Calvin Martinez
Creditors' rights and bankruptcy?
Distribution of Property. Runyan voluntarily petitions for bankruptcy. He has three major claims against his estate. One is by Calvin, a friend who holds Runyan's negotiable promissory note for $2500; one is by Kohak, an employee who is owned three months' back wages of $4500; and one is by the First Bank of Sunny Acres on an unsecured loan of $5000. In addition, Martinez, an accountant retained by the trustee, is owed $500, and property taxes of $1000 are owed to Micanopa County. Runyan's nonexempt property has been liquiddated, with the proceeds totaling $5000. What amount should each party receive and why?
Micanopah country - $1000, It is a tax debt and it must be paid before assessing the net proceeds of the estate.
The remaining debt, since all debts listed above are unsecured, are then paid out based on a prorated share (eg. (2500/(2500+4500+5000+500)) * 4000).
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