how tax debt is treated in bankruptcy
TRANSCRIPT
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Debtor is required to file a repayment plan
Debts are categorized as priority, secured, or unsecured
Tax debts are a priority debt, meaning they are paid before other unsecured creditors.
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Monthly payment based on income
Other debts may be discharged upon successful completion of the repayment plan
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Chapter 12 is used by a family farmer or fisherman
Chapter 11 is used by an incorporated business or an individual debtor whose debts exceed the chapter 13 limit
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