Chapter 12 Lawyer

The attorneys at Klein Law Group, with offices in Boca Raton, West Palm Beach and Fort Lauderdale, can assist family farmers (including nursery growers) and family fishermen considering Chapter 12 bankruptcy. This option involves debt reorganization rather than liquidation much in the same way as Chapter 13 or Chapter 11, with the most notable difference being that Chapter 12 bankruptcy is only available to family farmers and family fishermen.

Chapter 12 is a section of the bankruptcy code designed to better meet the specific needs of family farmers and fishermen in comparison to Chapter 13 or Chapter 11 bankruptcy.  In essence, this option combines features from each of these two sections of the bankruptcy code.  In Chapter 12 bankruptcy, debtors may exceed the debt limits of Chapter 13 filing, but the process is less costly and less complicated than Chapter 11.  Bankruptcy relief under Chapter 12 is available to individuals, individuals and spouses, partnerships or corporations that are engaged in farming or commercial fishing operations. Owners of nurseries that grow their own plants are also eligible to file Chapter 12 bankruptcy.  One primary stipulation in filing Chapter 12 bankruptcy, however, is that family farmers and fishermen must have regular annual income.

If you are a family farmer or fisherman filing Chapter 12 bankruptcy, you are required to repay a portion of your debt according to an approved monthly payment plan that spans 3 – 5 years. During that time, you can retain your farm or fishing venture and continue its operation.  A trustee is appointed to oversee all debt repayment and to distribute your monthly debt repayments to creditors as appropriate.  At no time during the process will you have to deal directly with any creditors and collection activities against you cease.

Chapter 12 bankruptcy offers farmers and fishermen an opportunity to take control of their financial future and start fresh.  If you are a family farmer or fisherman considering bankruptcy, our lawyers can provide the help you need. We have experience in handling such cases in South Florida and can offer you the guidance and information necessary to set you on the path to financial recovery.  We understand that the process of considering bankruptcy relief is a difficult one at best and we are dedicated to providing you with the knowledge you seek along with the compassion you deserve.

We invite you to learn more about the various aspects of Chapter 12 bankruptcy by looking through the resources we have compiled on our website. We hope that this information will make it easier for you to determine if this is the right option for you. We also welcome you to call and set up a free consultation with one of our experienced attorneys in Boca Raton, West Palm Beach or Fort Lauderdale. During this free consultation, we will review your unique financial situation and provide you with information so you can better determine if bankruptcy is the best way to handle your seemingly insurmountable debt and to get back on the road to financial health.

For more information about Chapter 12 bankruptcy or to schedule a free, no-obligation bankruptcy consultation, call the attorneys at Klein Law Group at (561) 353-2800 or fill out the contact form on the side of this page. We have offices in Boca Raton, West Palm Beach and Fort Lauderdale.

If you are a family farmer or family fisherman considering bankruptcy, call the  attorneys at Klein Law Group at (561) 353-2800 to begin the path to a new, healthier financial future. We provide you with the freedom to start fresh.l you have to deal directly with any creditors and collection activities against you cease.

Chapter 12 bankruptcy offers farmers and fishermen an opportunity to take control of their financial future and start fresh.  If you are a family farmer or fisherman, our lawyers can provide the help you need. We have experience in handling Chapter 12 bankruptcies and can offer you the guidance and information necessary to set you on the path to financial recovery.  We understand that the process of considering bankruptcy relief is a difficult one at best and we are dedicated to providing you with the knowledge you seek along with the compassion you deserve.

Chapter 12 Bankruptcy Law Firm FAQs

Chapter 12 bankruptcy allows for family farmers and family fishermen facing insurmountable debt to restructure their debt into a debt repayment plan that spans 3 – 5 years. To be eligible for this form of bankruptcy relief, an individual, individual and spouse, partnership or corporation must be engaged in a farming or commercial fishing operation and must have regular annual income. At least 50% (for family farmers) or 80% (for family fishermen) of fixed debts must be related to the farming or fishing operation, exclusive of the debt from a primary residence. Debt limits for Chapter 12 bankruptcy are $3,792,650 for family farmers and $1,757,475 for family fishermen.
Chapter 12 bankruptcy provides family farmers and fisherman with an option for restructuring their debt over a period of 3 – 5 years, while maintaining ownership of their farm or fishing operation. It provides for higher debt limits than Chapter 13 bankruptcy, but is less complicated and less costly than filing Chapter 11 bankruptcy.
Only family farmers and family fishermen are eligible for debt relief under the Chapter 12. Nursery owners that grow their own plants are also eligible for bankruptcy relief. Additionally, farmers and fishermen must have regular annual income and must meet other specific eligibility requirements related to the percentage of income that comes from the farming or fishing operation and the percentage of debt that is a result of the farming or fishing operation. Debts cannot exceed $3,792,650 for family farmers and $1,757,475 for family fishermen.

The first thing you need to do is to file a petition with the bankruptcy court, along with financial schedules and a proposed debt repayment plan. A bankruptcy trustee will be appointed to your case and will be responsible for reviewing your debts, income and other financial criteria. You will be required to attend a meeting of creditors with the trustee and any creditors that wish to attend, and during this meeting, we will be with you by your side. Following the meeting and review of your financial information, the trustee will either confirm or oppose the proposed debt repayment plan that you will be required to follow.
Once approved, you will then make monthly payments directly to the trustee who will disburse the payments to your creditors under the terms set forth in your debt repayment plan. During this process, creditors can no longer contact you directly and all collection activities against you must cease. After you have completed all payments according to the monthly debt repayment plan, you are discharged of any remaining debts to your creditors. In essence, you are provided with a “clean slate” or “fresh start”.

People have many questions when it comes to Chapter 12 bankruptcy, especially since it is not as common as other bankruptcy options. If you are a family farmer or fisherman and would like more information, call us for a free, no-obligation, bankruptcy consultation. We can provide you with information, answer your questions, and help you determine if Chapter 12 bankruptcy is right for you.

The experienced and knowledgeable lawyers at Klein Law Group will be with you every step of the way as you navigate the path towards bankruptcy discharge. We will provide you with the information and guidance you need and will assist you in filing the petition and creating a debt repayment plan. We will be the sole source of contact for the court-appointed bankruptcy trustee, as well as any creditors.
Throughout the process, we will serve as compassionate, knowledgeable and reliable advocates. Few attorneys in South Florida have the experience to help you navigate the complicated process of Chapter 12 bankruptcy, but at Klein Law Group, we can provide family farmers and fishermen with the opportunity for a fresh start.

We offer legal services in Boca Raton, West Palm Beach, Delray Beach, Boynton Beach, Fort Lauderdale, and surrounding areas.