Which of the following statements is (are) most CORRECT?Question 2 options:
Chapters 11

bankruptcy is designed to help a firm restructure and emerge from bankruptcy.

Chapter 7 bankruptcy is designed for firm liquidation. 

Only corporations not cities or states can file for bankruptcy. 

The city of Detroit filed for bankruptcy in 2013. 

No city or state in the USA has ever defaulted on its debt. 

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