This varies jurisdiction to jurisdiction. And it isn't really germane to the question of quantifying one's leverage, which is a going-concern analysis.
But then don't we need to get into evaluating future earnings?
Yes, many flow leverage ratios look at this, e.g. interest to Ebit.
This is why mortgage lenders test your debt burden and interest cost against income.
This varies jurisdiction to jurisdiction. And it isn't really germane to the question of quantifying one's leverage, which is a going-concern analysis.