The Benefits of Chapter of 12 Bankruptcy
Farms and fisheries present many unique factors in their business models that may make some forms of bankruptcy protection seem disadvantageous. As a result, the U.S. courts have devised Chapter 12 bankruptcy, which is specifically tailored to farms and fisheries with regular annual income, so that they too can seek financial protection in times of crisis.
At Bradford Law Offices, PLLC, our Fayetteville Chapter 12 bankruptcy attorneys have years of experience defending farms and fisheries from banks and creditors alike. We understand that every company experiences financial difficulties at some point, and we are here to guide our clients through the Chapter 12 bankruptcy process. Contact our office at (910) 668-0006 to learn more about how we can help you recover from your financial crisis.
Benefits of Chapter 12 Bankruptcy
Since Chapter 12 bankruptcy is tailored to farms and fisheries, it is able to offer certain exemptions and exceptions for qualifying businesses. Chapter 12 bankruptcy was created for farms and fisheries with a “regular annual income;” however, the economic reality is that many farms and fisheries experience seasonal incomes that depend on crop yields. Chapter 12 bankruptcy does make special exceptions for these farms and fisheries so long as their income is regular enough. Like other bankruptcy plans, Chapter 12 allows for a debtor to design their own repayment plan to ensure that the financial burden of the repayments is manageable. Some of the other key benefits of Chapter 12 bankruptcy include:
- Streamlined application process
- Less expensive fees
- More suitable to large debts
- Designed for farms and fisheries
- Special exemptions
These only represent a few of the numerous benefits of pursuing Chapter 12 bankruptcy. To learn more about how Chapter 12 may be right for you, contact a Fayetteville Chapter 12 bankruptcy attorney today.
Contact a Fayetteville Chapter 12 Bankruptcy Attorney
If you or someone you know runs a farm or fishery and are in the midst of a financial struggle, Chapter 12 bankruptcy protection may be necessary to save your business. At Bradford Law Offices, PLLC, our Fayetteville Chapter 12 bankruptcy lawyers are dedicated to educating our clients on all their possible legal options so that they can be relieved of their financial pressures. We believe that all businesses deserve an opportunity to restructure their debts in a way that is affordable, and with the correct legal strategy, a farm or fishery will be able to emerge from Chapter 12 bankruptcy debt free. Call our office at (910) 668-0006 to speak with an attorney today.