PRIORITY DEBT
\pɹa͡ɪˈɒɹɪti dˈɛt], \pɹaɪˈɒɹɪti dˈɛt], \p_ɹ_aɪ_ˈɒ_ɹ_ɪ_t_i d_ˈɛ_t]\
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A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.
By Oddity Software
Word of the day
dust storm
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