How Chapter 12 Bankruptcy Works
In coastal states like North Carolina, a large number of people make their living from farming and fishing. For working families who are facing financial struggles, Chapter 12 bankruptcy can be extremely helpful as it may offer them a way out of debt through a repayment plan similar to that offered under Chapter 13 bankruptcy. Chapter 12 of the Bankruptcy Code provides special provisions to family farmers and fishermen to assist them in times of need.
At the Bradford Law Offices, PLLC, are committed to helping small farms and fishing operations to weather any period of financial difficulty. These businesses are important for the community and as the owner of such an enterprise you should ensure that you fully understand your options. Contact our Raleigh Chapter 12 bankruptcy lawyers at (919) 758-8879.
The Chapter 12 Bankruptcy Process
Because Chapter 12 bankruptcy is intended to help a specific group, there are various unique qualifying requirements that will bear upon a case. As you consider a case, you should be aware that the following must be submitted and will be evaluated to determine whether you will be granted bankruptcy protection:
- List of all assets and liabilities
- Current income and monthly expenses (includes farming/fishing expenses as well as living expenses like food, shelter, etc.)
- Any business contracts
- List of creditors and amounts owed to each
- List of property you own
- Filing and administrative fee
After a filing, a trustee will be appointed to the case and subsequently be responsible for managing the collection and distribution of payments to your creditors. The final step before your case can be approved is a meeting of creditors in which you will present a proposed repayment plan to creditors who have the authority to accept or reject the terms.
For assistance with any aspect of a Chapter 12 bankruptcy case, or to learn more about how Chapter 12 bankruptcy works, contact the Raleigh Chapter 12 bankruptcy attorneysof the Bradford Law Offices, PLLC, by calling (919) 758-8879 today.