While the economy continues to surge, there are still some South Florida residents who remain mired in debt. For them, the good times appear to be few and far between as they watch their family-owned farms and related businesses bleed money without turning a profit for yet another fiscal year. Just how long can they keep the creditors at bay?
Family farms are a bit different from many family-run businesses in that in many instances, the land has been in the family for generations. Whether it's citrus groves or sugar cane, your grandfather and great-grandfather may have toiled under the unforgiving Florida sun and battled strong, crop-destroying hurricanes, only to bounce back and once again turn a profit.
It absolutely eats at your soul that you might be the one who loses the family legacy to the bank or a large and impersonal corporate farm.
Before you toss in the towel and accept your place in infamy as the one who lost the family farm, consider whether filing for Chapter 12 bankruptcy might solve any of your financial problems. To be sure, bankruptcy should never be your first answer to a cash shortfall. But if your farm has been operating in the red for a few seasons, something has got to give.
This legal debt option offers you a bit of breathing space while you come up with a workable plan to meet your financial responsibilities. The court and the bankruptcy trustee in charge of overseeing your case must approve any creditor repayment plan, and not all debtors will qualify for filing for bankruptcy under Chapter 12.
We can help you restructure your debts and file for bankruptcy relief under the protections that Chapter 12 allows.