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Which one of these statements related to Chapter 11 bankruptcy is accurate? A company can only file for Chapter 11 after it becomes totally insolvent.

Which one of these statements related to Chapter 11 bankruptcy is accurate?

A company can only file for Chapter 11 after it becomes totally insolvent.

Chapter 11 involves the total liquidation of the bankrupt firm.

Prepacks apply only to Chapter 7, not Chapter 11, bankruptcies.

Senior management must be replaced prior to exiting a Chapter 11 bankruptcy.

Companies sometimes file for Chapter 11 in an attempt to gain a competitive advantage.

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