B is for Best Interest of the Creditors

General bk | 26. Nov, 2011 by | 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.

For other B bankruptcy terms: Bank Account – Consumer Help Central
Bank Account Levy – Philadelphia Bankruptcy Lawyer, Kimberly Coleman
Beware of these Credit Card Offers – Marin County Bankruptcy Attorney, Catherine Eranthe
Bifurcate- Tuscaloosa and Birmingham Bankruptcy Lawyer, Melinda Murphy Dionne
Business – Northern California Bankruptcy Lawyer, Cathy Moran
business bankruptcy – Los Angeles Bankruptcy Lawyer, Mark J. Markus
Businesses and Business Debt – Newnan, Georgia Bankruptcy Lawyer, Rick Palmer
Bank Account – Law Offices of Daniel J. Winter, Chicago Bankruptcy Attorney
Business – Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell
Bank Account Levy – Philadelphia Bankruptcy Lawyer, Raymond Kempinski
Bankruptcy Petition Preparers – Colorado Springs Bankruptcy Lawyer Bob Doig
Buy Low and Sell High – Cleveland Area Bankruptcy Lawyer, Bill Balena
Business & Individuals – Philadelphia Suburban Bankruptcy Lawyer, Chris Carr
Bankruptcy – Taylor Michigan Bankruptcy Lawyer, Christopher McAvoy
Borrow – San Francisco Bankruptcy Attorney, Jeena Cho
Bar Date – Ormond Beach Bankruptcy Attorney, Lewis Roberts
Bank Tips – Wisconsin Bankruptcy Lawyer, Bret Nason
Bank Account – Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein
Bankruptcy Mill – Chicago Bankruptcy Attorney, Kyle A. Lindsey
Bankruptcy Petition Preparers – Los Angeles Bankruptcy Law Monitor, Christine Wilton
Bad Faith Filing – Miami Bankruptcy Attorney, Dorota Trzeciecka
Bankruptcy Timeline – Pittsburgh Bankruptcy Attorney Shawn N. Wright
Bankruptcy Abuse Prevention and Consumer Protection Act – Livonia Michigan Bankruptcy Attorney, Peter Behrmann
Bank Account-Daniel J. Winter, Chicago Bankruptcy Attorney
Best Efforts Test-St. Louis, Missouri Bankruptcy Attorney, Nancy Martin
Budget-Columbus, Ohio Bankruptcy Attorney, Athena Inemboildis
Benefits of Chapter 13-Vermont-New Hampshire Bankruptcy Lawyer, Michelle Kainen
Budget-Birmingham Bankruptcy Attorney, Elizabeth Johnson
Budget-Charlotte Bankruptcy Attorneys, Collum & Perry
Bad Credit-Houston Bankruptcy Attorneys, Busby & Associates

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