These questions are based on 'Bankruptcy Chapters'. Please help answer them in detail. Thanks

QUESTION 1

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 is most likely to come back soon.

What steps might you take in this situation? If these do not work which bankruptcy chapter might best apply in this case?

QUESTION 2

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 in the pandemic and you cannot see when it might return exactly but are convinced it will in the next couple of years. You are missing house payments but it should just be a matter of time till you are back earning again. People are threatening to sue you. What do you do?

What steps might you take in this situation? If these do not work which bankruptcy chapter might best apply in this case?