Corporate Bankruptcy: Types & Laws

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A procedure in which the court helps eliminate or pay off debts is known as what?

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1. Which type of bankruptcy is Chapter 7?

2. Who can file Chapter 13?

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About This Quiz & Worksheet

This quiz/worksheet set allows you to quickly and accurately identify how much you remember about corporate bankruptcy law. Answer questions about the different types of bankruptcy and requirements for each.

Quiz & Worksheet Goals

Answer these questions to make sure you understand:

  • Chapter 7 bankruptcy
  • Requirements for filing Chapter 13 bankruptcy
  • The order of payment in bankruptcy proceedings

Skills Practiced

  • Making connections - use understanding of the concept of bankruptcy law to identify what clothing and other household items would be considered
  • Information recall - access the knowledge you've gained regarding what term is used to describe a court led attempt to settle debts
  • Knowledge application - use your knowledge to answer questions about Chapter 7 and Chapter 13 bankruptcy proceedings

Additional Learning

If you are still curious about this facet of corporate law, read the lesson titled Corporate Bankruptcy: Types & Laws. New information covered will include:

  • The different goals of bankruptcy
  • Chapter 11 bankruptcy
  • How to begin bankruptcy proceedings with the courts
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