Question

​Bankruptcy, Chapter 7. Gigantic Furniture is having its annual​ "Going Out of Business​ Sale." If Gigantic Furniture is filing under Chapter​ 7, will it be back next year for another going out of business​ sale? ​(Select the best​ response.) A. ​No, Chapter 7 bankruptcy is for the selling off of all the assets of the firm and ceasing all business operations. B. ​No, Chapter 7 bankruptcy is for restructuring the​ firm's debt and it does not allow to have more than one​ "Going Out of Business​ Sale." C. ​Yes, Chapter 7 bankruptcy is for restructuring the​ firm's debt and buying new inventory. D. ​Yes, Chapter 7 bankruptcy is for the selling off of all the assets of the firm and ceasing all business operations.

Answer 1

A. ​No, Chapter 7 bankruptcy is for the selling off of all the assets of the firm and ceasing all business operations.

Step-by-step explanation:

In the chapter of Bankruptcy, chapter 7, the firm Gigantic Furniture is going to have its annual " Going Out of Business Sale". Now if the Gigantic Furniture is filing under the Chapter 7, it will not be back for the next year for an another going out of the business sale because Gigantic Furniture is selling off all of its assets and ceasing all its business operations.