Which claims have the lowest priority in payment?

Name: Which claims have the lowest priority in payment?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Unsecured claims have the lowest priority in payment because they are not backed by collateral, unlike secured claims. This means that in the event of a bankruptcy or liquidation, unsecured creditors are paid after secured creditors, administrative expenses, wage claims, and tax claims.

Which Claims Have the Lowest Priority in Payment