Michael, Anita and Grace are siblings who formed a corporation named MAG Gift Shops, Inc. ("MAG") that owns and operates their gift shop business in 1985. MAG was very profitable and grew to 6 shops by 1995.By the year 2010, business had slowed significantly and MAG closed 4 shops.As consumers learned to use the internet more for communications, create their own cards and buy gifts online, sales have decreased significantly and MAG lost money in 2017 and 2018 and is losing money in 2019.The siblings are all over 65 years of age and are ready to retire and give up the business.Unfortunately, MAG has lease agreements for the two open shops with 5 years remaining; rent payments are $5,000 per month for each of them.MAG also has a line of credit from National Bank with $2.5 million that is due; the line of credit is secured by MAG's accounts receivable (which is presently $500,000) and the inventory of the stores (which is presently $750,000), and each of the siblings has provided a personal guaranty of the line of credit.There are no other secured creditors.However, there are 12 suppliers who are owed a total of $1.5 million.(1) Is filing for bankruptcy a viable option for MAG.Why or why not?(2) What is the significance to the individuals as a result of them each providing a personal guaranty of the line of credit for which $2.5 million is presently due?