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This question is based on 'Bankruptcy Chapters'. Please help answer in detail. Thanks Your family have 400 acres of land and have farmed for generations.

This question is based on 'Bankruptcy Chapters'. Please help answer in detail. Thanks

Your family have 400 acres of land and have farmed for generations. You have just taken a lease on an additional 400 acres and bought on finance expensive new equipment to cover the extra land. Everything is going well till a storm destroys almost your whole crop leaving you with little income to meet your large new payments.

What steps might you take in this situation? If these do not work which bankruptcy chapter might best apply in this case?

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