1. You and a business partner have a jointly-owned LLC that has given you a good profit for over 12 years but business has been declining

this past two years which has moved you into a loss of $150,000.Each month now adds around $5,000 in losses which seems to betrending up. You have tried to cut costs but the demand for your product is dropping and you do not know what to do. Creditors are chasing and in three more months you will have no more business or personal funds to pay. You have run out of ideas.

What might you do in this situation? which bankruptcy chapter could be applied? and why?

2.You are the CFO of a medium-sized and long-established C corporation. You have had to completely innovate and re-vamp your product line because of advances in technology and market demand. This has caused additional expense and a temporary lull in orders which has made the company technically insolvent - you cannot pay your outstanding debts. Creditors are chasing and you cannot pay them all but demand for you products is picking up - you believe you are over the worst.

What steps might you take in this situation? which bankruptcy chapter could be applied? and why?