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About Mark J. Markus- California Bankruptcy Attorney
Expertise
Mark J. Markus is a Los Angeles attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

Experience
Visit http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on
business bankruptcy,
chapter 7 bankruptcy,
chapter 11 bankruptcy,
chapter 13 bankruptcy,
Frequently Asked Bankruptcy Questions

Also visit our new bankruptcy blog for interesting articles and much more.

Education/Credentials
J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

You are here: Experts > Business > Corporate Law > Bankruptcy Law > Priority Claim

Bankruptcy Law - Priority Claim

Expert: Mark J. Markus- California Bankruptcy Attorney - 9/17/2009

Question
I have paid money to a jewellary shop(which is in NJ) to purchase gold bars. The company kept on postponing the delivery dates and did not deliver my gold bars, but filed for chapter 11. I would like to claim my money, does my claim belong to priority one or unsecured one.
Also, If I do not receive any money for my claim, Can I show in IRS for a tax refund?

Thanks in advance

Answer
Under 11 U.S.C. 507(a)(7) you have a priority claim for up to $2,425. Any additional amounts you deposited (paid) to them would be a general unsecured claim.

As for the tax question you asked, you need to direct that to an accountant. I am not qualified to provide tax advice.

http://www.bklaw.com/

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