Filing For Chapter 12 Bankruptcy In Michigan
Bankruptcy Options For Family Farmers And Fisherman
If you are a family farmer or family fisherman with regular annual income who is seeking relief from mounting debts, Chapter 12 bankruptcy may provide you with the solution you need. A relatively new form of bankruptcy, Chapter 12 allows individuals, corporations, and partnerships to restructure their debt in order to avoid foreclosure and/or liquidation. All bankruptcy law is fairly complex, and Chapter 12 is no exception. It’s wise to seek the assistance of an experienced Chapter 12 bankruptcy attorney in Royal Oak and throughout southeastern Michigan if you choose to pursue this form of debt relief. At Gudeman & Associates, P.C., our team has more than 100 years of combined experience, giving us the skills, resources, and legal know-how to guide you every step of the way.
Contact us today at Call to schedule your consultation with our team.
Do I Qualify For Chapter 12 Bankruptcy?
Enacted in 1986 by congress as a temporary, emergency measure to help family farmers and fisherman from increasingly constricting agricultural credit, Chapter 12 bankruptcy is used very infrequently. In order to qualify for this type of bankruptcy, you must meet certain requirements.
In order to qualify for Chapter 12 bankruptcy, you must:
- Hold the occupation of “family farmer” or “family fisherman”
- Gain “regular annual income” from farming or commercial fishing
- Obtain more than 50% of your total gross income from farming or fishing
- Not have total debt exceeding $4,153,150 (farmers) or $1,924,550 (fisherman)
- Owe 50% of your total debt from farming operations or 80% from fishing operations
For farming and commercial fishing businesses owned through corporations or family partnerships, further restrictions apply. If you are unsure if you qualify for Chapter 12 bankruptcy, one of our skilled Southeastern Michigan Chapter 12 bankruptcy attorneys can look at your situation and determine if you are a candidate.
Over A Century Of Combined Legal Experience
At Gudeman & Associates, P.C., we have more than 100 years of combined experience. Our team of Royal Oak bankruptcy lawyers can help you through the entire legal process — from determining if you qualify for Chapter 12 bankruptcy to handling all necessary paperwork and helping you file. We provide compassionate, personalized legal services so you can focus on regaining control over your finances and preparing for the future.
Schedule your no-obligation consultation with our team today — call us at Call to get started.