A Chapter 12 bankruptcy is one that allows a family farm to operate under court protection while it restructures its finances and avoid foreclosure or liquidation. Although it’s similar to Chapter 13 bankruptcy, it offers more flexibility and benefits to the debtor. The law enables a financially struggling family farmer and fisherman to propose and execute a plan to repay all or a part of their debts. So under this law, a debtor proposes a plan of repaying debts in installments over 3 to 5 years.
So if you’re a farmer or fisherman and you’re facing massive debts that you’re struggling to pay, you can speak to Eric Ollason Attorney at Law, a bankruptcy law firm in Tucson, to find out how you can get assistance. The attorney will help you reduce the secured debt on your farm property, and you can also raise money to cover costs through post-petition financing. You will also get access to lower interest rates and banks will now readily grant you loans because your debt receives high priority.
Directions To Our Tucson, AZ Bankruptcy Attorney Law Firm
Eric Ollason, Attorney at Law
182 N Court Ave
Tucson, AZ, 85701