Legal Question in Bankruptcy in Texas
Creditor rights in bankruptcy
My company thinking of filing bankrupcy and my salary is in arrears. How to accrued salaries for employees rank amoung other debts a company owes. We will file chapter 7.
Asked on 12/01/00, 4:43 pm
1 Answer from Attorneys
Lawrence Maun
Lawrence J. Maun, P.C.
Re: Creditor rights in bankruptcy
Accrued wages up to $4,300.00, earned within 90 days before filing may be paid as an priority claim after administrative expenses. Secured creditors however will get their collateral so there may be no funds available for any other claims in a Chapter 7. It depends on the specific circumstance.
Answered on 12/04/00, 10:32 am
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