Galveston County Chapter 12 Bankruptcy Lawyers
It is an accepted fact that business goes in cycles of booms and busts. For farmers this has always been the reality because one year’s surplus crop growth could be followed by a year in which crop disease, drought, or another devastating natural event makes a profitable harvest impossible. But in recent history, there has been a continual decline of profits for small farms and ranches, as production has increasingly shifted to large agricultural manufacturing companies.
For family farmers who are struggling to keep up with their financial obligations, it can seem like a hopeless situation. But there may be a way to restructure the terms of your repayment agreements so that your farm can become financially viable and remain open. Contact the Galveston County Chapter 12 bankruptcy lawyers of Gipson & Norman at 800-291-0898 to schedule a free initial consultation.
Chapter 12 Filing Requirements
Every chapter of the United States Bankruptcy Code is intended to bring a fair resolution to a debt standoff for a different set of circumstances. Chapter 12 is crafted solely for small farming and ranching operations, and in order to file for these protections you must meet several clearly established qualifications.
Some of the filing requirements for Chapter 12 bankruptcy include:
- More than 80 % of debt included in the bankruptcy filing must be farm-related
- More than half of the filer’s income in the year prior to filing must have been drawn from the farming operation
- There must be a demonstrated ability and presence of income to meet restructured payment obligations during the bankruptcy
Contact Us
We have been serving the farmers and ranchers of Southeastern Texas for more than 20 years. Let us put our experience to work for you. Contact the Galveston County Chapter 12 bankruptcy lawyers of Gipson & Norman at 800-291-0898.
