7. The Blivitt Company has been losing money and experiencing serious cash flow problems lately. The main problem is a large debt to the First National Bank that was incurred to purchase a computer that’s now obsolete. Bill Blivitt, the firm’s owner, has stated his intention to declare bankruptcy to rid the company of the loan. He expects to go in and out of Chapter 11 in a few weeks and emerge essentially as before but without the loan. Write a note to Bill explaining bankruptcy procedures and why this is probably an unrealistic approach on his part.