If the Exxon decided to file for federal bankruptcy court pr

If the Exxon decided to file for federal bankruptcy court protection, what type (chapter) would it probably file and what would be the procedure? In regars to the Exxon-Valdez oil spill.

Solution

For Individuals they may file under chapter 7 or 13 bankruptcy depending upon the specifics of their situations

For Business of US it would be filed under chspter 7 or cchapter 11 in the US Bankruptcy Code

For Business in which many contries are involved under chapter 15 in the US Bankruptcy Code

Hence in Exxon Case protection would be filed under chapter 7 or chapter 11 in the US Bankruptcy Code