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 a future free from debt. However, this does not have to be the case! The government has prepared a chapter of bankruptcy for commercial farming and fishing operations: Tallahassee Chapter 12 bankruptcy!
Filing for Chapter 12 Bankruptcy
Chapter 12 bankruptcy has a few specific requirements that you must fill in order to be able to file. This chapter on bankruptcy is for commercial fishermen and farmers that have access to a regular, annual source of income. Here’s a brief summary of the most important criteria before filing for Chapter 12 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.
- Individuals or couples must operate a commercial fishing or farming operation
- 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. As well as those who 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.
Why Choose Bruner Wright P.A.?
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. Bruner Wright has over 30 years of experience in handling bankruptcy cases for clients of all financial statuses, 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!
Call Your Local Tallahassee Chapter 12 Bankruptcy Lawyer
At Bruner Wright P.A., we want to help our clients achieve debt relief through bankruptcy. We will walk you through every step of the process and make sure that you know what to expect at each stage. Our Tallahassee bankruptcy attorneys will also make sure that you get the most out of your case by doing everything possible to ensure that your debt is discharged as quickly as possible.
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!