Understanding Chapter 12 Bankruptcy

Similar in many ways to Chapter 13 bankruptcy, Chapter 12 bankruptcy those who primarily subsist upon the earnings of family farming or fishing to seek debt relief through the establishment of a bankruptcy repayment plan. If you are a struggling farmer or fisherman living in North Carolina, it is important that you understand how Chapter 12 bankruptcy works so that you can be better equipped to determine whether it is a step you wish to take.

For compassionate and knowledgeable legal counsel and representation if you are considering a Chapter 12 filing, do not hesitate to contact a Raleigh Chapter 12 bankruptcy lawyer of the Bradford Law Offices, PLLC, at 919-758-8879.

Understanding Chapter 12 Bankruptcy

Chapter 12 bankruptcy is very similar, if not identical, to Chapter 13 bankruptcy in terms of process. However, it is reserved specifically for farmers and fishermen. The Chapter 12 bankruptcy process includes the following steps:

  • File a petition with the bankruptcy court closest to your farm or fishery
  • The petitions includes information such as list of assets and liabilities, expenses, and creditors
  • Pay the filing and administrative fee
  • Once a trustee is assigned to your case, you will have a meeting of creditors where they can approve or disapprove of your repayment plan
  • Begin repaying creditors according to the terms established under the agreed repayment plan

Contact Us

This can be a very trying time in your life. That is why you need a skilled attorney on your side to help every step of the way. Contact a Raleigh Chapter 12 bankruptcy lawyer of the Bradford Law Offices, PLLC, by calling 919-758-8879 today to schedule an initial consultation.