Chapter 12 bankruptcy applies to family farmers and family fishermen. In this type of filing, the debtor and trustee will develop a repayment plan. The court will then assess the plan and decide on whether to accept it, make alterations to better it, or dictate a fresh plan all together.
Hames, Anderson, Whitlow & O’Leary, P.S. handles debtor and creditor bankruptcy cases in Richland, Pasco, Kennewick and surrounding areas. We are a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.
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Why Do People Prefer Filing Chapter 12 Bankruptcy?
Unlike Chapter 7 filings, Chapter 12 filings do not require the debtor to liquidate their assets. In the real sense, the debtor gets to keep all assets. In most Chapter 12 filings, the debtor is only required to repay a small percentage of what he or she owes.
Do You Qualify For Chapter 12 Bankruptcy?
Only families within the farming or fishing industries can file for Chapter 12 bankruptcy. There is also a debt limit that determines whether you can make this filing. Also, family farmers can make this filing only if more than half of their debt accumulated due to farming operations. This filing can also apply to partnerships or companies in the farming and fishing business but under unique circumstances.
How to File Chapter 12 Bankruptcy in the Tri-Cities
There are various forms that need to be completed when filing Chapter 12. You will need to gather some supporting documents in order to accurately complete these forms and then submit them. When filing for Chapter 12, the debtor is required to give the bankruptcy court a full list of all its creditors and how much money he/she owes each one of them.
When filing for Chapter 12 bankruptcy, you will be required to declare your source of income together with all the properties that you own. You will also need to outline all your expenses that were incurred by your farming or fishing operations. All these declarations will be accompanied with the necessary supporting documents. You will then be required to meet with your creditors in order to work out a suitable repayment plan.
In Chapter 12 bankruptcy, the debts will not be discharged until all payments are made according to the repayment plan.
Hames, Anderson, Whitlow & O’Leary, P.S. has the knowledge and experience you need to get through this trying time as quickly and efficiently as possible with the best possible outcome for your case. We are Kennewick, Pasco, and Richland bankruptcy attorneys you can count on.
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Hames, Anderson, Whitlow & O’Leary, P.S. serves creditor and debtor bankruptcy needs for the Tri-Cities (Richland, Pasco, Kennewick, West Richland) and surrounding areas including Hermiston, Benton City, Prosser, Grandview, Sunnyside, Finley, Burbank, Desert Aire, Mattawa, and Othello.
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