Which of the following is/are direct costs of bankruptcy?

I. Loss of key employees

II. Foregone profitable projects due to debt restrictions

III. Loss created by sale of assets which was required to improve liquidity

IV. Accounting and legal fees incurred in the bankruptcy process

A) III only

B) IV only

C) I, II, and III only

D) I, III, and IV only

E) I, II, III, and IV