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...
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chapter 12 bankruptcy for farms
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...
Bankruptcy for farmers: The basics
Bankruptcy under Chapter 12 is designed specifically for family agricultural businesses, such as family farmers and family fishermen. The idea is that the family farmer of fisherman can create a feasible repayment plan over three to five years, which allows them to...