Tiki Island Chapter 12 Bankruptcy Lawyers

Living under a cloud of debt and with a constant barrage of letters and phone calls from bill collectors
can cause a person to suffer an incredible degree of stress. Over time, this can have serious adverse
effects on one’s mental health and families can be torn apart over such financial difficulties. For
family farms, ranches, and fishing operations, Chapter 12 bankruptcy offers an escape valve that can
help to relieve some of that considerable pressure. Unlike Chapter 7 bankruptcy, Chapter 12 does not
require a filer to liquidate assets in exchange for forgiveness of debts.

Instead, it allows for you to renegotiate the terms of existing repayment agreements or to obtain new
financing at more favorable rates. Moreover, you are able to continue business operations to gain revenue
during the bankruptcy plan period. To schedule a free initial consultation, contact the Tiki Island
Chapter 12 bankruptcy lawyers of Gipson & Norman at 800-291-0898.

Basic Filing Requirements

When Chapter 12 was added to the United States Bankruptcy Code, it was introduced in recognition of
the growing financial distress with which small family farms, ranches, and fishing enterprises were
confronted. Accordingly, there are a number of threshold requirements that a Chapter 12 filer must meet,
including:

• At least 80 % of debts included in the bankruptcy plan must be farm/ranch/fishing related
• More than half of a filer’s income in the year prior to the bankruptcy filing must have been derived
  directly from the farming operation
• Documentation must be produced to verify that a filer will have sufficient and consistent income so
  that payments may be made pursuant to the terms of the bankruptcy plan

Contact Us

We understand that you are struggling, and we know how to help. >Contact the Tiki Island Chapter 12 bankruptcy lawyers of Gipson & Norman today at 800-291-0898.