Some Florida farms have been in the same families for generations. Your grandparents or even great-grandparents may have tilled the same soil planting crops as you now do.
But that doesn’t mean that everything has stayed the same over the years and the generations. In fact, what was once a profitable business venture might now be a farm that is hanging by a thread and about to be lost to liens or foreclosures. Is there any way back to the black for your Florida family farm?
There just might be, and from a rather unlikely source — filing for a Chapter 12 Bankruptcy for farms.
No debtor wants to have to file for bankruptcy. But bankruptcy is not the onus that it once was. Filing under Chapter 12 gives debtors some breathing room to restructure their debts and pay off their financial obligations.
You may still be able to keep the farm running and operational as a debtor in possession. Filing for bankruptcy also triggers an automatic stay against further aggressive collection actions that could wind up being quite detrimental.
Are your unpaid debts a threat to the continued viability of your family-run farm? If so, it might be time to take decisive action and file a petition for Chapter 12 bankruptcy. We can review your circumstances and make a recommendation as to the best way to extricate yourself from the chains of debt.
Filing for bankruptcy is not the answer to everyone’s financial woes. Still, it remains a powerful tool that can turn the financial picture around for your family-run farm on Florida’s Gulf Coast.