Required to prepare a report discussing the following options for a client who is in serious business trouble. Our firm’s client just recently revealed that his company was $2.9 million in debt and that his company is not incorporated. The client has reluctantly asked if our firm could advise him on the process of bankruptcy.
2-explain if the client can file Chapter 7 bankruptcy – why/why not
3-explain if the client can file Chapter 11 bankruptcy – why/why not
4-explain if the client can file Chapter 13 bankruptcy – why/why not
5-discuss the benefits and drawbacks of the client filing bankruptcy
6-discuss how the type of bankruptcy would differ if the client’s company was owned by a partnership
7-offer advice on whether or not the client should file bankruptcy and if so, which type of bankruptcy should the client fil