy is typically used by businesses and differs from Chapter 13 in terms of eligibility requirements and debt repayment options. Therefore, the correct answer is D Chapter 7 and Chapter 13.