When a firm defaults on its debt, debt holders often receive less than 50% of the amount they are owed. Is the difference receive a cost of bankruptcy? (Select the best answer below) No, there is no cost of bankruptcy. Yes, debt-holder loss is a cost of bankruptcy. No, only loss in excess of what was expected is a cost of bankruptcy. No, only loss in excess of the economic loss that would have occurred whether or not the firm was bankruptcy is a cost of bankruptcy