Why consider filing for Chapter 12 Bankruptcy?
Posted on Wednesday, August 31st, 2016 at 8:38 pm
Businesses that are related to farming and fisheries are very much unpredictable compared to other types of business as it could also be affected by natural calamities. However, families who own and run such kinds of an enterprise may consider filing for Chapter 12 Bankruptcy if they become unable to settle their debts. Below are the characteristics of Chapter 12 that are worth considering:
- Business owners are given a chance to pay creditors through realistic installment plan from three to five years or longer.
- Filing for Chapter 12 is cheaper, easier, and streamlined compared to other types of business bankruptcies.
- Higher debt limitations
- Business owners have more exemptions from debts
>In this situation that you have decided to file for bankruptcy, working with a skilled attorney is important mostly if you are unaware of the filing process and you want to make sure that you can bounce back to your financial footing. Find out how an attorney of the Bradford Law Offices, PLLC in Raleigh may work for you today by calling (919) 758-8879.