Debt Relief for North Carolina Farmers and Ranchers
If you make your living through agriculture but are overwhelmed by debt, Chapter 12 bankruptcy may enable you to save your farmstead, your land, your herd, your equipment and other assets of the operation. A Chapter 12 filing must be properly prepared by an attorney who is familiar with this lesser known section of the Bankruptcy Code.
The law firm of Ivey, McClellan, Gatton & Talcott, L.L.P., in Greensboro, North Carolina, has helped many farmers, ranchers and agricultural businesses obtain debt relief through Chapter 12 bankruptcy as well as alternative debt resolutions. Contact us today to arrange a consultation with lawyers who understand finance and the business side of farming.
Greensboro Farm Bankruptcy Attorneys
Chapter 12 bankruptcy is specifically geared toward farms, fisheries and other agricultural debtors. It is a hybrid of Chapter 11 reorganization and Chapter 13 repayment plans. In exchange for protection from creditors, you must present a plan for reorganizing the operation and paying back creditors. Rather than monthly installments, payments can be set up on an annual or semiannual basis, such as when the crop comes in.
Filing for Chapter 12 invokes the automatic stay against foreclosure and repossession. It protects your homestead (if you live on the farm), farming equipment and other assets essential to operation. Chapter 12 also enables farmers and ranchers to obtain favorable financing deals to continue operating.
Ivey, McClellan, Gatton & Talcott serves agricultural clients in Guilford County, Randolph County, Forsyth County and Moore County. We have represented a wide spectrum of farming businesses, including grain and produce farmers, orchard owners, tobacco farmers, chicken farmers who supply processing plants and cattle ranchers who raise beef owned by others.
Our legal team includes three attorneys who are board-certified in commercial and consumer bankruptcy and several attorneys who are certified public accountants (CPAs). We are knowledgeable about special issues in farm bankruptcy such as projecting income, valuing agricultural land, and calculating the value and depreciation of farm equipment.
We work hard to protect your farmstead, your livelihood and everything you have invested. We also offer honest assessments of whether it is feasible to continue your farming operation or whether you should position yourself to sell or dissolve it.
Contact us to discuss your case with experienced Winston-Salem Chapter 12 bankruptcy attorneys.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
