Question: Frothy Fields, LLC had been operating for several years with mediocre performance. After unfortunately struggling with the impacts of COVID-19, Frothy Fields decides it is

Frothy Fields, LLC had been operating for several years with mediocre performance. After unfortunately struggling with the impacts of COVID-19, Frothy Fields decides it is time to close its doors and shut down its business. It currently has debts that exceed its assets and therefore it seeks to file bankruptcy before it dissolves. (1) What type of bankruptcy filing should Frothy Fields, LLC file under these circumstances and (2) why would it be best to file that type of bankruptcy?

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