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Jenny D's Salon was petitioned into bankruptcy involuntarily on August 2, Year 3 and received an order of relief on August 26, Year 3.

Jenny D's Salon was petitioned into bankruptcy involuntarily on August 2, Year 3 and received an order of relief on August 26, Year 3. The claims and expenses against Jenny D's Salon estate are as follows;

Claims and expenses:

$10,000 Fees earned by the bankruptcy trustee

$4,000 Fees earned by the bankruptcy attorney

$22,000 Claims by the unsecured general creditors

$1,000 Claims by Skin Buff Inc., Jenny D's Salon skin care supplier for supplies ordered on August 10 and shipped August 15

$3,000 Claims by employee Linda for wages earned within 90 days of filing

$2,000 Claims by employee Linda for benefits earned with 120 days of filing

$1,000 Claims by State tax authorities for year end of Year 1


For each claimant below, please tell me the amount that each will receive. After all the assets are liquidated, $32,000 will be available for distribution.


Bankruptcy Attorney

Lisa

Skin Buff, Inc

The State

Unsecured General Creditors

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Bankruptcy Jenny D.docx

Jenny D's Salon was petitioned into bankruptcy involuntarily on August 2, Year 3 and received
an order of relief on August 26, Year 3. The claims and expenses against Jenny D's Salon estate
are as...

Sign up to view the full answer

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