8 Questions
What is the first priority claim in bankruptcy according to 507(a)?
DSO’s delinquent support obligations
How are priority creditors treated in Chapter 7 bankruptcy?
Top priority creditors are paid first, followed by second priority, and so on
What are considered administrative expenses under 503(b) in bankruptcy?
Both a and b
In Chapter 13 bankruptcy, how are priority creditors treated?
All priority creditors must be paid in full
Which year's taxes are not covered in the bankruptcy if filed on April 10, 2020?
2019 taxes
What are the three types of creditors in bankruptcy?
Secured, Priority, Unsecured Creditors
What is the second priority claim in bankruptcy according to 507(a)?
Administrative Expenses
In Chapter 13 bankruptcy, why should one not opt for it if the client owes $15,000 in child support obligations?
Because all priority creditors must be paid in full
Test your knowledge of priority claims in bankruptcy with this quiz covering the key provisions of 507(a) priorities and the three types of creditors in bankruptcy. See how well you understand the order of priority for claims such as delinquent support obligations, administrative expenses, and taxes.
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