Question
In: Finance
Which creditors have priority to recover in New York Chapter 7 bankruptcy?
Which creditors have priority to recover in New York Chapter 7 bankruptcy?
Solutions
Expert Solution
Priority debts that might come up in consumer bankruptcies include (as of April 1, 2019):
- wages, salaries, and commissions owed by an employer up to $13,650 per person earned within 180 days of your bankruptcy filing
- contributions to your employees’ benefit plans rendered within 180 days of your bankruptcy filing up to $13,650
- debts of up to $6,725 owed to certain farmers and fishermen
- up to $3,025 in deposits made for the purchase, lease, or rental of property or services for personal, family, or household use that were not delivered or provided
- alimony, maintenance, or support
- income taxes that became due within the three-year period before the bankruptcy filing date and taxes that were collected or withheld from an employee (trust fund taxes); also, customs, duties, and penalties owing to federal, state, and local governmental units, and
- claims for death or personal injury (not property damage) that came about because of your driving under the influence of alcohol or drugs.
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Inventory
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Supplies
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