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LSDefine

Simple English definitions for legal terms

priority debt

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A quick definition of priority debt:

Priority debt is the most important debt that needs to be paid off first when someone declares bankruptcy. This includes things like child support, alimony, and court fines. Some debts are more important than others, and they need to be paid off before other debts. In California, there are laws that say which debts need to be paid first. Sometimes, if a creditor is treating other creditors unfairly, the order of when debts need to be paid can change.

A more thorough explanation:

Priority debt refers to the most important debts that must be paid off first in bankruptcy. These debts are listed in order of priority, with some creditors having the right to collect their debts before others.

In California, funeral expenses, last illness expenses, family allowances, and wage claims are also considered priority debt and must be paid promptly after setting aside enough funds to pay fees for administering an estate or trust.

When a company goes bankrupt, the doctrine of equitable subordination may be applied to determine the timeline for repaying priority debt to creditors. This can happen if a creditor or claimant unfairly treats other claimants, and the court orders a shift in claim priority.

Overall, priority debt is important because it ensures that certain debts are paid off before others, based on their level of importance and urgency.

priority date | prison

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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