James Smith had a successful auto repair business. There has been a downturn in business and he is unable to pay his creditors. James is also divorced from his wife and is paying alimony to her and child support from their two children. His possessions/ assets are his home; vehicle at $5,000; tools of his trade at $7,500; personal jewelry at $6,800; personal household furnishings valued at $10,000; an un-matured life insurance at $25,000. James also serves as the chief counselor for local Government. The amount owed to his creditors is $19,500. James wants to know how he can best resolve his issues without being left penniless. Also advise James as to what process his creditors will have to go through in order to have him declared bankrupt.