New Orleans Chapter 12 Bankruptcy Lawyers

Chapter 12 of the US Bankruptcy Code was written specifically for the benefit of family-run farms and fishing operations. It is similar to Chapter 13 because filers will be expected to restructure their finances to repay debts over a period of time. However, the eligibility requirements for filing under Chapter 12 are quite different.

If you operate a small farm or fishing company and have been experience severe financial problems, a Chapter 12 bankruptcy may be the right option for you. For more information about the legal process, call the New Orleans bankruptcy lawyers of Kervin & Young, LLC at 504-599-5906.

The Chapter 12 Process

Chapter 12 bankruptcies are intended to be more accessible to small farms than Chapter 7 or Chapter 13 bankruptcies. They are often more efficient and less expensive to file, and allow a higher level of debt than Chapter 13. This is because the costs of running a farm or fishing operation can create much higher levels of debt than most families will face.

You may be eligible for Chapter 12 bankruptcy if:

• You operate a farm or fishing operation that is mostly (more than half) owned by one family
• The family that owns the company also conducts its business
• If your debts do not exceed a certain amount

This amount is subject to change, so it is important to discuss your situation with a New Orleans Chapter 12 bankruptcy attorney.

If your claim is accepted, a trustee will be appointed by the court to oversee your case. He or she will help you develop and carry out a plan to repay your debtors over time. Rather than worrying about a variety of bills from many different creditors, you will be able to make one regular payment until your family is back on its feet.

Contact Us

The authors of the US Bankruptcy Code understood the unique challenges faced by family-owned farming and fishing organizations. If your family business is struggling to make ends meet, help is available. To learn more, contact the New Orleans Chapter 12 bankruptcy lawyers of Kervin & Young, LLC at 504-599-5906.