Author: Andrew M. Thaler
However, if business debt exceeds consumer debt, the Means Test does not apply. Courts will look to actual income and expenses at the time of filing and not be bound by fixed IRS expense standards.
Many small businesses are shut down. The value and sale marketability of a business may be down or non-existent. Owners may have no or diminished income. Now is the best time to consider whether filing personal bankruptcy is a strategic and appropriate form of relief as this option may not be available in the future as circumstances change.