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chapter 12 bankruptcy for farms Archives

Chapter 12 bankruptcy filings surge in 2019

American farmers are suffering due to the United States' trade wars with other countries. As a result, there has been an across-the-board uptick in Chapter 12 bankruptcy filings as farmers scramble to reorganize their debts and keep their farms.

Could you benefit from a Chapter 12 bankruptcy?

If you are at the end of your financial rope and struggling to find a way out of debt, it's likely that you have already looked into filing for bankruptcy under either Chapter 7 or Chapter 13. However, if you are the owner of a Florida citrus farm, you may not realize that you have another option -- Chapter 12.

Could filing for bankruptcy save your family's farm?

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?

Can you file for Chapter 12 bankruptcy in Florida?

One of the lesser-used procedures for filing for bankruptcy is Chapter 12. It was created by Congress to respond to the debt needs of family farmers and is quite similar to filing for Chapter 13 debt reorganization. In fact, one of the similarities is that the debtor can convert their case to a Chapter 7 bankruptcy during the process.

Should farmers consider filing for Chapter 12 bankruptcy?

The United States is approaching uncertain financial times once again. The outcome of some trade wars with foreign governments can have a negative effect on America's farmers and their ability to get top prices for their harvests.

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