Review the overview of the Bankruptcy Code in Chapter 22 and The Basics of Bankruptcy Law.

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. In bullet point form, identify the three main purposes (or specific goals) of the federal Bankruptcy Code
2. How do these goals positively AND negatively impact Lexi AND her creditors? Why are the goals both good and bad for debtors and creditors?
3. Why is the bankruptcy code important to the economy? You need to read the "The Basics" for this question.
4. What are your thoughts on the Bankruptcy Code? What are the advantages and disadvantages of the Code?