Priority Debts in an Asset Case

Wasson and ThornhillChapter 7

If you have a Chapter 7 asset case, your bankruptcy trustee collects and sells your asset and pays your priority debt with the proceeds.   Our last blog post was about what happens to priority debts in a no-asset Chapter 7 case. Most consumer “straight bankruptcy” Chapter 7 cases are no-asset ones. This means that the bankruptcy trustee does not … Read More