Chapter 12 bankruptcy is a special proceeding for fishermen and family farmers. This allows you to set up a repayment plan and retain the assets that you have worked so hard for. A Chapter 12 filing can result in a repayment of a fraction of the amount owed. This is a great relief for your business and gives you the chance to get it back on track.
You need skilled Chapter 12 bankruptcy attorneys if your farm or fishing company is facing financial difficulties. Bruner Wright P.A. is the largest Florida bankruptcy law firm. We have the experience and knowledge to help you get through.
What Is Chapter 12 bankruptcy?
To meet the different needs of people and businesses, the U.S. Bankruptcy Code defines many types of bankruptcy. Chapter 13 is very similar to Chapter 12. It is designed to assist family farmers and fishermen. Bruner Wright P.A. will be happy to help you choose the right type of bankruptcy filing for you.
Chapter 12 bankruptcy lawyers outline the benefits and goals for Florida farmers and fishermen.
- Ability to repay debts over time and still be in business
- Avoiding asset liquidation
- Reduce overall debt through a repayment program that allows for a portion of the amount owed to be paid off
- Ability to quickly deal with perishable items
Chapter 12 bankruptcy may be a good option for you if you are facing financial difficulties. It is complex and requires attention. Bruner Wright P.A. will handle your filing efficiently and effectively, putting you back on the road to financial freedom.
Reorganization And Repayment Pursuant To Chapter 12
Chapter 12 bankruptcy can be used to aid in the financial and operational restructuring of a family-owned fishing or farming business. Once you file:
- A trustee is assigned to you
- Within 90 days of filing, you must submit a plan to the trustee detailing how you intend to repay your debts over a specified period of time. Usually, this is three to five years.
- The court will decide whether the repayment plan is accepted or rejected.
Bruner Wright P.A. is proud to support Florida’s family farmers and fishermen. We will help you save your company and your livelihood by filing Chapter 12 bankruptcy.
Chapter 12 bankruptcy Can Give Your Family Business A New Start
We may be able to help your fishing or family farm if it is in serious debt. We can help you navigate the steps necessary to file bankruptcy.
This post was written by Trey Wright, a sought after Pensacola bankruptcy attorney! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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