All business endeavors come with challenges. However, family farmers and commercial fishermen often face an uphill battle. Business-related debt can quickly become insurmountable. Thankfully, Chapter 12 bankruptcy was created to allow family farms and commercial fisheries to overcome debt and continue operations.
Do You Qualify For Chapter 12?
Chapter 12 is a unique and complex type of bankruptcy. It is important to be aware that simply being a family farmer or commercial fisherman does not automatically make you eligible to file Chapter 12. In order to qualify, a substantial portion of your debt must be business related. Furthermore, more than 50 percent of your gross income must come from the family farm or commercial fishing operation. Sole proprietors, partnerships and corporations in the farming and fishing industries may all qualify.
At the law offices of Gillespie & Murphy, P.A., our first step will be to review your case to determine whether you qualify for Chapter 12. Our lawyers can guide you through the process or, if you do not qualify, find an alternative chapter to file under or explore another debt relief option.
Reorganization Of Farming Or Fishing Debt
Chapter 12 functions along the lines of Chapter 13. Instead of liquidation of debt, you will create a repayment plan. This will allow you to pay off debt over the course of several years and will be based on your means. Our attorneys are committed to making this process work for you and will stand by your side from start to finish.
Contact Gillespie & Murphy, P.A., to schedule a free consultation at our New Bern, Wilmington, Greenville or Jacksonville, North Carolina, offices. With more than 25 years of experience on our side, you can trust us to provide you with careful guidance in Chapter 12.
We are a debt relief agency under the United States Code. We help people file for bankruptcy relief under the Bankruptcy Code.