Chapter 12 Relief For Distressed
Family Farmers and Fishermen
Roop Law Office LC Helps with Repaying Business Finances
Contact Roop Law Office LC for Chapter 12 relief for distressed family farmers and fishermen. In Southern West Virginia, filing for Chapter 12 bankruptcy allows family farmer or fisherman debtors to propose a repayment plan.
Debt repayment plans under this type of bankruptcy do have specific rules and generally last three to five years.
To find out if you qualify, call Roop Law Office LC at (304) 255-7667 or contact us online today.
Some Basic Information on Filing for Relief Under Chapter 12
Legislators created relief under Chapter 12 of the Bankruptcy Code to manage the debts of family farmers or family fishermen. To qualify, the family business must have ‘regular annual income’ and be able to carry out a structured repayment plan. The plan can cover all or part of your debt burden.
There are other rules that may apply, which is why it is best to consult with attorney Paul Roop. Certain instances may allow for a lengthier repayment, for example. Chapter 12 bankruptcy repayment plans must have court approval. Roop Law Office LC has the experience with Chapter 12 to provide experience in filing with the court.
What Are the Benefits of Filing Bankruptcy Under Chapter 12?
While Chapter 11 or Chapter 13 may provide relief, filing bankruptcy under Chapter 12 benefits family farmers and family fishermen. It simplifies the filing process and considers the size and type of debts these businesses incur. Chapter 12 is generally less complicated and less expensive than the other two bankruptcy types.
Chapter 12 allows for the seasonal realities of the family farmer and family fisherman, as well. Debtors themselves must seek voluntary relief under Chapter 12. Filing a petition under this option is not something a creditor can do.
Categories and Debt Limits Under Chapter 12
Businesses filing under Chapter 12 may be in one of two categories. One category is working as an individual or with a spouse. The second category is as a corporation or partnership.
Debts for the businesses are limited under each type, as well. Total secured and unsecured debts for farming must not exceed $4,153,150. For commercial fishing the secured and unsecured debt limit ceiling is $1,924,550.
Additional Items and Regulations for Chapter 12 Filing
There are additional regulations that must be met under these categories and types. It is best to go over these particulars with Roop Law Office LC to confirm that your situation qualifies. Paul Roop will review such things as income, taxes, stockholders, and more.
Be sure to have this information available when you schedule your consultation:
• A detailed list of the debtor’s monthly farming and living expenses, i.e., food, shelter, utilities, taxes, transportation, medicine, feed, fertilizer, etc.
• A list of all creditors and the amounts and nature of their claims.
• A list of all of the debtor’s property.
• The source, amount, and frequency of the debtor’s income.
Paul Roop will review the bankruptcy filing process under Chapter 12, which includes the plan and any hearings you can expect. He may also advise how best to manage payments with a goal of eventual discharge. If you have a hardship, such as an injury or illness that affects employability, be sure to discuss this. Let our talented legal team bring you peace of mind with Chapter 12 relief for distressed family farmers and fishermen.
