Metairie Chapter 12 Bankruptcy Attorneys
Chapter 12 is a lesser known portion of bankruptcy law that provides bankruptcy protections to family fishermen and farmers. If your family’s income relies upon fishing or farming and you are struggling to make ends meet, you may be able to take advantage of Chapter 12 of the U.S. Bankruptcy Code.
Sometimes family farmers or fishing enterprises struggle through no fault of their own. Weather, water and soil quality, and fluctuating markets can all affect a family’s ability to make money and cover its debts. To discuss the details of your situation with an experienced Chapter 12 bankruptcy lawyer, contact the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.
About Chapter 12 Bankruptcy
Chapter 12 was added to the U.S. Bankruptcy Code in 1986 to assist family farms and fishermen who were struggling with reduced agricultural credits. This type of bankruptcy is a reorganization bankruptcy, meaning that the family farm or fishing enterprise is given the opportunity to restructure its finances in order to pay back its debts. The reorganization process typically requires that a debtor:
- File for Chapter 12 bankruptcy with the court
- File a statement of financial affairs and a schedule of assets and liabilities
- Present a repayment plan to the court within 90 days of filing
- Attend a confirmation hearing within 45 days of submitting the plan
- Follow the repayment plan to completion
As soon as a family files for Chapter 12 bankruptcy, it is also protected from harassment from creditors through the automatic stay provision. Creditors will not be allowed to contact the family and risk being penalized by the court if they do so. This allows you the chance to focus on repaying your debts and getting your family business back on track without pressure from aggressive creditors.
Contact Us
Filing for bankruptcy can help to offer a chance for your family farm or fishing business not only to survive but to thrive again. To learn more, contact the Metairie Chapter 12 bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.