The Length of the Payment Plan Under a Chapter 13

question 20

True/False

The length of the payment plan under a Chapter 13 plan can be three to five years, depending on the debtor's family income.

---

Definitions:

Average Tax Rate

Total taxes paid divided by total income

Taxable Income

The amount of income used to determine how much tax an individual or a company owes to the government in a given tax year.

Lump-Sum Taxes

Taxes with a fixed amount, not dependent on the taxpayer's income level or economic activity, making them neither progressive nor regressive.

Equitable

Characterized by fairness and impartiality; the fair distribution of resources and opportunities.