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;

 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.

1.Bankruptcy Attorney

2.Lisa

3.Skin Buff, Inc

4.The State

5.Unsecured General Creditors

On March 1, Green went to Easy Car Sales to buy a car. Green spoke to a salesperson and agreed tobuy a car that Easy had in its showroom. On March 5, Green made a $500 down payment and signed a security agreement to secure the payment of the balance of the purchase price. On March 10, Green picked up the car. On March 15, Easy filed the security agreement. On what date did Easy's security interest attach?

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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 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

Answer rating: 100% (QA)

Bankruptcy Attorney He will be paid in full 4000 Fees earned Lisa Lisa will be paid in full ... View the full answer