The BAPCPA was signed into law a little bit more than a decade ago, and one of its most notable stipulations was that it made chapter 12 an official bankruptcy option (as opposed to a temporary act).
With this notion in mind, we’re going to explain the ins and outs of this unique financial restructuring tool and underscore the importance of your local chapter 12 bankruptcy attorney in Albany, OR.
What Is Chapter 12?
In its simplest sense, chapter 12 denotes a specific form of bankruptcy that allows family farmers and commercial fishermen to resolve their debt issues and cash flow problems without having to cease operations or close up shop, so to speak.
However, because this distinctive option is a relatively new addition to the Bankruptcy Code, you have to partner with an experienced chapter 12 bankruptcy attorney to ensure a desirable, cost-conscious outcome.
What Are the Advantages of Chapter 12?
As you probably already know, farming and fishing are both seasonal occupations, which means that entrepreneurs in these niches make the vast majority of their income during a short stretch of time each year.
In this regard, a chapter 12 bankruptcy attorney can help you create an individualized settlement plan with your creditors and suppliers that allows you to repay your debts seasonally, when your revenue stream increases organically.
Additionally, it’s worth noting that the maximum debt limits for chapter 12 filings are substantially higher than the restrictions associated with chapter 13. This is a huge benefit for farmers and fishermen that have amassed large amounts of debt for equipment, land, and other operational necessities.
Is There an Esteemed Expert in My Area?
If you’re ready to speak with a knowledgeable chapter 12 bankruptcy attorney to learn about the best course of action, you should reach out to a time-tested, a multi-talented panel of bankruptcy specialists for a free consultation.
Feel free to follow the link to visit the website of an authorized team of lawyers with over 25 years of experience within the bankruptcy landscape.
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