What is Priority? – NJ Bankruptcy Glossary

Definition of the NJ Bankruptcy Term – Priority

Priority:

the order, as determined by the Bankruptcy Code, in which unsecured claims will be paid in the event that there are enough funds to satisfy all of the unsecured debts in full

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Note: the above definition of Priority was written in a simplified form for non-lawyers and may require a legal interpretation of how Priority may impact your bankruptcy filing.