(Answered) Assume you are the sole proprietor of a jewelry store a

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Assume you are the sole proprietor of a jewelry store, a small business that opened five years ago and operates from a leased space in a local mall. Within the past two years, business has deteriorated and your jewelry store now has debts totaling $560,000, with business assets (equipment, display cabinets, furniture, etc.) worth only $40,000. Your personal assets (personal property, i.e., car, small condo, etc.) are valued at $160,000. All the creditors for your jewelry business are secured creditors.

You are considering filing for bankruptcy as you do not see a way to pay the current debts.

What are your options for bankruptcy? What would be the likely result if you file for each option?

Discuss your rationale, justification specifically and in detail.

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