As Changed in the 2005 Act,which of the Following Are

question 25

Multiple Choice

As changed in the 2005 Act,which of the following are the first unsecured claims to be paid?

• A) claims for contributions to employee benefit plans based on services performed within 180 days immediately preceding the filing of the petition
• B) claims for unpaid income and gross receipt taxes owed to governments
• C) claims for cash deposited by a consumer with the debtor prior to the filing of bankruptcy petition
• D) claims for domestic support owed to the spouse, former spouse, or child of the debtor

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Definitions:

Discounted

Reduced in price or reflecting the present value of future cash flows when taking into account the time value of money.

Present Value

The value today of a future amount of money or series of payments, adjusted for a specific return rate.

Discounted

The process of determining the present value of a payment or stream of payments that will be received in the future.