how tax debt is treated in bankruptcy
TRANSCRIPT
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.
Monthly payment based on income
Other debts may be discharged upon successful completion of the repayment plan
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
