When filing a Chapter 13 Bankruptcy, many often wonder how payments are calculated and to what extent their financial means will be considered in the process of determining that payment. Fundamentally, payments are calculated according to two principles: the best interests test, (also referred to as the BIT) and the best efforts test.
Protected Income in a Chapter 13 Bankruptcy
When filing a Chapter 13 Bankruptcy, many often wonder how payments are calculated and to what...