Best-Interests-Of-Creditors Test

Business, Legal & Accounting Glossary

Definition: Best-Interests-Of-Creditors Test

Best-Interests-Of-Creditors Test

Full Definition of Best-Interests-Of-Creditors Test

A type of requirement in a Chapter 13 bankruptcy that states that unsecured creditors can receive at least as much as they would have in a Chapter 7 bankruptcy. While a Chapter 13 bankruptcy allows the bankrupt individual or company to continue their operations as long as they submit a debt repayment plan of between three and five years, a Chapter 7 bankruptcy is the complete liquidation of assets.

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Modern Language Association (MLA):
Best-Interests-Of-Creditors Test. Payroll & Accounting Heaven Ltd.
March 01, 2024
Chicago Manual of Style (CMS):
Best-Interests-Of-Creditors Test. Payroll & Accounting Heaven Ltd. (accessed: March 01, 2024).
American Psychological Association (APA):
Best-Interests-Of-Creditors Test. Retrieved March 01, 2024
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Definition Sources

Definitions for Best-Interests-Of-Creditors Test are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.