5. What are Chapter 11 and Chapter 12 bankrupices pointarily useu for? 1. Chapter 11 is for business reorganization Choplar 12 is for farmers and fishermen 2. Chapter 11 is lot personal bankruptcy Charter 12 is for corporations. 3 Chapter 11 is for debtons prison Chaptes 12 is for dabt slovery 4. Chapter 11 is for student toans. Chapter 12 is for credit card detits.

The correct answer is **1. Chapter 11 is for business reorganization. Chapter 12 is for farmers and fishermen.**<br /><br />Chapter 11 bankruptcy allows businesses (corporations, partnerships, and sole proprietorships) to reorganize their debts and continue operating while developing a plan to repay creditors over time. <br /><br />Chapter 12 bankruptcy is specifically designed for family farmers and fishermen to reorganize their finances and avoid liquidation. It offers similar protections to Chapter 13 bankruptcy (for individuals with regular income) but with provisions tailored to the unique needs of agricultural businesses.<br />