1. If you decide to file a petition in bankruptcy, under what Chapter of the Bankruptcy Code would you likely file and why?

2. If you decided to file a bankruptcy petition, what schedules would you be required to file? What would you include on the schedules?

3. Based upon the form of business under which you selected to operate your business, what effect would filing a Chapter 7 bankruptcy petition by your business have on your personal assets and credit?

4. What is the "tools of the trade" exemption?How could it apply to your business?

5. Before filing for bankruptcy, you want to protect the company of the sister of one of your owners with whom you have outstanding invoice totaling $10,000.00. Can you make a payment for the invoice from your company's business account and then file for bankruptcy protection? Explain why or why not.

6. What alternative to bankruptcy might you consider pursuing? Explain.

7. Can the income tax debt be subject to discharge under the Bankruptcy Code?

8. Under what theory might your company obtain a release from your contract with the Polk County School District?