If you run a family farming business in the state of Florida and are struggling with debts, it is likely that you are considering the options that you have to improve your situation. While trying to repay debts alone can theoretically be possible, constant communication from creditors and a potentially unprofitable company can make this strategy an extremely challenging one.
This is why many farmers decide to file for Chapter 12 bankruptcy. This is because the bankruptcy chapter tackles debts with a two-pronged approach. First, they help farmers create a debt-repayment plan while halting all collection attempts from creditors. Second, they assist the business owner with reorganizing the farming business so that it is more profitable in the long run.
What information do I need to provide if I want to file for Chapter 12 bankruptcy?
When filing for Chapter 12 bankruptcy, the debtor will need to provide a substantial amount of information. First, they will need to be able to show that they are a business owner of a family farming operation. In addition to this, they will need to provide information about all the creditors they owe money to, as well as the amount of money that they owe to each. In addition, they should also make a comprehensive list of monthly farming income, all assets and any other income that they receive. They should also list all expenses by month.
If you are struggling financially as a farmer in the state of Arizona, it is important that you research the different options available to you.
