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Question
In a Chapter 7 liquidation proceeding, the claims of creditors are paid in which of the following order?
A. Priority claims take precedence over claims made by secured and unsecured creditors.
B. The claims of secured creditors are satisfied first, followed by priority claims, and lastly claims made by unsecured creditors.
C. Older claims are given priority over more recent claims.
D. Claims of secured creditor are satisfied first, followed by unsecured creditors, and lastly priority claims.
Answer
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