Chapter 12 Bankruptcy in Irving
Our Irving Bankruptcy Lawyer Helps Famers & Fishermen!
While most people think of businesses as retail establishments, factories, or other “typical” entities, what most don’t recognize is that agricultural workers like farmers and fishermen are also usually sole proprietors of their own businesses. Farmers use their land to produce food which they then sell to support themselves, and fishermen often use their reliable boat to haul up catches to sell and support themselves. However, like everyone else these individuals can find themselves in trouble financially, and that means they may need to seek assistance through the bankruptcy process. For these individuals, Chapter 12 bankruptcy may be the option they’re looking for.
Attorney J. Roland Jeter has practiced law for nearly 40 years, providing exceptional representation and quality, compassionate counsel to those facing some of the most stressful times of their lives. Attorney Jeter is highly-familiar with bankruptcy laws, and can put Chapter 12 laws to work in order to protect the most valuable assets in the lives of fishermen and farmers while still helping them seek the relief they need. Attorney Jeter has received coveted awards and recognitions for his advocacy and counsel, including the prestigious AV® Preeminent™ rating from Martindale-Hubbell®, which demonstrate his unwavering dedication to his client’s needs and outstanding record of service.
Get help protecting your most important assets as a fisherman or farmer; call J. Roland Jeter, P.C. today at 972-330-4050 for a case evaluation.
The Basics of Chapter 12 Bankruptcy
Chapter 12 bankruptcy is a fairly new procedure, in fact it wasn’t even made officially permanent until 2005. While it might seem like an extremely beneficial way of protecting assets for those who work in some of our country’s most important industries, it’s actually extremely rare for someone to qualify. The first test is you must work as either a farmer or fisherman and have “regular annual income” from this work. This income may be seasonal so long as the seasonal income is enough to make regular debtor payments.
Chapter 12 is similar to Chapter 13 in that the debtor must create a plan for paying back their debts within a certain period. However, instead of collecting any assets to liquidate, the farmer or fisherman continues normal business operations and collects income. The trustee is limited to reviewing documents, monitoring debtor operations, advising the court, and collecting and disbursing the plan payments.
Once the plan is confirmed, the case remains open until the debtor makes all required payments to the trustee. Once the final payment is made, the court grants the debtor a discharge of all obligations not covered by the Chapter 12 bankruptcy plan. However, if the debtor cannot have their plan approved, they may not be granted a discharge, which may also prompt them to dismiss their Chapter 12 case and covert to a Chapter 7 liquidation.
For more information or to find out if you may benefit from a Chapter 12 bankruptcy declaration, contact J. Roland Jeter, P.C. online now!