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Burke has been a rancher her entire life, raising cattle and crops. His ranch is valued at $500,000, almost all of which is exempt under

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Burke has been a rancher her entire life, raising cattle and crops. His ranch is valued at $500,000, almost all of which is exempt under state law. Burke has eight creditors and a total debt of $70,000. Two of its biggest creditors are Oman ($30,000) and Sneed ($25,000). The other six creditors have claims of less than $5,000 each. A drought has ruined all of Burke's crops and forced her to sell many of her cattle at a loss. You cannot pay your creditors. (See Liquidation Procedure). 1. Under the Bankruptcy Code, can Burke, with a $500,000 ranch, file for bankruptcy voluntarily? explain. 2. Could Oman or Sneed force Burke into involuntary bankruptcy? explain

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