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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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ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
14:17
How are the vibes heading into thanksgiving yall?
HopefullyInLawSchool
14:17
@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
Wanna give some head
soap
14:18
Cornell
14:19
@HopefullyinLawSchool What's YM?
14:19
oh no
HopefullyInLawSchool
14:19
you mom
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