Some members of the general population know about Chapter 7 or Chapter 13 in the bankruptcy area. They may have even heard about Chapter 11. Others may have been unfortunate enough to have used one of these programs to recover from serious financial problems. But there’s another process that is specifically designed for those who need help with farm debt – Chapter 12 Bankruptcy.
This specific part of the Bankruptcy Code has been in effect since the mid-1980s, it was included to help family farmers that were experiencing financial distress. You can get started toward resolution of your financial issues and learn more about Chapter 12 Bankruptcy in New Haven, IN, today by making one phone call. Talk to a specialist who brings decades of experience to the table and see how the Chapter 12 process may help you.
Family farmers who have difficulty reorganizing their finances under Chapter 11 or Chapter 13, may find this chapter to be less complicated and more fitting for their situation. This newest code was written with the family farmer in mind, though the original plan was to allow the law to expire when it was no longer necessary. Chapter 12 Bankruptcy is now a permanent part of the Bankruptcy Code.
Regular Annual Income
The chapter applies to family farmers who have “regular annual income” as defined by the regulations. The idea was to make sure that the person seeking debt relief had stable income that would allow payments under the reorganization plan. But, if your income is more seasonal, it’s possible Chapter 12 can be used.
Don’t hesitate to get expert assistance when you’re having financial difficulties in connection with your farm or personal income. If you would like to know more about this program and how it may help you, get in touch with Fred Wehrwin, P.C. today. You can connect them on Facebook.