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A debtor (Joe Corp) has filed for chapter 7 bankruptcy. the balance sheet upon filings is as follows: Cash 10 Lien Against Building 80 Building
A debtor (Joe Corp) has filed for chapter 7 bankruptcy. the balance sheet upon filings is as follows:
Cash 10 Lien Against Building 80
Building 100 Priority Creditors 30
Unsecured Creditors 20
Total Assets 110 Total Liabilities. -130
The Lien on the building is held by Coco University. The priority creditor consists of 2 creditors, and it is the City of Camden and The City of Newark at $20 and $10 respectively. The Unsecured creditors, is also 2 creditors, and it is the State of New Jersey and the State of Pennsylvania at $15 and $5 respectively.
- If the building gets sold for $80, What amounts does each party get paid?
- If the building gets sold for $105, How much does each party get paid?
- If the building gets sold for $75, how much does each party get paid?
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