state of IL
The corporation has a lot of different type of debt, but no income.
It's not in bankruptcy yet. But if Chapter 7 is the only option...
Is there an order in which creditors must be paid?
For example, do payments for goods purchased get paid before repaying investment loans made by family members?
Or is the order of claims determined by date of bill? Or is there no order and every claimant would get paid a percentage from liquidation?
Is there a web site with bankruptcy law broken down for laymen?

