Unsecured Creditors Without Priority
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FAQ
First, as the term suggests, creditors with priority unsecured claims get priority over general unsecured creditors. For example, in a Chapter 7 case with assets to be distributed, priority claims are paid first. Other unsecured creditors will only get what's left over after priority claims are paid.
If there are insufficient funds to pay Secured Creditors, the next tier of Unsecured Creditors will not receive payment. As mentioned above, the Creditors in each tier of the priority scheme are not paid until the Creditors of the tier above it receive payment in full.
Unsecured creditors are generally placed into two categories: priority unsecured creditors and general unsecured creditors. As their name suggests, unsecured priority creditors are higher in the pecking order than general unsecured creditors when it comes to claims over any assets in a bankruptcy filing.
The secured creditor holds priority on debt collection from the property on which it holds a lien. The unsecured creditor gets no such protection; its best method of repayment from its debtor is voluntary repayment.
Your non-priority debts might include: credit card or store card debts. catalogue debts. unsecured loans including payday loans. unpaid water bills - your supplier can't cut off your water supply.
