Chapter 12 bankruptcy in Palm Beach County is an option available to family farmers, nursery growers and family fisherman facing seemingly insurmountable debt. Our Chapter 12 bankruptcy attorneys can help those that fall under eligibility requirements for Chapter 12 bankruptcy in Boca Raton, West Palm Beach, Boynton Beach, Delray Beach, Highland Beach, Jupiter, Lake Worth, Lantana, Palm Beach Gardens, Riviera Beach, Royal Palm Beach, and Wellington, as well as nearby cities, obtain the financial relief they need through a restructuring of their debt.
Chapter 12 bankruptcy involves a debt reorganization plan, much in the same way as Chapter 11 or Chapter 13 bankruptcy. This means that outstanding debt is structured into a monthly payment plan, typically spanning a period of 3 – 5 years. This is in contrast to the liquidation of assets and distribution of proceeds that occurs under Chapter 7 bankruptcy. Throughout the process, creditors must cease collection, harassment or other financial or legal activities against you. You can also retain your farm, nursery or fishing venture and continue its operation.
Only family farmers (including nursery growers) and family fisherman can utilize Chapter 12 bankruptcy protection. This section of the bankruptcy code is designed to meet the specific needs of this segment of the population, stipulating higher debt limits than Chapter 13 affords, but with lower fees and less complex requirements than Chapter 11 entails. Individuals, individuals and spouses, partnerships and corporations engaged in farming, nursery growing or commercial fishing operations are eligible to file Chapter 12 bankruptcy, as long as the filer has regular annual income.
How To Determine If You Should File Chapter 12 Bankruptcy in South Florida
If you are a family farmer, nursery grower or family fisherman facing difficult financial circumstances and seemingly insurmountable debt, Chapter 12 bankruptcy may help you get back on the road to a more secure financial future. Chapter 12 is only available to family farmers and fisherman, and allows for higher debt limits than Chapter 13 and less costly and complex requirements than Chapter 11. This section of the bankruptcy code is specifically designed to meet the unique needs of farmers and fisherman.
How To Find A Chapter 12 Lawyer in Palm Beach
Not all bankruptcy lawyers have experience with Chapter 12 bankruptcy filing. That’s why it is important to find a bankruptcy law firm that understands the unique challenges you face as a family farmer or fisherman. We have Chapter 12 bankruptcy attorneys in Palm Beach County that can provide you with the knowledge and experience you need, as well as the compassion and understanding you deserve as you navigate through this difficult process.
Our Chapter 12 Bankruptcy Law Firm
We have offices located in Fort Lauderdale, Boca Raton and West Palm Beach, providing convenient locations for you to meet with one of our experienced Chapter 12 lawyers. We can provide you with the information you need to help you determine if Chapter 12 is right for you, and if so, can help you prepare and file all necessary paperwork and documentation. Our Chapter 12 bankruptcy lawyers will serve as the sole source of contact between you and your creditors during this rather lengthy process, and will continually provide you with the information and advice you need to help you get back on the road to financial health.
Free Chapter 12 Bankruptcy Consultations in Palm Beach County
If you are facing difficult financial circumstances and considering bankruptcy, we offer free Chapter 12 bankruptcy consultations to provide you with the necessary information so you can determine if this option is right for you. During this meeting, we will assess your unique financial situation and challenges and can answer any questions you may have. There is no obligation for you to move forward following this consultation – it is simply our way of helping you determine the best options to meet your needs.
Chapter 12 Bankruptcy Information
We have provided some basic information regarding Chapter 12 bankruptcy on this site and encourage you to look through the FAQ section below for answers to common questions. We also invite you to speak with one of our Palm Beach bankruptcy lawyers directly to discuss your unique financial situation and to have any questions you may have answered. Simply call us to schedule an appointment, or fill out the contact form on the side of this page and one of our bankruptcy attorneys will contact you.
Contact Our Chapter 12 Bankruptcy Attorneys in Boca Raton or West Palm Beach
We offer conveniently located offices on N. Federal Highway in Boca Raton, S. Flagler Drive in West Palm Beach, and E. Broward Boulevard in Fort Lauderdale. Contact us today to schedule your free Chapter 12 bankruptcy consultation by calling us or fill out the contact form on the side of this page and one of our lawyers will call you.
If you are a family farmer, nursery grower or family fisherman, the Chapter 12 bankruptcy attorneys can help you get back on the path to a healthier financial future. We offer knowledge, experience, compassion – and the freedom to start fresh.
Who is eligible for Chapter 12 bankruptcy protection?The Chapter 12 bankruptcy code is uniquely designed to meet the needs of family farmers (including nursery growers) and family fisherman in the United States. It entails a debt reorganization plan that allows debtors to repay debt in a monthly payment plan that spans 3 -5 years and offers higher debt limits than Chapter 13 bankruptcy allows, while being less costly and complex than Chapter 11. Individuals, individuals and spouses, partnerships and corporations that are engaged in family farming, nursery growing or commercial fishing operations are eligible to file for bankruptcy relief under Chapter 12. Debtors must have regular annual income.
What are the debt limits for Chapter 12 bankruptcy?Debts cannot exceed $3,792,650 for family farmers and $1,757,475 for family fisherman. Additionally, at least 50% (for family farmers) and 80% (for family fisherman) of fixed debts must be related to the farming or fishing operation, exclusive of debt related to the debtor’s primary residence. These debt limits are higher than those offered under Chapter 13 bankruptcy code.
Can I still operate my business during Chapter 12 bankruptcy?Yes, you retain your farm, nursery or fishing operation throughout the bankruptcy process, as long as you continue to make your regularly scheduled payments. Chapter 12 bankruptcy filing requirements stipulate that you must have a regular annual income in order to be eligible to file.
What is the process for Chapter 12 bankruptcy?If you decide to file Chapter 12, you must first file a bankruptcy petition in bankruptcy court, as well as a series of financial schedules and a proposed debt repayment plan. This plan will stipulate monthly payments spanning 3 – 5 years designed to repay all or a portion of your outstanding debt. You will then be required to attend a meeting with a court-appointed bankruptcy trustee, along with your lawyer, to review the proposed plan and any related information. Creditors can also attend this meeting (although they rarely do).
Once the plan is approved by the trustee, you make scheduled monthly payments to the trustee, who then disburses the payments to creditors according to terms set forth in the debt repayment plan. Throughout this process, you can keep your farm, nursery or fishing operation going and creditors must cease collection, communication and harassment activities. When you have completed making all payments according to the plan, any remaining debts are discharged.
Why do I need a lawyer for Chapter 12 bankruptcy?The process of filing Chapter 12 is relatively complex, with a duration that can last 3 – 5 years. This section of the bankruptcy code is uniquely designed to meet the needs and challenges of family farmers and fisherman. Therefore, it is best to retain the services of an experienced Chapter 12 bankruptcy attorney that can provide you with the information and advice you need, as well as the compassion and understanding you deserve as you navigate through a difficult time.
Where in South Florida do you provide Chapter 12 bankruptcy services?We offer Chapter 12 bankruptcy services in Palm Beach County, as well as in Broward County.