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chapter 12 bankruptcy for farms Archives

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 stock or root stock for orchards, can be incredibly expensive. Many farmers finance these costs.

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 requirements. Therefore, you should not commit yourself before you are certain that filing for bankruptcy is right for you.

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 certain points in the year, it can mean that they run into excessive debts because of unfavorable loan interest rates and late payment fees.

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 completely written off.

Automatic stays in Chapter 12 bankruptcy

Chapter 12 bankruptcy is a specific type of bankruptcy that is especially created for family business owners who work as farmers or fishermen. Therefore, the specifics of the bankruptcy filing are tailored to benefit farmers and fishermen who are struggling financially with their business.

Solutions to financial distress as a farmer

As a farmer, keeping on top of your business, especially when the industry is uncertain, can be very difficult. Many farmers are building up debts that they struggle to have full control of, and they suffer under a great deal of stress and pressure as a result.

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 the market changes conditions.

Farm diversification is a great supplement to bankruptcy

Many farms have been struggling with profitability for years. The U.S. Department of Agriculture's (USDA) predictions of profit have been overly optimistic to say the least. When the price is falling on key farming staples such as milk and hogs, farms often have no choice but to look at their bankruptcy options so that they have some relief from their debt.

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 across the country are looking into ways that they can diversify their product offering and looking into ways that they can get a fresh start from the debts that they have incurred.

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