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Montero petitioned himself into voluntary bankruptcy. there were three major claims against his estate. One was made by Carlton, an angel investor and friend who

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Montero petitioned himself into voluntary bankruptcy. there were three major claims against his estate. One was made by Carlton, an angel investor and friend who held Montero's promissory note for $2,500.00. Another was made by Elmer, Montero's employee, who claimed that Montero owed him three months of back wages of \$ 4,500.00. The last major claim was made by the United Bank of the Rockies on an unsecured loan of $5,000.00. Montero's nonexempt bankruptcy property was liquidated allowing for proceeds in the amount of \$ 5,000.00 to be distributed to creditors. Bankruptcy law establishes an order of priority for debts owed to creditors. 1. Discuss the order of priority and rank the priority for each creditor in this fact pattern? 2. Discuss the amount each part will receive and why

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