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?

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