Chapter 12 Attorney in Downey Giving Farmers and Fishermen a Second Chance

Fishermen and farmers are a major part of the United States economy, providing food, employment, and economic stability to countless Americans. But these occupations can be risky and vulnerable to market fluctuations, often leaving families with no choice but to file for bankruptcy.

At Resolve Law Firm, APC, we understand the unique financial challenges that farmers and fishermen face. Whether it’s an unexpected weather event causing crop failure or a downturn in fish prices, our experienced Chapter 12 attorney, Le’Roy Roberson, can help you navigate through this new and uncertain bankruptcy proceeding. Regardless of how big your farming or fishing operation is, Chapter 12 bankruptcy provides more flexible repayment plans than other types of bankruptcies for fishermen and farmers. We relieve stress and financial pressure by taking a hands-on approach to help you through the process. If you or someone you know has questions about filing for Chapter 12 bankruptcy, call Resolve Law Firm, APC today at 213-583-5547 to speak directly with our experienced legal team and book a free consultation.

What is Chapter 12 Bankruptcy?

Chapter 12 bankruptcy is a unique form of bankruptcy protection designed specifically for family farmers or fishermen who have a regular annual income from a farming operation or commercial fishing operation. It provides relief to these individuals by allowing them to restructure their finances without being forced into complete liquidation.

Under Chapter 12, the debtor creates a plan which allows them to pay off some of their debt while maintaining the ability to continue farming or fishing operations. The court must approve this plan before it can go into effect. Once approved, creditors are prohibited from taking legal action against the debtor during the repayment period.

This type of bankruptcy protection is only available in certain circumstances, mainly those involving family-owned farms that generate at least 50% of their gross income from farming or fishing operations. Debtors must also meet certain debt limit requirements set by federal law in order to qualify for Chapter 12.

What are the Benefits of Filing for Chapter 12 Bankruptcy?

One of the biggest advantages of filing for Chapter 12 bankruptcy is the automatic stay. This means that creditors are stopped from any collection activity, including foreclosure and repossession, while a repayment plan is decided upon and approved by the court.

Another advantage of Chapter 12 bankruptcy is that it allows debtors to keep their farm property if they can show that they will be able to make payments on their debts in full under the terms of the repayment plan. This gives debtors more time to reorganize their finances without having to go through the process of selling their farm or other property.

In addition, Chapter 12 bankruptcy also allows debtors to make payments on their debts over a three-to-five-year period. This makes it easier for debtors who don’t have enough money upfront to pay off all of their debts to catch up on their payments without risking further damage to their credit scores.

Finally, since Chapter 12 is more specialized than other forms of bankruptcy, debtors who work with Chapter 12 bankruptcy lawyers like Le’Roy Roberson will gain valuable insight into the process, the requirements, and the most optimal outcomes! Contact us today to learn more about Chapter 12 bankruptcy and how we can help!

What are Common Mistakes When Filing for Chapter 12 Bankruptcy?

Filing for Chapter 12 bankruptcy can be an intimidating process, and it is easy to make mistakes. To help you understand the potential pitfalls of filing for Chapter 12 bankruptcy, here are some common mistakes that people make when filing:

• Not providing accurate numbers: When filing a petition for Chapter 12 bankruptcy, you must provide accurate information regarding your income, assets, debt, expenses, etc. Not doing so may lead to delays or even the dismissal of your case.
• Not understanding eligibility requirements: To qualify for Chapter 12 bankruptcy protection, you have to meet certain criteria related to income and debt, all of which can vary from year to year. It’s best to seek advice from a Chapter 12 bankruptcy lawyer to understand eligibility and what to expect when filing.
• Failing to complete all paperwork: To ensure that your petition is accepted, you must provide a variety of forms and documents. Make sure that you fill out every form entirely and submit it on time, or risk having your case delayed or dismissed.
• Not budgeting for repayment plan payments: When filing for Chapter 12 bankruptcy, you must develop a repayment plan that outlines how much money will be paid back over the course of three to five years. It’s important to create a realistic budget that enables you to make timely payments according to the terms of your agreement while giving yourself enough wiggle room to make ends meet.

Trying to take on Chapter 12 bankruptcy alone can prove to be difficult – especially if you don’t know where to start. Resolve Law Firm, APC, is here to take you through step one of the process – all the way to the finish line!

How Can a Chapter 12 Bankruptcy Lawyer Help Me?

If you’re a family farmer or fisherman considering filing for Chapter 12 Bankruptcy, it’s important to know how much help you can get from an experienced Bankruptcy attorney in Downey. Our founding attorney, Le’Roy Roberson, is dedicated to getting you the debt relief you deserve. As one of the backbones of America’s economy, it is our pleasure to provide you with dedicated service, constant communication, and swift results throughout your Chapter 12 case. Trust us for all your bankruptcy law needs and to guide you through bankruptcy court. From helping you develop plan payments for secured creditors and unsecured creditors to presenting your case to the bankruptcy judge, we’re here to help! Call us today at 213-583-5547 to book a free consultation with our law firm and take one step closer to financial freedom!