Chapter 12 Bankruptcy | Freedom for Farmers
Chapter 12 Bankruptcy should be called “Freedom for Farmers.” It allows a farmer to keep all his business assets, continue farming, and even apply for more credit if needed. But Chapter 12 is not just for farmers. It can apply to ranchers, fishermen, and several other types of agricultural operators. Chapter 12 is a powerful tool.
One great thing about a Chapter 12 is that you are allowed to keep total control of your business operations – that means the heavy equipment, the vehicles, the trailers, the tools, the mowers, the fertilizers, the seeds, … all of it! Nothing has to be sold. And it even stops annoying creditors from hounding you. What’s more, it has the protection backed by the federal law. That means you have the support of your government.
So why doesn’t everyone file a Chapter 12? Because, as with everything, you first have to qualify. Those who qualify have to be in a certain line of business: farming, fishing, and agriculture. But there is some wriggle room. So it may be able to apply to you. Additionally, there are some other requirements that have to be met, and that’s where we come in. The Story Law Firm can guide you through this process.
So while there are a few hurdles to get over for filing a Chapter 12, don’t let that discourage you. The benefits outweigh the burdens and the process is one of the smoothest available. Remember, in the end, the main idea of a Chapter 12 is to help keep you farming! Think of it as “Freedom for Farmers.”