Which of the following statements is most correct? Our bankruptcy laws were enacted in the 1800s, revised in the 1930s, and have remained Federal bankruptcy law deals only with corporate bankruptcies. Municipal and personal All bankruptcy petitions are filed by creditors seeking to protect their claims against firms in of the firm's management Chapters 11 and 7 are the most important bankruptcy chapters for financial management be liquidated as prescribed in chapter 7 of the Act. Restructuring a firm's debt can involve forgiving a certain portion of the debt, but it cannot call