Michigan is not only surrounded by fresh water, but also has the second largest number of farms in the U.S. Behind automobiles, agriculture is the Great Lake state’s second-largest industry; 95 percent of the farms are family owned.
Family Farmers and Family Fishermen are able to file Chapter 12 Bankruptcy if they have no other way to get out from under their debts. This bankruptcy code will allow the farmers to set up a repayment plan in monthly installments for up to three years. In some cases, the court will approve a five year re-payment plan, but no longer than five.
If you are a Farmer or Fisherman struggling to make ends meet but is able to provide a steady income for your family throughout the year, you will most likely benefit from filing Chapter 12. However, there are certain requirements you must qualify for before you are able to file any claim.
- Establish eligibility of filing requirements
- Benefits Family Farmers and Family Fishermen
- Negotiate a repayment plan for up to five years
- File all necessary documentation to courts on your behalf
- Answer any and all questions or concerns about the process
Our team at James Hayes IV Attorney at Law know the guidelines and requirements in order to help determine if you fit the profile for Chapter 12 Bankruptcy or not. Once we verify your eligibility for filing your claim, we can then move forward with the process. Let our team of dedicated professionals assist you through the steps and guide you back to a more enjoyable future with your family.