Issue link: https://mbozikis.ufcontent.com/i/1422521
188 have been used by bankruptcy courts to determine whether a petition was filed in bad faith: (1) [W]hether the filing of the petition was strategically timed to obtain a litigation advantage; (2) whether the debtor's reorganization effort is essentially a two party dispute; (3) the nature and extent of the debtor's assets, debts and business operations; and (4) whether there is a reasonable probability that a reorganization plan can be proposed and confirmed. In re Squires Motel, LLC, 416 B.R. 45, 49 (Bankr. N.D.N.Y. 2009). Bankruptcy petitions should be dismissed for bad faith, however, only if "[based on] the totality of the circumstances . . . both objective futility of the reorganization process and subjective bad faith in filing the petition are found." In re Kingston Square Assocs., 214 B.R. at 725. J. Subchapter V in Chapter 11 Bankruptcy The Small Business Reorganization Act of 2019 (11 U.S.C. §§ 1181-1195 "Subchapter V") took effect at the beginning of 2020 and amends Chapter 11 to be more accessible to small businesses. See Pub. L. No. 116-54 (2019). Notably, Subchapter V allows small businesses with debts less than $2,725,625 to file a more simplied Chapter 11 case so that small bankruptcies are faster and cheaper than in a typical Chapter 11 case. See 11 U.S.C. § 101(51D). While Subchapter V initially only contemplated being applicable to small businesses with debts of less than $2,725,625, in response to the COVID-19 pandemic, this limit was amended to $7,500,000, though this increase will only apply until December 2021. See (Pub. L. No. 116-136 (H.R. 748). Among other things, Subchapter V allows for the automatic appointment of a trustee to perform a limited set of duties, that no Unsecured Creditors Commitee will be appointed (unless ordered by a Court), that only a debtor may file a plan of reorganization and must do so within ninety days of the filing of the bankruptcy