Question: Please answer the following question as if you were explaining the answer to your grandmother. The most important part is answering this question in simplest

Please answer the following question as if you were explaining the answer to your grandmother. The most important part is answering this question in simplest terms so that I am sure you understand the material. What happens to a firm in Chapter 7 Bankruptcy? Describe the Absolute Priority Rule followed in Chapter 7. How does Chapter 11 Bankruptcy differ fundamentally from Chapter 7? Broadly, describe the process for a Chapter 11 Bankruptcy. Describe the important features of a Feasible Business Plan under Chapter 11.

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