Define priority unsecured claims. Make the argument for or against certain creditors having priority over others. Identify at least five examples of unsecured priority debts
What will be an ideal response?
Bankruptcy Code 11 U.S.C. § 507 has established ten priority unsecured claims and requires each category of creditors to be paid in full before the next category may be considered for payment. Apriority claim is a debt that takes precedence over others because it is within the public interest to do so, or the money is owed to the government. An example of a priority claim would be child support or alimony payments.
Some examples of priority unsecured debts include:
1. Any domestic support obligations, such as alimony and child support
2. Administrative expenses
3. Unsecured claims for debts related to the debtor's regular business expenses that were incurred after an involuntary case was initiated and prior to either the appointment of a trustee or an order for relief from the bankruptcy court
4. Claims for payment of employees' wages, salaries, or commissions, including sick, vacation, and severance compensation
5. Unsecured claims for contributions to employee benefit plans, including medical and life insurance, must be paid within 180 days of the petition filing or close of business.
6. Claims of taxes or other governmental revenues
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Which of the following documents is issued by the clerk of the court following the notice of appeal?
A) Order of mandamus B) Record on appeal C) Scheduling order D) Outline of events
The right to counsel is stated in the Seventh Amendment.
Answer the following statement true (T) or false (F)
In regard to sentences,
A. the subject and verb should be kept as close together as possible. B. there are rules governing sentence length. C. sentences may be drafted in active or passive voice. D. active verbs should be used when possible. E. all of the above. F. a, c, and d. G. b, c, and d.
In the positional approach the parties to varying degrees treat the conflict as a _________
Fill in the blank(s) with the appropriate word(s).