Monday, April 12, 2004

Bankruptcy- Grain Farmers and Fisherman Know How to Bring Home the Bacon
In Bankruptcy, one of the keys that determine whether you get paid or not is whether your claim can be termed as a priority - if not termed as a priority and you don't have collateral, your stuck as an unsecured creditor who will be lucky to get pennies on the dollar. Some costs that are termed as prioritie are taxes, spousal support payments, contributions to employee benefits, administrative expenses, and debts to grain/fish storage facilities. Wait - did you catch that? What the hell is that doing there (section 507(a)(5) of the bankruptcy code)?

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