frame a personal bankruptcy scenario by creating a person and their financial situation where they are considering going bankrupt. Create 5 typical important debts that they would owe (include different creditor groups)and also 5 major different assets that they own. Discuss if it is advisable to prepare proposal and if so how it would work. Then discuss what happens if the person does go through the bankruptcy process to those debts and those assets you had listed before. Discuss the final result of the bankruptcy on their assets, unpaid debts and the final financial impact on the person.