Help For Farmers and Fishermen

I have recently had an upsurge in inquiries from potential clients operating fish farms, tree farms, cattle ranches, and fishing/shrimping operations. These clients are being hit hard by the cost of fuel, weather problems, lack of demand, and tight credit. Fortunately, the Bankruptcy Code provides specific help for those able to be classified as "Family Farmers and Family Fishermen". A little-used section of the Bankruptcy Code is Chapter 12. It is a reorganization that is simpler and less expensive than a Chapter 11, but a bit more complicated than a Chapter 13. The Chapter 12 still contains the "cramdown " provisions that allow secured debt to be paid at the value of the collateral rather than the amount of the debt. I have been able to save clients $millions with this provision. Chapter 12 operates through a Trustee, much as a Chapter 13. Many of the restrictions from the 2005 BAPCPA changes, such as The Means Test do not apply to this reorganization.
If you think you may qualify as a Family Farmer or Family Fisherman seek experienced counsel before allowing foreclosure of your farm or fishing vessels. Too many times when the Banker says "We want you to work with us" it means lay down and let us take you to the poorhouse. The banker works for the Bank; he is not your friend.