Jim Owns a Chain of Diners That Does Reasonably Good

Essay

Jim owns a chain of diners that does reasonably good business.Times are changing, however, and he watches with disbelief as more and more of his customers abandon the traditional diner format for "lite" fare and donuts at competitor establishments.Creditors are now biting at Jim's heels.He is worried that his creditors will seek a bankruptcy order against him and wants to know what this will entail.Discuss.