Five simple cases, one grade point per case. For each case, (a) state what steps (if any) you feel you should take to address the situation prior to any bankruptcy filing and (b) identify which Bankruptcy Chapter seems most appropriate and explain why. Submit on Canvas Assignments. CASE 1 You and a business partner have a jointly-owned LLC that has given you a good profit for over 12 years but business has been declining this past two years which has moved you into a significant ongoing loss. Each month now adds to your losses which seem to be trending upwards. You have tried to cut costs but the demand for your product is dropping and you do not know what to do. Creditors are chasing and in three more months you will have no more business or personal funds to pay. CASE 2 You are the CFO of a medium-sized and long-established C corporation. You have had to completely innovate and revamp your product line because of advances in technology and market demand. This has caused additional expense and a temporary lull in orders which has made the company technically insolvent - you cannot pay your outstanding debts as they fall due. Creditors are chasing and you cannot pay them all but demand for your products is picking up - you believe you are over the worst. As a very large oil company you have invested heavily in mineral leases but the oil price has collapsed. You have improved efficiencies but with your end-product sale price at 50% of what it was previously you are unable to pay your debts as they fall due. You employ thousands of people and have cut production and many jobs but don't want to close because you know the drop is just cyclical and will come back in in a short while. CASE 4 You have lost your job. Your wife doesn't earn enough to pay the bills. You have a professional qualification but the job market is tight and you cannot see when it might return exactly but are convinced it will in the next years or so. You have missed house payments but it should just be a matter of time till you are back earning again. People are threatening to sue you and your mortgage company are threatening to foreclose. CASE 5 Your family have 400 acres of land and have farmed it for generations. You have just taken a lease on an additional 400 acres and bought, on finance, expensive new equipment to farm the extra land. Everything is going well till a storm destroys almost your whole crop leaving you with little income to meet your large new payments