Benefits of Chapter 12 Bankruptcy
When struggling financially, many businesses seek relief through a Chapter 11 or Chapter 7 bankruptcy filing. However, farms and fisheries of a certain size may instead elect to pursue the protections offered by Chapter 12 of the United States Bankruptcy Code. This particular option is crafted specifically for these types of operations and therefore is often better-suited to resolving the concerns associated with their structure and debt.
If you own a small farm or fishery and are currently unable to keep pace with the business’s financial obligations, it may be worthwhile to explore the possible advantages of a Chapter 12 bankruptcy filing. To learn more about the benefits of Chapter 12 bankruptcy, contact the Raleigh bankruptcy lawyers of the Bradford Law Offices, PLLC, at (919) 758-8879.
Advantages of Chapter 12 Bankruptcy
Chapter 12 is reserved for family farmers and fishermen who earn more than 50 percent of their income through the operation of these businesses. There are a number of advantages of Chapter 12 bankruptcy such as:
- No means test or credit counseling requirement like those in a Chapter 7 case
- Assets are not at risk of liquidation
- Less rigid limitations on the amount of debt you are allowed to have
- More exemptions than those available under other types of bankruptcy
If your farm or fishing business is struggling, it is important to know you have options and a skilled and experienced attorney can help you to better understand what they are.
There is no need to continue daily in a state of worry over the future of your farm or fishing operation. Take the steps necessary to begin finding a way forward when your business’s debts are too much to manage. Contact the Raleigh Chapter 12 bankruptcy attorneys of the Bradford Law Offices, PLLC, by calling (919) 758-8879 today.