The board of directors of Promote La Jolla will discuss the prospect of declaring bankruptcy with a lawyer at its next meeting on May 12 at the La Jolla library, 7555 Draper Ave. Promote La Jolla President Rick Wildman said the Village needs to form a new group to manage the business improvement district (BID) to better represent the interests of the entire business community. “I personally believe the business community should be involved, not just a few people,” Wildman said. The city is currently managing La Jolla’s BID, however, so even if Promote La Jolla goes bankrupt, the same advisory board will continue to advise the city, said Meredith Dibden-Brown, manager of the city’s Office of Small Business. Advisory board members are Rick Wildman, Glen Rasmussen, Jennifer Clark and Daisy Fitzgerald. Volunteers have attempted to take over the work of Promote La Jolla in the past year while the city investigated alleged financial wrongdoings by the group. In January, the city agreed to manage the BID — since Promote La Jolla was defunct — and has since collected $120,000 in fees from businesses in the district. Volunteers now meet monthly to clean the streets of trash to help fill the gap for the street sweeping the Urban Corps was paid to do before. In January, Promote La Jolla had to pass off organization of the Motor Car Classic to the historical society. The event made $105,965 for Promote La Jolla in 2008.