Difficult times call for difficult decisions. If your family farm or family fishery is struggling financially, Chapter 12 bankruptcy can help you get out of debt.
Because each bankruptcy case is unique, filing for Chapter 12 can be risky if you don’t have proper planning, consideration, and experience. The Chapter 12 bankruptcy lawyers at Middlebrooks Shapiro, P.C. are here for you. They’ll listen to you, focus on the big picture, and give the guidance you need to get through this very difficult time.
Ready for a fresh start? Let us help you. Schedule your free Chapter 12 bankruptcy consultation today!
Chapter 12 is a type of reorganization bankruptcy. It is similar to Chapter 13 but is designed for family farmers and family fishers. People, partnerships, and businesses can file a Chapter 12 reorganization. Just like in Chapter 13, family farmers and fishers reorganize through a three to five year long plan using their future income. Chapter 12 makes reorganization slightly easier for farmers and fishers by removing some of the barriers found in Chapters 11 and 13.
There is a debt limit under Chapter 12, as well as a requirement that a certain percentage of the total debts be related to commercial farming or fishing. In addition, Chapter 12 sets forth requirements that a certain percentage of stock or equity be held by family farmers and their relatives.
Navigating a Chapter 12 bankruptcy case is very complex. Retention of experienced bankruptcy attorneys is recommended not only by Chapter 12 bankruptcy trustees who oversee these types of bankruptcy cases but also by the Bankruptcy Courts.