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 as they fall due. Creditors are chasing and you cannot pay them all but demand for your products is picking up - you believe you are over the worst.

(a) state what steps (if any) you feel you should try and take to address the situation prior to any bankruptcy filing and (b) identify which Bankruptcy Chapter seems most appropriateand explain why.