Chapter 12 Farm Bankruptcy Attorneys in Northwest Indiana
Chapter 12 bankruptcy is a separate section of the bankruptcy code that provides debt restructuring and relief for family farmers and fishers. Chapter 12 allows family farms to reduce the debt load and restructure debt so that the farm may become viable in the future. Both persons and business entities engaged in farming or fishing operations are eligible for Chapter 12 bankruptcy protection.
Who is Chapter 12 for?
The agriculture crisis of the 1980s led Congress to create an emergency bankruptcy proceeding explicitly made for farmers to farmers. They created Chapter 12 to give farmers a chance to reorganize their debts and keep their land.
Chapter 12 is designed to help the “family farmer” with “regular annual income.” Eligible parties include individual debtors, individuals and their spouses, corporate and partnership bodies controlled by one family that passes the eligibility test. The maximum debt limit for a Chapter 12 bankruptcy filing is $10 million.
Reorganize Your Debt & Keep Your Farm
We are here to make sure the farm that has been in your family for generations stays with you. We understand that a farm often becomes financially stressed by factors that are out of the farmer's control. It is a very trying time, and you may not know all of your options. We are here to say that we can help you get your farm's finances back in order and get you back to providing goods for people across the country.