Chapter 12 Bankruptcy Attorneys in Fort Lauderdale
Helping Farmers Provide for Their Families
In 1986, Congress created a new type of bankruptcy: Chapter 12. This proceeding is geared toward financially distressed family farmers, allowing them to restructure their debt and get back on their feet. As a relatively new and highly specialized area of bankruptcy law, Chapter 12 requires the insight and skills of an experienced law firm.
At LSAS Attorneys, our Chapter 12 Bankruptcy team help farmers file successfully and forge a new path toward a more stable future. We combine compassion and sensitivity with objective and strategic counsel in order to provide the most effective representation possible for each of our clients.
To see if this may be the right option for you, call our Chapter 12 Bankruptcy lawyers in Miami at (954) 280-5066 today.
The Advantages of Chapter 12 Bankruptcy
Chapter 12 provides many benefits for family farmers that they would not obtain through Chapter 7, 11, or 13 Bankruptcy.
Here are a few examples of the advantages of Chapter 12:
- It is simpler and more cost-effective than other chapters
- It allows farmers to restructure debt and avoid liquidation, even if they exceed the debt limits of other chapters
- Farmers with seasonal incomes can still file, even though they don’t have the reliable annual income typically needed to demonstrate their ability to meet the repayment plan
- Both individual farmers and corporations/partnerships can file
Generally, Chapter 12 combines key advantages of each form of bankruptcy to give farmers an option that suits their unique occupational and financial needs. Our attorneys will closely analyze your situation, gather necessary documentation, and ensure you understand every aspect of the process before helping you begin.
Who Qualifies for Chapter 12 Bankruptcy?
Chapter 12 Bankruptcy code outlines a few requirements for farmers looking to file.
If you are an individual (or individual and spouse), you must:
- Be engaged in a farming operation;
- Owe no more than $4,153,150;
- Have accrued at least 50% of your debt in relation to your farming operation (not including debt for your home); and
- Have earned more than 50% of your gross income through your farming operation.
If you are filing as a corporation or partnership:
- The corporation or partnership must not owe more than $4,153,150;
- The corporation or partnership must have accrued at least 50% of its debt in relation to the farming operation (not including debt for a shareholder’s home);
- Your family/relatives must conduct the farming operation and own more than 50% of the corporation or partnership’s stock/equity;
- More than 80% of the corporation or partnership’s assets must be related to the farming operation; and
- Stock is not publicly traded.
The requirements for Chapter 12 Bankruptcy are complex, and you may be subject to certain exceptions. Because of our breadth of knowledge and experience in Chapter 12 bankruptcy law, our support can mean the difference between losing your property and working out a manageable reorganization plan with your creditors.
Get Started with a Free Consultation
At LSAS Attorneys, our primary purpose is to help families, businesses, and communities thrive. We want you to achieve the new financial beginning you and your loved ones need. If you want your bankruptcy proceeding to have the highest likelihood of success, consult with our experienced Chapter 12 Bankruptcy lawyers in Miami as soon as possible.
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