Chapter 12 is a type of reorganization bankruptcy focused on family farmers and fishermen.

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.

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What Is Chapter 12 Bankruptcy?

Chapter 12 bankruptcy 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.

About Middlebrooks Shapiro

At Middlebrooks Shapiro, our attorneys have over 30 years of bankruptcy law experience. From our office in Springfield, NJ, we help clients with the most basic or complex personal and business bankruptcy cases by leading them through the legal process of our numerous practice areas.

Call 973-218-6877 to speak with the experienced bankruptcy attorneys at Middlebrooks Shapiro. We’ll ensure you get the perspective you need to understand the full picture and the right guidance to have a successful bankruptcy, rebuild your credit, and move forward with your new debt-free life.