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 the market changes...
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Chapter 12 Bankruptcy for Farms
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 machinery and equipment. On the...
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. Less complex than its Chapter 11...
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. Therefore, many farmers in Florida and...
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 decrease in the net income of...
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 means that you are able to...
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 the damage is still not easy to...
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 days after the voluntary...