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Bankruptcy: Distribution of Debtor's Estate Flashcards Preview

REG > Bankruptcy: Distribution of Debtor's Estate > Flashcards

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

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