Tampa Bankruptcy Attorneys Clark & Washington Discuss Tax Claims and Payments in Bankruptcy - WLOX.com - The News for South Mississippi

Tampa Bankruptcy Attorneys Clark & Washington Discuss Tax Claims and Payments in Bankruptcy

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The Tampa bankruptcy attorneys explain how tax claims are paid in bankruptcy.

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TAMPA, FL, August 01, 2014 /24-7PressRelease/ -- The Tampa bankruptcy attorneys at Clark & Washington would like to inform the public of the different forms of tax claims and payments that exist when filing for bankruptcy. A major part of the bankruptcy process is ranking creditors and ensuring that the debt with a creditor with the highest prioritized claim gets settled first.

Types of Claims

Not every creditor is the same, so not every debt has a high priority. When you still owe a creditor on a unpaid debt and you file for bankruptcy, a creditor will file a claim for the uncollected debt in order to have it paid off. There are three types of tax claims that a creditor can have: unsecured claims, secured claims and priority claims.

Unsecured claims are claims based on generic debts that do not involve any kind of collateral, such as credit cards, student loans and utility bills. Secured claims are claims where a creditor has a security interest in the property of the debtor or the debtor has put up a piece of their property as collateral. Priority claims are claims at the top of the priority list. These debts are settled first above all other debts. Priority debts include administrative fees or fines, alimony, child support, taxes or any other government-imposed debt.

The bankruptcy code allows claims for tax obligations to take a lower position behind other priority claims if needed. This process is called subordination.

In some circumstances you can have a say in what creditor is paid first in your bankruptcy case. If you have several creditors with different claims, you need to meet with an experienced Tampa bankruptcy lawyer to discuss your options.

For more information on tax claims and how they are paid, or to learn about filing for bankruptcy in Tampa, visit http://www.cw13fl.com.

About Clark & Washington:

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.cw13fl.com.

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For the original version on 24-7 Press Release Newswire visit: http://www.24-7pressrelease.com/press-release/tampa-bankruptcy-attorneys-clark-amp-washington-discuss-tax-claims-and-payments-in-bankruptcy-390852.php

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