The idea of filing for bankruptcy is often frightening for most people. However, for those with significant debt obligations who are no longer able to make their payments, it may be the most desirable and even beneficial option available. There are several different types of individual bankruptcy are available, but one of the least well-known is Ch. 12 bankruptcy. This form of bankruptcy provides financial assistance to farmers or fishers and their families by helping them restructure their debts.
Who is Eligible for Chapter 12 Bankruptcy?
Ch. 12 bankruptcy is traditionally meant for farmers and fishermen because it is tailored towards wage earners with larger debt obligations than the typical Ch. 13 filer. By streamlining the bankruptcy process, Ch. 12 bankruptcy is often the most feasible option for individuals or families engaged in agricultural work. However, to be eligible for Ch. 12 bankruptcy, an individual must first file the following paperwork:
- A list of all people to whom debts are owed and their claims
- Detailed information regarding the debtor’s income
- A list of all property owned by the debtor
- A detailed list of any possible expenses the debtor may incur
If you are considering bankruptcy and think Ch. 12 may be your best option, you should talk to a lawyer about gathering and filing this information.
If you are a farmer or fisher and are considering bankruptcy, you should talk to a legal professional to make sure that bankruptcy is right for you. Contact the knowledgeable Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, today at 414-377-0518 to talk to a qualified member of our legal team.