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Flashcards in Bankruptcy: Distribution of Debtor's Estate Deck (2)
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1

Bankruptcy:
Determining Credtiors

Determining Credtiors
- must file within 90 days (180 for gov & tax)
- all legal obligations of debtor are claims
- not anything illegal
- not unexpired lease of debtor

2

Bankruptcy:
Distribution of Estate

A. Perfected Secured Parties
- right to collateral to cover debt plus fees
- any deficit becomes unsecured
B. Domestic Support Claims
C. Administrative costs
D. Claims in ordinary course of business
E. Employee Wages (current not back wages)
F Contributions to Employee Benefit Plans
- limited amount remainder treated as general creditor
G. Claims of farm producers and fishermen
- limited amount remainder treated as general creditor
H. Consumer Creditors
I. Government for taxes
J. Death or personal injury
K. General unsecured creditors
L. Remainder goes to debtor

Decks in REG Class (109):