In the last 50 years, the consumption of cow’s milk has declined by 40 percent. In addition, recent years have seen a trend in people cutting out or reducing meat and dairy products for a number of different reasons, including environmental and health reasons.
For many farming businesses, this gradual shift in the market has led to financial struggles and the accumulation of debts. Many farms decide to file for bankruptcy in order to help them face these debts. Chapter 12 bankruptcy is well-equipped to help farms through the bankruptcy process by helping the business to restructure income and even grow new income streams.
New business opportunities through Chapter 12 bankruptcy
Chapter 12 bankruptcy can help farms to take a closer look at their income streams and to restructure their business accordingly. This will help them to improve the profitability of their business so that they are able to pay off their debts and create a more successful business in the long run.
Through this process, many farms are deciding to tap into the growing demand for vegan versions of dairy products. For example, one farm in New York state decided to start producing plant-based milk products instead of dairy in order to appeal to new markets. Others are starting to create vegan cheese.
If you are struggling financially as a Florida farmer, you may want to consider the profitability of your current business streams. Filing for Chapter 12 bankruptcy could help you to discover ways to be more successful and lucrative in today’s market.