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Unpaid employees are priority unsecured bankruptcy claims up to approximately 10,000.
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∙ 15y ago
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Can physicians services be considered unsecured priority claim when a patient files bankruptcy?
Though I'm not a lawyer, I'm not aware of any category by which physicians' claims can be considered priority. Generally, the only priority claims arising in a consumer bankruptcy are administrative expenses, child & spousal support, and taxes.
What are creditors holding secured claims?
If you signed a Security Agreement, then your creditor has a secured claim on the collateral specified in the agreement.
Are payday loans unsecured nonpriority claims?
Yes, in a general way of classification. The non priority claim would only apply in bankruptcy or probate matters, not in a civil suit brought by the lender for a debt owed.
If all unsecured non-priority claims are discharged can a creditor that was included in the discharge have a judgment lien on a property?
Following your supposition, if he had a lien then he wasn't an unsecured creditor, and if only unsecured were discharged, he wasn't.
What has the author Francis L Lamer written?
Francis L. Lamer has written: 'Priority of Crown claims in insolvency' -- subject(s): Priorities of claims and liens, Bankruptcy
What is the basic doctrine of fairness under bankruptcy provisions?
This means that claims must be organized in the order of legal priority and when the contract was made. This sets an order for the repayment plan on claims.
On a bankruptcy filing form what does it mean when it asks schedule F creditors holding unsecured nonpriority claims and asks for the date claim was incurred and consideration for claim?
Creditors are either secured or unsecured. Secured creditors such as the mortgage on your house or you car loan go on Schedule D. Unsecured creditors (creditor without liens or collateral) are either priority or nonpriority. The only creditors who are classified as priority go on Schedule E and Schedule E contains a list of the categories. Every other creditor (general unsecured creditors) goes on schedule F. The most common example of unsecured nonpriority creditors are credit cards and medical bills. You basically need to give a general description of what you bought and when you bought it. You don't need exact dates.
Is subordinated debt more senior than senior unsecured?
No. While both tranches of debt are unsecured (no collateral pledged in support of the debt obligation), by definition, senior unsecured ranks higher in the capital structure than subordinated debt, meaning that senior unsecured creditor claims will receive payment prior to subordinated debt creditors upon bankruptcy of the debtor.
Which of the following is the lowest in priority of claims against a bankrupt firm?
The lowest priority of claims against a bankrupt firm are common stocks.
A friend owns two house one of them went foreclosure can the creditors go after his second house for the left over if so should he file bankruptcy?
Yes. BK includes all your debts/obligations and all your assets, not just some. They each ae given priorities and some may be exempt from use or discharge, Theses creditors would be unsecured creditors agaisnt this, and all other assets. The lender on this property would have priority of payment from it, with the reminder, if any, going to lesser priority claims.
Your student loans are listed under Chapter 13 discharge papers with the full amount owed then the amount paid to them by the Trustee Does this mean it is settled for that amount or they are still owe?
Almost all student loans are not dischargeable unless the bankruptcy court has held a hearing on dischargeability and determined there is a hardship. In most jurisdictions, a student loan is treated like any unsecured credit claim and paid at the same rate as other unsecured claims, but the balance, including accrued interest, must be paid. Unless the bankruptcy court has determined, after a hearing, that the loans need not be repaid due to hardship, the balance due, including accrued interest, must be paid after the Chapter 13. For the Chapter 13 Plan, student loans are treated as unsecured credit claims and must be paid at the same rate as the other unsecured claims in the Plan. Except in the case of a 100% plan, there will be a balance due after the 13.
What is a low priority claim?
A claim that gets paid only after higher priority claims are paid in full. Higher priority claims can include expenses of last sickness, funeral expenses, expenses of administering the decedent's estate, and sometimes child support.
