Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 65

What are the objectives of the bankruptcy laws in the United States
a.Provide relief for the court system and ensure that all debtors are treated the same.
b.Distribute assets fairly and discharge honest debtors from their obligations.
c.Protect the economy and stimulate growth.
d.Prevent insolvency and protect shareholders.