Lake Jackson Chapter 12 Bankruptcy Lawyer
The economy is always in a state of flux, lifting some businesses above the tide and dragging others down without regard for the individuals and families who suffer as a consequence. In no industry has this been more consistently the case than in small-scale farming and ranching. Beyond the usual ups and downs, however, there has been a dramatic transformation in the way food is produced and distributed, leaving many smaller companies unable to compete.
As a consequence of these changes, many family farms have been crushed by the weight of financial obligations that are no longer bearable, given the state of business. If your farm or ranch is in this difficult position, then you may benefit from filing for Chapter 12 bankruptcy protection. To schedule a free consultation, contact the experienced Lake Jackson Chapter 12 bankruptcy lawyers of Gipson & Norman at 800-291-0898.
Qualifications for Chapter 12 Consideration
Not everyone or every business has access to the protections of Chapter 12 bankruptcy. It was designed specifically to aid small farming and ranching operations, and the language contained within the text of the law establishes mandatory qualifications for a filing to be eligible. These include:
- More than 4/5ths of the covered debt load must be farming related
- At least 1/2 of a filer’s income in the prior year must have been drawn from the farm or ranch
- A filer must demonstrate means to meet restructured payment obligations per the plan
Contact Us
Do not hesitate to take the steps necessary to turn over a new fiscal leaf for your family farm. Contact the experienced Lake Jackson Chapter 12 bankruptcy lawyers of Gipson & Norman today at 800-291-0898 to learn more about how we can help you.
