The Basic Types of Chapter 12 Bankruptcy Services in New Haven, IN

There are many different types of bankruptcy in the United States. The bankruptcy code is separated into different chapters, and each chapter has different statutes. Each chapter specifies a certain kind of bankruptcy and who qualifies for it. Furthermore, each chapter of bankruptcy will specify the type of repayments that are required. Most bankruptcy chapters are designed for specific types of people based on their job and the amount of money they have to pay over time. Chapter 12 is the type of bankruptcy most commonly employed for farmers and fishing professionals. If you are a professional fisher or a family farmer, you might need chapter 12 bankruptcy services.

What Is Chapter 12?

Chapter 12 is for family-run fishing and farming businesses. To qualify for chapter 12 bankruptcy services in New Haven, IN, you need to be in the farming or fishing business. Also, you need to have a steady income. The process for chapter 12 differs from some other kinds of business bankruptcy in that the payments are typically lower and the process is more streamlined. It is designed specifically to accommodate some of the uncertainties as well as the seasonal income of a fishing or farming business.

You should visit Fred Wehrwin, P.C. if you think you need to file for chapter 12 bankruptcy. It is a reorganization type of bankruptcy so you won’t lose your business.

Reorganization

Chapter 12 bankruptcy services allow you to reorganize your business without the risk of losing it. Oftentimes, organization means that you will sell parts of your business you don’t need and liquidate some assets. For example, if you have two fishing boats, you might sell one of them to help decrease your debts. You won’t have to lose your business, though. For many people, that’s most important. If you can keep your business, you can begin to rebuild your profit margins. You can also connect them on Facebook.

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