Chapter 12 bankruptcy is a type of bankruptcy specifically fashioned to either family farmers or fishermen seeking to reorganize or consolidate their debts through bankruptcy proceedings. The most commonly filed Chapters of bankruptcy are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 12 bankruptcy is probably one of the least commonly filed forms of bankruptcy. Even Chapter 11 bankruptcy or corporate reorganization, is probably more commonly filed than Chapter 12 bankruptcy. Chapter 9 bankruptcy, which involves the reorganization of the debts of a municipality, may be the least filed Chapter of bankruptcy after Chapter 12 bankruptcy. However, with the many cities which have mismanaged their monetary resources, and promised unrealistic pension benefits to their workers, Chapter 9 bankruptcy may in the future overtake Chapter 12 bankruptcy in terms of numbers of filings.
Chapter 12 bankruptcy does offer some benefits to the family farmer or fisherman, including higher debt limits than may be permitted in a Chapter 13, and special advantages that may not be available to some debtors under different Chapters of the bankruptcy code.
At Weller Legal Group, we have filed many thousands of bankruptcies since our founding in 1993. However, we have only represented one client in a Chapter 12 bankruptcy. That is an indication of how rare is Chapter 12 bankruptcy. Most attorneys, even those who primarily practice bankruptcy law, will never file a Chapter 13 bankruptcy in their entire career.
However, if you are a family farmer or fisherman, and are contemplating whether to file bankruptcy, Weller Legal is equipped and knowledgeable to represent you not only in Chapter 12 bankruptcy, but also in the other forms of bankruptcy of which you may be eligible. Just because you are a family farmer or fisherman does not mean that Chapter 12 bankruptcy is the most beneficial choice for you.
Call our office or contact us through our website. Mr. Weller will speak with you directly to discuss with and inform you of your options, as they apply to your specific situation. Mr. Weller really enjoys speaking with and helping the many persons who contact our office.
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