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When Income Rises

question 346

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When income rises


Definitions:

Gap Creditor

A creditor who holds a claim against a debtor that is not secured by collateral and does not qualify for priority status in bankruptcy proceedings.

Back Taxes

Taxes that have been unpaid in the year they were due, often subject to penalties and interest.

Unpaid Wages

Compensation owed to employees for work performed that has not been paid by the employer, often leading to legal disputes.

Involuntary Petition

A legal procedure initiated by creditors requesting the bankruptcy court to declare a debtor bankrupt.

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