Which of the following statements is most correct? Our bankruptcy laws were enacted in the 1800s, revised in rte 1930s, and Federal bankruptcy law deals only with corporate bankruptcies. Municipal All bankruptcy petitions are filed by creditors seeking to protect their claims of the firm's management. Chapters 11 and 7 are the most important bankruptcy chapters for financial be liquidated as prescribed in Chapter 7 of the Act. Restucturing a firm's debt can involve forgiving a certain portion of the