What Is Chapter 12 Bankruptcy?
Richmond, Fairfax, and Warrenton Bankruptcy Attorneys Serving Family Farmers & Family Fishermen
Chapter 12 is a very specific type of bankruptcy that is reserved for family farmers and family fishermen. This chapter is designed to assist families who are struggling to make ends meet by allowing them the opportunity to repay their debts through a repayment plan that is approved by the court.
Contact us at (540) 788-2273 today to see if you qualify for Chapter 12 bankruptcy.
Unlike Chapter 7 or Chapter 13 bankruptcy, Chapter 12 helps farmers and fishermen overcome certain economic and income barriers. If you have an annual income from farming or fishing but you still are struggling to make ends meet, you may be eligible to file for Chapter 12 bankruptcy. Of course, no two cases are the same, and determining whether this chapter is right for you can be difficult. At our firm, our Richmond, Fairfax, and Warrenton bankruptcy lawyers never suggest that you take on the Virginia bankruptcy courts alone. We encourage you to retain the representation of our firm as soon as possible so that we can help protect your rights during the legal process.
In order to file for Chapter 12 bankruptcy, you should have the following prepared:
- Creditor list and the amount you owe them – as well as the nature of the claims
- Source, frequency, and amount of your income
- List of your assets and property
- List of your farming and living expenses on a monthly basis
Ready For A Debt-Free Life? Call New Day Legal At (540) 788-2273
Are you ready to become debt free? Financial burdens can weigh heavily on individuals and families, and you should not have to feel that you are out of luck or options. If you are being harassed by collectors, tormented with the thought of foreclosure on your property, or if you have any complications with debts, you need to contact New Day Legal right away. We provide a free, in-person initial consultation to each of our clients and we may be able to help you achieve a favorable resolution.
Schedule your complimentary case evaluation today to discuss your bankruptcy options.