For each case, (a) state what steps (if any) you feel you should try and take to address the situation prior to any bankruptcy filing and (b) identify which Bankruptcy Chapter seems most appropriate and explain why.

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.