Business Bankruptcy Law
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Chapter 12 Bankruptcy
Here’s What You Need to Know!
Only families within the farming or fishing industries can file for Chapter 12 bankruptcy. There is also a debt limit that determines whether you can make this filing.
Chapter 12 filings do not require you to liquidate your assets. In most Chapter 12 filings, you only need to repay a small percentage of what you owe. Chapter 12 bankruptcy also tends to be less expensive, on average, than other forms of bankruptcy, such as Chapter 7.
Qualifications for Chapter 12 Protection:
- Work for or co-own a family farm or fishing enterprise (defined below), and
- Make at least half your gross income through farming or fishing, and
- At least half your debt is related to the farming or fishing operations (not to exceed a certain amount – reach out to us directly for the amount).
- You are entitled to exclude one home loan (if its owner occupies the home) for purposes of calculating the total debt.
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