Legal Question in Bankruptcy in Nevada
In a LLC, does senior debt take higher priority than unpaid wages during bankruptcy? Thank you.
Asked on 9/23/10, 3:02 pm
1 Answer from Attorneys
I do not understand what you think a "senior" debt is. To the best of my knowledge, there is no such term in bankruptcy as a "senior" debt. Are you asking about a "secured" debt or a "priority" debt? Or are you asking about "payment seniority" under Bankruptcy law? Unpaid wages are considered as priority debts and will be paid after first paying the claims for court administrative expenses.
Answered on 9/28/10, 3:22 pm
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