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Chapter 13 Bankruptcy - Fact Sheet.What is bankruptcy?

Bankruptcy is a court case where an individual who can’t keep pace together with or her bills will get a “fresh start”. Filing bankruptcy instantly prevents (called stay that is“automatic) all of your creditors from trying to gather debts away from you until your financial situation are sorted away.

What's a Chapter 13 bankruptcy?

Unlike a Chapter 7, where many debts are canceled, a Chapter 13 bankruptcy requires the debtor to settle some or every one of the financial obligation in accordance with a payment plan. The payment procedure can endure 3-5 years. To qualify, the debtor will need to have a regular income source so as to make repayments.

Kansas man pleads guilty to pay day loan scheme, taxation evasion totaling $8 million

KANSAS CITY, Mo. (AP) — Federal prosecutors state a Kansas businessman pleaded responsible Thursday for their role in two fraudulence schemes involving payday that is false financial obligation and taxation evasion totaling significantly more than $8 million.

The U.S. attorney’s workplace for the western region of Missouri states in a news launch that 51-year-old Joel Jerome Tucker of Prairie Village, Kansas, pleaded accountable to at least one count every one of transporting taken cash across state lines, bankruptcy fraudulence, and income tax evasion.