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Simple English definitions for legal terms

best interests of creditors

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A quick definition of best interests of creditors:

Best Interests of Creditors: A term used in bankruptcy cases to determine if a reorganization plan is fair to the creditors. The court checks if the plan ensures that each creditor gets at least the same amount they would receive if the debtor's assets were sold in a Chapter 7 case. The court cannot approve a plan in Chapter 9, 12, or 13 cases unless it is in the best interests of the creditors. In Chapter 11 cases, the court can approve a plan even if some creditors do not agree with it, as long as it is in the best interests of the creditors.

A more thorough explanation:

Definition: Best interests of creditors is a test used in bankruptcy cases to determine if a reorganization plan ensures that each creditor receives at least the same amount they would receive if the debtor's assets were liquidated in a Chapter 7 case.

In simpler terms, it means that in a bankruptcy case, the court wants to make sure that the creditors are being treated fairly and are receiving the maximum amount possible.

For example, if a company owes money to several creditors and files for bankruptcy, the court will examine the reorganization plan to ensure that each creditor is receiving a fair share of the company's assets. If the plan does not meet the best interests of creditors test, it may not be approved by the court.

The best interests of creditors test is used in Chapter 9, Chapter 12, and Chapter 13 cases, and in Chapter 11 cases where some creditors do not vote to accept the plan. In these cases, the court must find that the plan is still in the best interests of the creditors before it can be approved.

best endeavors | best-interests-of-the-child doctrine

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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