Essex, a manufacturing company is in serious financial difficulty and is unable to meet current unsecured obligations of $1,340,000.00 to some 20 creditors, who are demanding immediate payment. In that creditor list, Essex owes Steven Machine Corporation $15000.00 on a secured financing agreement for a CAD machine that was purchased last year. Discuss the following: what are the options available to the creditors and essexs? Discuss how is a bankruptcy estate administered? What chapter would be best here and why? Why not the other chapters? What are debtor's rights and duties in bankruptcy? When are debts discharged in bankruptcy?-WHAT RIGHTS MIGHT Steven Machine have?-Discuss Options, And How And If They Can Be Pursued. Peter, a Massachusetts resident, applied for a loan at three banks. Peter's application was denied at the first two banks but finally was approved by the third institution. Peter believes that the first two banks denied his application because of his minority status. No explanation ever was provided by the banks denying Peter's request for funds. After obtaining the loan, Peter soon found himself unable to make the prescribed payments. Peter went into default, causing the bank to turn his case over to a collection agency. The collection agency called him night and day and was very abusive in their collection practices. Peter became quite distraught and unable to function at his job. As a result, Peter soon was fired. Peter asks your advice regarding his legal rights. Discusss any issues of law presented and any legal actions that peter may pursue.