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A Chapter 12 bankruptcy is reserved for those classified as a "family farmer" or a "family fisherman". It is less expensive and complex than other options, which is often something that is invaluable to you as a farmer or fisherman. Southwell & O'Rourke P.S. will help you the whole way.
A Chapter 12 bankruptcy involves creating a plan to repay your debts over a three to five year period. Although you will remain in control of your business, a trustee will be appointed to oversee the daily operations of the business. The trustee ensures the creditors continue to be paid.
In order to file for a Chapter 12 bankruptcy, you must be engaged in farming or fishing operation. Your debt of the operation must be under $3,792,650.00. Over half of your income must come from your farming or fishing operation.
We know filing for bankruptcy is not easy. Our experienced attorneys can help you in obtaining a fresh start and help you get out of debt. Call us at 509-624-0159 and let us know your situation. We will then provide the best possible advise in debt-related issues.