Bacliff Chapter 12 Bankruptcy Lawyer
Economic times are tough for everyone these days, and family farms and small farming companies have certainly been caught up in the financial struggle. In many ways this has just served to add insult to injury, as it comes after a lengthy period in which they saw their profits and fortunes decline and the very nature of American agriculture shift underneath their feet. The financial distress can lead to intense psychological, social, and even physical problems because it quickly appears to be insurmountable.
That does not have to be the end that your family farm meets, however. Contact the Bacliff chapter 12 bankruptcy lawyers of Gipson & Norman at 800-291-0898 to find out how we can help you right this sinking ship so that you can prepare the way to a better and more profitable future.
Chapter 12 Requirements
Chapter 12 bankruptcies, like those set forth in Chapters 11 and 13, do not call for the liquidation of a debtor’s assets to satisfy outstanding financial obligations to creditors. Instead, they offer the owner or operator of a family farm or small corporate farming company to craft a restructured payment and business plan. Sometimes this may include the elimination of a portion of the farm, but more often than not the central aspect is the renegotiation of existing repayment agreements. To qualify for the provisions of Chapter 12:
- A minimum of 80% of the included debt must be directly attributable to the farm
- More than half of the filing person or enterprise’s gross income in the immediately preceding year must have been gained from farming
- The debtor must be able to prove that income is sufficient and stable enough for repayment
Contact Us
We have been serving the farmers of Southeast Texas for more than 20 years. Contact the Bacliff Chapter 12 bankruptcy lawyers of Gipson & Norman at 800-291-0898 to schedule a free initial consultation.
