B is for Best Interest of the Creditors

General bk | 26. Nov, 2011 by Stuart T. Ing | 22 Comments

Letter B is for Best Interest of Creditors or BIOC. This is mainly an issue for calculating a Chapter 13 plan payment.

When calculating a chapter 13 plan payment, there are three tests that must be satisfied. First, the plan must pay at least the disposable income as determined by the means test; then it must satisfy the best effort test as determined by your Schedule I and J budget; and lastly, it must satisfy the BIOC test.

The BIOC test basically says you must pay, in your Chapter 13 plan, at least as much as a creditor would have received if you had filed a Chapter 7 case. For most people, this won’t be a problem since the bankruptcy exemptions let you keep a fair amount of assets. But all things being equal, more more stuff you have or the more equity you have in your home, the more you will have to pay in your Chapter 13 bankruptcy.

Sound complex? It can be, but that is why you hire an attorney. We will strive to get you the lowest plan payment that satisfies all the tests and will be confirmed by the Court.

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