Discuss the possible outcomes of this situation considering his assets and the business assets.

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter6: Business Expenses
Section: Chapter Questions
Problem 23P
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Chino is the sole proprietor of Kahit Saan Restaurant. COVID-19 pandemic came, his restaurant is no longer doing good and is on the verge of closing. Prior to pandemic, Chino secured a total Php 100,000.00 from various creditors to expand his restaurant operation. However, he is having a hard time paying his loans and creditors are running after him. Discuss the possible outcomes of this situation considering his assets and the business assets.

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