Jim Jensen, Randy Roark and Sarah Sanders are the shareholders of Sar$-$Jen$-$Ran Corporation. After being in business for three years, the corporation finds itself in major debt, to the point that it cannot pay its bills as they come due. If Sar$-$Jen$-$Ran Corporation decides to file a Chapter $7$ bankruptcy:

each shareholder will have to file for bankruptcy individually.

the corporation must first be dissolved, and then each shareholder must file for bankruptcy individually.

it cannot file for a Chapter $7$ bankruptcy, because only a person can file for bankruptcy.

it can do so because a corporation can file a Chapter $7$ bankruptcv iust as an individual can.