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Questions and Answers
What is the first priority claim in bankruptcy according to 507(a)?
What is the first priority claim in bankruptcy according to 507(a)?
- DSO’s delinquent support obligations (correct)
- Secured Creditors
- Taxes older than three years
- Administrative Expenses
How are priority creditors treated in Chapter 7 bankruptcy?
How are priority creditors treated in Chapter 7 bankruptcy?
- Top priority creditors are paid first, followed by second priority, and so on (correct)
- Priority creditors are paid last
- All priority creditors must be paid in full
- Priority creditors are paid only if funds are available
What are considered administrative expenses under 503(b) in bankruptcy?
What are considered administrative expenses under 503(b) in bankruptcy?
- Both a and b (correct)
- Costs incurred for advertising the sale of assets
- Trustee's fees
- Secured debts
In Chapter 13 bankruptcy, how are priority creditors treated?
In Chapter 13 bankruptcy, how are priority creditors treated?
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Which year's taxes are not covered in the bankruptcy if filed on April 10, 2020?
Which year's taxes are not covered in the bankruptcy if filed on April 10, 2020?
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What are the three types of creditors in bankruptcy?
What are the three types of creditors in bankruptcy?
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What is the second priority claim in bankruptcy according to 507(a)?
What is the second priority claim in bankruptcy according to 507(a)?
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In Chapter 13 bankruptcy, why should one not opt for it if the client owes $15,000 in child support obligations?
In Chapter 13 bankruptcy, why should one not opt for it if the client owes $15,000 in child support obligations?
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