Unlike any other types business bankruptcy, Chapter 12 Bankruptcy is designed for financially distressed families who own and runs either farm or fishery business. The goal of this process is to give business owners a chance for them to settle their debts as their business growth is often unpredictable in nature.
Business owners who have filed for Chapter 12 are asked to make a realistic plan and time frame on how they would settle their debts through installments with creditors. Though the usual time frame given to debtors is between three to five years, there are some situations when they could ask for a much longer time frame. Unlike Chapter 11 and 13 Bankruptcy, Chapter 12 is more efficient, easier, and cheaper to file. Business owners should have a stable income every year before they could be allowed to file for Chapter 12 so the court may know if they are capable of repaying their debts.
The Fayetteville Chapter 12 Bankruptcy attorneys of the Bradford Law Offices, PLLC represent struggling business owners who want to recover from their financial footing. If you are in such situation, we may help you in the filing process for you to possibly get the best deal. Learn more about your options today by calling (910) 668-0006.