Chapter 12 Attorney
Serving Wilson, Greenville, NC & the Surrounding Areas

Bankruptcy is a federal legal proceeding that can relieve a person of some or all of his or her debts. In the right situation, this type of bankruptcy filing can provide people with a fresh start. However, unlike other bankruptcy options, Chapter 12 bankruptcy is specifically designed to help those that are “family farmers” or “family fisherman” allowing those in this industry to who are facing bankruptcy to propose a repayment plan to restructure their debt to both secured and unsecured creditors.

With Chapter 12 bankruptcy, debtors who meet the criteria are afforded a more streamlined and less expensive option than Chapter 11 or Chapter 13 bankruptcy which are better suited for larger corporations. To learn if you qualify for Chapter 12 bankruptcy, continue reading below or call John G. Rhyne today to request a bankruptcy consultation.

Qualifications For Chapter 12 Bankruptcy:

To qualify for a Chapter 12 bankruptcy filing, an individual or married couple must be engaged in a farming or fishing operation. If a partnership or corporation is filing, a single family must own at least 50% of the stock or equity invested into the business. Below are some of the additional requirements that can determine if Chapter 12 bankruptcy is appropriate for your case.

Business Requirements: Farmers and fishermen operations that have a regular, annual income coming in are eligible for chapter 12. This can also apply to farmers and fishermen who make seasonal income that is stable and regular enough to pay off the debts.

Income Requirements:

For commercial fishermen operations 80% of the income must come from fishing. For a farming business, 50% of the income must come from the farming business.

Debt Amounts Eligible: For the farming operations, debts cannot total more than $4,153,150 and for fishing operations the debts cannot total more than $1,924,550 (subject to change).

Get in Touch with John G. Rhyne, Attorney at Law

If you live in Tarboro, Nashville, Rocky Mount, Elizabeth City, Greenville, NC, or the surrounding communities and own a family business in the farming or commercial fishing industry and are considering bankruptcy, do not hesitate to reach out to John G. Rhyne, Attorney at Law.

When facing looming debt, it’s important to choose a bankruptcy lawyer who is familiar with all aspects of bankruptcy law. We understand that filing for bankruptcy can be a challenging and emotionally overwhelming time. When you choose Mr. Rhyne as your bankruptcy attorney, you can rest assured that he will put his knowledge to work for you to provide trusted bankruptcy advice tailored to your unique situation and will see your case through from beginning to end.

Licensed to practice law throughout the state of North Carolina, in addition to Chapter 12, we have also assisted those facing Chapter 7 and Chapter 13 bankruptcy. To learn more about our comprehensive bankruptcy services, call our firm today to set up your free initial consultation.