Lexi starts a crafting store, LexCrafts, as a sole proprietorship. The enterprise doesn't go very well and she ends up owing a total $150,000 to ten different creditors. Her assets are down to $10,000. She decides to file for bankruptcy. (1) Identify the three main purposes (or specific goals) of the federal Bankruptcy Code. These are in the link above. (2) How do these goals positively AND negatively impact Lexi? (3) How do these goals positively AND negatively impact her creditors? (4) Why is the bankruptcy code important to the economy? You need to read the "The Basics" for this question. (5) What are your thoughts on the Bankruptcy Code? What are the advantages and disadvantages of the Code? Question #2 (5 points): Refer back to the facts in Question #1. It is noted that she is a sole proprietor. (1) Identify and explain the first question she will need to consider in order to determine which chapter to file under. How will her answer point her to one chapter or another? (2) Identify and explain the second question she will need to consider in order to determine which chapter to file under. How will her answer point her to one chapter or another? (3) Identify and explain the third question she will need to consider in order to determine which chapter to file under. How will her answer point her to one chapter or another? (4) What is a key feature for each of the three main bankruptcy chapters that are unique to that chapter (i.e. make the chapter different from the others)?

Refer back to the facts in Question \#1. It is noted that she is a sole proprietor. (1) Identify and explain the first question she will need to consider in order to determine which chapter to file under. How will her answer point her to one chapter or another? (2) Identify and explain the second question she will need to consider in order to determine which chapter to file under. How will her answer point her to one chapter or another? (3) Identify and explain the third question she will need to consider in order to determine which chapter to file under. How will her answer point her to one chapter or another? (4) What is a key feature for each of the three main bankruptcy chapters that are unique to that chapter (i.e. make the chapter different from the others)? (5) What is a second key feature for each of the three main bankruptcy chapters that are unique to that chapter (i.e. make the chapter different from the others)? Question \#3 (5 points): Review 13 Types of Insurance a Small Business Owner Should Have Lexi managed to save the business. She realized that she needs to run the shop more as a business and less like a side interest. She takes several actions: 1. She moves the shop to a more visible storefront on High Street in the Hamilton downtown business district and signs a lease for the space 2. She begins taking orders online (including having customers pay online): 3. She purchases a company car and begins delivering supplies; and 4. She reviews her insurance needs. Considering her business operations, answer the following. Note that the Business Owner's Policy is not an acceptable answer here. It would be in real life, but not for the purposes of this assignment. Review 13 Types of Insurance a Small Business Owner Should Have Lexi managed to save the business. She realized that she needs to run the shop more as a business and less like a sid interest. She takes several actions: 1. She moves the shop to a more visible storefront on High Street in the Hamilton downtown business district and signs a lease for the space 2. She begins taking orders online (including having customers pay online): 3. She purchases a company car and begins delivering supplies; and 4. She reviews her insurance needs. Considering her business operations, answer the following. Note that the Business Owner's Policy is not an acceptable answer here. It would be in real life, but not for the purposes of this assignment. (1) What is one type of insurance policy she should prioritize for her business? Why? (2) What is a second type of insurance policy she should prioritize for her business? Why? (3) What is a third type of insurance policy she should prioritize for her business? Why? (4) What is a fourth type of insurance policy she should prioritize for her business? Why? (5) What is a fifth type of insurance policy she should prioritize for her business? Why? Lexi starts a crafting store, LexCrafts, as a sole proprietorship. The enterprise doesn't go very well and she ends up owing a total $150,000 to ten different creditors. Her assets are down to $10,000. She decides to file for bankruptcy. (1) Identify the three main purposes (or specific goals) of the federal Bankruptcy Code. These are in the link above. (2) How do these goals positively AND negatively impact Lexi? (3) How do these goals positively AND negatively impact her creditors? (4) Why is the bankruptcy code important to the economy? You need to read the "The Basics" for this question. (5) What are your thoughts on the Bankruptcy Code? What are the advantages and disadvantages of the Code? Question \#2 (5 points): Refer back to the facts in Question \#1. It is noted that she is a sole proprietor. (1) Identify and explain the first question she will need to consider in order to determine which chapter to file under. How will her answer point her to one chapter or another? (2) Identify and explain the second question she will need to consider in order to determine which chapter to file under. How will her answer point her to one chapter or another? (3) Identify and explain the third question she will need to consider in order to determine which chapter to file under. How will her answer point her to one chapter or another? (4) What is a key feature for each of the three main bankruptcy chapters that are unique to that chapter (i.e. make the chapter different from the others)