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3. Alex loses his job and after trying unsuccessfully to make ends meet, he files for Chapter 7 Bankruptcy. His list of creditors includes $50,000

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3. Alex loses his job and after trying unsuccessfully to make ends meet, he files for Chapter 7 Bankruptcy. His list of creditors includes $50,000 to ex-wife for back child support $200,000 to mortgage company for his house loan $35,000 credit card debt - $8000 property taxes $3000 dental bill The total amount Alex owes creditors is $293,000, but after his exemptions, there is only $275,000 left to pay the creditors. Answer the following questions: A. Identify the three categories of creditors and specify which of the three categories each of Alex's creditors belongs to. B. Apply the Bankruptcy code rules to determine how the $275,000 will be distributed to Alex's creditors. Specifically, (1) What order will the claims get paid? (2) Whose claims will get paid off completely? (3) Whose claims will not be paid off completely and what will happen with any balance not paid off

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