Chapter 12 Bankruptcy Lawyers in Los Angeles
Handling Your Case with Unmatched Speed & EfficiencyDuring the recent bout of recessions our country has been experiencing, especially in the catastrophe of the pandemic COVID-19, many businesses and corporations have been suffering severe financial woes. If you are running a business with your family, you can face more hardships because your organization is so small, and often is not eligible for the aid larger corporations can get. The stakes are even higher if you are a farmer or a fisherman.
This is because despite the fact that farming and fishing businesses are utterly crucial to our entire country who depend on them for food, fuel, and economic resources, there are far more risks that come with these challenging sectors of industry. Fishermen and farmers are dependent on weather and climate conditions or levels and availability of natural resources, but they are also dependent on the broader economic state, which is currently wobbling on a dangerous brink. If you are a fisherman or farmer looking for reliable Chapter 12 bankruptcy lawyers in Los Angeles, you can depend on The Turoci Bankruptcy Firm to help you apply with complete clarity and understanding of the process.
Call us today at 888-332-8362 for our trustworthy and reliable service in answering all your questions about Chapter 12.
How Does Chapter 12 Bankruptcy Work?This narrowly specific but crucial Chapter can only be filed if you have a family-owned farming or fishing business. Chapter 12 was directly designed to help these individuals and families create a solid plan to pay off their debts in distinct payments over extended periods of time. When the installments have been distributed, the usual plan allows these family-run businesses to disburse their payment to demanding creditors over a space of three to five years.
Once your payments have been reorganized into a negotiated plan over this three- to five-year period, you will no longer be hassled by creditors demanding repossession. When your plan has been finished, the courts can actually discharge any remaining debts, which will enable you to completely start fresh financially.
Who Is Eligible for Chapter 12 Bankruptcy?If you are looking to apply for Chapter 12, make sure that you know the eligibility requirements.
For Chapter 12 bankruptcy, you need to make sure you fit a certain criteria, which includes:
- Having a fishing or farming business which is owned and operated by either a single individual, a married couple, a mutual partnership, or in certain cases, a limited corporation.
- At least half of your entire gross income must arise directly from farming or fishing, as opposed to other operations.
- If you are a fisherman, your business debts must make up a minimum of 80% of your entire debt, excluding home mortgages.
- If you are a farmer, your business debts must make up a minimum of 50% of your entire debt, excluding home mortgages.
- If you are involved in a mutual partnership or a corporation, at least half of the entire business’s operations need to be owned and managed by a single family.
- If you are a fisherman, the entirety of your debt cannot surmount around $1.8 million.
- If you are a farmer, the entirety of your debt cannot surmount around $4 million.
Get Knowledgeable Support From Our Legal ProfessionalsYou should never be ashamed of applying for Chapter 12 bankruptcy, especially when farmers and fishermen, some of our most valuable workers, are facing financial trouble all over the country for causes completely outside of their control. However, since this kind of bankruptcy application is much rarer, requiring highly specific criteria and restrictions, you will need our greatly experienced Chapter 12 bankruptcy lawyers in Los Angeles to lend a hand.
Contact us today at 888-332-8362to reach The Turoci Bankruptcy Firm, where you can count on receiving empathetic, powerful representation and advocacy. Request your free consultation today.