Problem:
A woman is the sole proprietor of a small business that is about to fail. She has accrued about $75,000 in debt and is unable to pay her creditors. She has decided to file for bankruptcy so she can settle up with his creditors and move on to another, hopefully more profitable, business. With this purpose in mind, should she file under Chapter 7, 11, or 13? Explain. How will this work?
A client has maxed out his credit cards and can no longer afford to make the payments on his car. He has decided to file for bankruptcy. Should he file under Chapter 7, 11, or 13? Explain your decision.
Describe the personal property that is exempt from bankruptcy proceedings in the state or country where you live.