Tallahassee Chapter 12 Bankruptcy
Many farmers survive on farming operations they’ve had in the family for decades. However, any bit of financial difficulty or a downturn in the economy can laden a family farm with plenty of crippling, unsustainable debts. You may think you can’t keep going for another year; you’ll have to sell the family farm to secure a livelihood and future free from debt. However, this does not have to be the case! The government has prepared a chapter of bankruptcy specifically for individuals or couples running commercial farming and fishing operations: Tallahassee Chapter 12 bankruptcy!
Chapter 12 bankruptcy has a few specific requirements that you must fill in order to be able to file. First and foremost this chapter of bankruptcy is intended for commercial fishermen and farmers that have access to a regular, annual source of income. The following bullet list is a brief summary of the most important, pertinent criteria for filing for this special case of bankruptcy.
- The percentage of the fixed debt you have incurred has to be related to the commercial farming or fishing operation. This is 80% for fishing operations and 50% for commercial farmers.
- Individual or couple must operate a commercial fishing or farming operation
- Depending on circumstances, at least 50% of gross income from the last fiscal year must be sufficient to cover operating expenses.
Chapter 12 bankruptcy operates similarly to how Chapter 11 and 13 bankruptcies operate. It is a unique solution provided by the government to aid struggling family farmers and commercial fishermen who are running into financial debt and have problems working through the payment of the debt. This chapter of bankruptcy allows you to put together a repayment plan over 3-5 and propose it to your creditors. This gives you some flexibility in handling your repayment situation. Immediately after filing your bankruptcy, there will be a stop applied on your debt, stopping creditors from garnishing wages and pursuing their debts aggressively.
Our firm realizes that gambling with a fishing or farming operation that has been in a family for years is not a matter to be taken lightly. Our firm, Bruner Wright, has over 30 years of experience in handling bankruptcy cases for clients of all financial status, jobs, and of all operations. Our firm knows that every client has a specific backstory and set of circumstances; you aren’t another file of paperwork to us. We believe that the second you hire a law firm to help with your bankruptcy they should be available to answer questions and settle your concerns. An unresponsive attorney is next to useless in advocating for you, at Bruner Wright we take great pride in our commitment to communication and keeping our clients in the loop. We treat every case like family!
Contact us today for a free consultation, we would love to hear the specifics of your situation so we can plan accordingly and put our best foot forward. Don’t let any random law firm handle something as serious as your finances, get in touch with one of our lawyers today!