Financial Freedom for Family Farmers

It is not easy to be a farmer these days. As with any business, you are responsible for several tasks, whether you perform them or not. You are also ultimately responsible for dealing with matters over which you have little or no control. One wrong turn in any of these moving parts can upset the whole apple cart.

While capitalism generally favors the stronger competitor, our society does not abandon those who can use a hand. Capital to pursue a business is available from several sources. Each source develops its lending criteria and generates loans within certain requirements. Such requirements often grant the lender tremendous leverage in collecting delinquent and defaulted payments. Depending upon the situation, these collection practices can inflict a severe blow to the viability of the business or close it down completely.

To level the playing field, and avoid the shuttering of an otherwise viable farm, Congress added Chapter 12 to the Bankruptcy Code in 1986. The tools within its provisions provide those with regular income who derive more than half of their income from farming or fishing and debts of $12,562,250.00 or less some breathing room. Often just knowing these remedies exist will bring lenders to the negotiating table without filing a petition. You can therefore restructure troublesome debt to terms you can deal with and restore security to your business.

Each case is unique. You should therefore seek professional assistance before matters become completely unmanageable. Let us sit down with you to discuss making at least the financing aspect of your business less stressful. Contact our Bankruptcy and Restructuring Department at 717-848-4900 or https://www.cgalaw.com/practice-areas/bankruptcy-debt-restructuring/ to get started.