Chapter 7 and Liquidation

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Spokane Liquidation Attorney

Spokane liquidation attorney is someone who will help you in achieving the greatest discharge of your debt. Also, an attorney helps you figure out the things regarding the chapter 7 and how to apply and qualify for it.

A Spokane liquidation attorney will always jog your memory that the most important category of post-petition claims are those arising from the administration of the estate or the conduct of its business – they’re given priority.

There are 9 reasons to object to a proof of claim. If the claimant is late in filing a proof of claim, then he may lose his ability to file the claim, and then is subordinated to all of the timely filed claims – i.e. put at the back of the line.

If you’re put at the back of the line in most bankruptcy cases, you usually end up with nothing Spokane liquidation attorney understands and is familiar with the following unsecured Claims still, pertaining to chapter 7:Unmatured interest.

It means that unsecured creditors can get no post-petition interest, even if someone tries to claim the interest was somehow owing before bankruptcy although “unmatured”

Priorities. There are10 classes of priority unsecured claims are payable, in descending order, before general unsecured claims are entitled to any share of the estate.

The first-priority is the domestic support obligations.

Secondly, the administrative expenses allowed under administrative expenses of the estate.

Third-Priority is the “Gap” Administrative Expenses. Next is the Salary and Wage Claims. Then, the Contributions to Employee Benefit Plans are also a priority. Sixth is the unsecured Claims of Grain Producers and Fishermen. Then, Seventh-Priority are the Unsecured Claims of Individuals for Household Services that Were Not Provided. Next are Taxes.

Following is the Federal Depository Institutions. And the tenth priority are the Wrongful Death Claims.

Secured claims. It means that a secured creditor is granted an allowed secured claim up to the value of the collateral. If the claim is less than or equal to the value of the collateral, the entire claim is fully secured. Furthermore, if the claim is greater than the value of the collateral, the claim is partially secured.

The remaining portion of the claim continues as an unsecured claim against the estate. Also, if the secured creditor is over-secured the secured creditor can receive post-bankruptcy interest at its contract rate, until the value of the collateral is exhausted.

Finally, If a creditor, secured or unsecured, is entitled to pre-petition attorneys’ fees by contract or state law, then the fees are part of the creditor’s secured or unsecured claim. Secured creditors who are over-secured are entitled to post-petition attorneys’ fees until the total claim exceeds the remaining value of the collateral.

The essential matters above mentioned really need a Spokane liquidation attorney who can make it clear and put it in simple words. These are not simple concerns which are to be neglected but must be taken seriously and need an immediate action. Obviously, a Spokane liquidation attorney is the one who can help you get through with it.