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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December 01, 2022 https://payrollheaven.com/define/best-interests-of-creditors-test/.
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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.