Donaldoperates several businesses in Atlantic City and has a home in Ventnorhe owns with his wife, Marla.Two of the businesses are sole proprietorships, one is a corporation and two are limited liability companies he ownsMarla.All except one of the LLCsare performing poorly and he does not believe theone profitable LLC can support the others.He owes money to many suppliers and contractors.Although his personal assets are substantial and he made over $200,000 in profits last year on the LLC he owns with Marla, he was asked to sign personal guarantees for some loans and does not want to lose everything he has.

If he were to file for bankruptcy, which chapter would he file under for himself and the businesses?Does Marla need to file as well?Carefully review his options and come up with a plan.Do you have any suggestions for his future business operations?

Be brief but specific.No more than 2 typewritten pages in Microsoft Word.DO NOTrepeat the assignment as part of the answer.