Reference no: EM13799814

Jane is a 64 year-old sole proprietor of a business called, "Gourmet Goodies", a small grocery. Jane has owned and operated the business for 10 years. Prior to opening Gourmet Goodies, Jane worked for 10 years for a corporation and has a small pension and collects social security totaling $1,100 per month. Jane rents her home for $500 a month, leases the building in which Gourmet Goodies operates for $850 a month, and is financing a van purchased in the name of the business for business purposes. Gourmet Goodies is struggling to make a profit of approximately $12,000 annually. Jane has credit card debt of $18,000; she used the credit card to finance much of the start-up costs for Gourmet Goodies. Jane is having difficulties making the van payments. Jane is willing to return the van to the creditor as long as she could eliminate the debt she owes on it. Jane doesn't have any significant money in the bank or any significant assets. She realizes she'll never be able to afford to repay all her debt and wants to put a stop to all the collection letters and harassing phone calls before it progresses to lawsuits and other aggressive collection activities. Jane hires you, a bankruptcy attorney. 1. What would you advise Jane to do and why? (1-2 paragraphs) 2. If Jane files for bankruptcy, what is the process? (1-2 paragraphs) 3. Would Jane's petition likely to be accepted ore declined and why or why not? (2-3 paragraphs) 4. How will the van and credit card debt be affected by any bankruptcy process? (3-4 paragraphs) USE AT LEAST 1 OUTSIDE RESOURCE Must use in-text citations *Can only use: The Wall Street Journal or MAJOR metropolitan newspapers, i.e., The Washington Post, The New York Times, They Chicago Tribune, The LA Times, etc. Business periodicals, i.e., Business Week, Forbes, The Economist Law school law review journals Business law journals