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...
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Chapter 12 Bankruptcy for Farms
Which type of bankruptcy is best for my agricultural business?
You know firsthand the financial challenges of owning farm or another agricultural business. After several years of struggle, your debt from running your business is insurmountable, and you are considering bankruptcy. Filing bankruptcy is...
Restructuring your farm after debt struggles
When any business is struggling with debts, it is vital that action is taken early on in order to prevent the situation from escalating. The debt accumulation is likely to be due to a number of external or environmental factors that are...
Are all farmers eligible for Chapter 12 bankruptcy?
If you are a farmer in the state of Florida and you are struggling with increasing debts, it is likely that you have considered ways that you can relieve yourself of such a heavy financial burden. While bankruptcy is considered by many as...
Chapter 12 bankruptcy can help you take control of farm finances
Operating a profitable family farm is not always easy. There are major expenses that the average person would never even think of that are necessary to successfully run a farm. Machinery for planting and harvesting crops, as well as seed...
How Chapter 12 bankruptcy affects taxes
Before filing for any bankruptcy chapter, it is important that you understand the implications that the particular chapter will have on your finances. Each bankruptcy chapter has its own set of eligibility guidelines, benefits and...
Keeping livestock during bankruptcy
Many farmers rely on their livestock and crops to provide a livable income for their families but are not sure how to address the growing debt from their farm practices? Bankruptcy is always an option, but it’s an option most farmers...
What are your options if your farm is struggling financially?
While it may be ideal for us to tackle our debt before it becomes too high for us to control, we sometimes can't anticipate a bad crop, our heavy machinery giving out on us or other unforeseen circumstances that come with running a farm....
How Florida farmers can get a relief from debt
Running a business as a family farmer can be challenging, and cash flow can be difficult to have under tight control, especially due to seasonal fluctuations in income. Therefore, if a farmer has difficultly due to cash flow problems at...
Debt discharges and Chapter 12 bankruptcy
One of the major benefits of filing for bankruptcy is that it offers a way for people or businesses struggling financially to obtain a discharge from some of their debts. This means that they are able to have some of their debts...
Farming economics and bankruptcy
Running a farm is difficult business, and times are changing quickly. It is unfortunate that hard working farmers are subject to swiftly changing consumer demand, and it can be impossible to change supply and business models as quickly as...
Greater Chapter 12 flexibility for struggling ag operations
Bankruptcy has always been a mixed blessing for farms and ag product companies. On the one hand, Chapter 12 buys relief from creditors, and lets farmers catch their breath and reschedule debt repayment without having to sell critical...
Understanding Chapter 12 bankruptcy eligibility
Chapter 12 bankruptcy was enacted in the 1980s as a response to an ailing farming industry. It shares some similarities with Chapter 13, but it also accounts for farming’s seasonal nature and thus offers more flexibility with payments....
Navigating bankruptcy as a Florida farmer
It's becoming increasingly common for farmers to face financial hardships within their current revenue stream. Credit is becoming more difficult to find and animal produce is harder now than ever to gain profitable returns from....
Solving economic hardships on American farms
In the years since 2013, farmers across America have endured hardships due to the decreasing real value of agricultural produce such as livestock and crops. Shockingly, between the years of 2013 and 2016, there was a reported 45 percent...
Asset liquidation and Chapter 12 bankruptcy
When you are going through Chapter 12 bankruptcy, especially if you are in the farming business, it is likely that you will be wanting to avoid the liquidation of large assets. Chapter 12 allows for the possibility to do this because it...
The financial impact of Hurricane Irma on Florida farms
Hurricane season is upon us, and Hurricane Irma has tragically led to destruction across Florida. It has threatened our lives, property and unfortunately will have implications for months or maybe even years to come. The full extent of...
Reporting requirements for Chapter 12 bankruptcy
In the case of a Chapter 12 bankruptcy, a voluntary petition should be filed, and after this has been filed, a United States trustee may want to meet with you along with your attorneys. This is generally held within seven to 10 calendar...