priority debt
A type of debt that is paid first if any creditors are paid in a Chapter 7 bankruptcy case, and must be paid in full in a Chapter 13 bankruptcy case. Priority debts include alimony and child support, wages owed to employees, and fees owed to the trustee and the debtor's bankruptcy attorney.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

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