Under the federal Bankruptcy Code, corporations or partnerships may be eligible to obtain relief under a Chapter 12. It is recommended that you hire a Chapter 12 bankruptcy lawyer to help you file the petition due to the various complicated provisions under the law.
For example, under the law, corporations and partnerships more than ½ of the stock of equity in the business must be owned by at least one family or by one family and its relatives. Therefore, there are numerous of financial documents which must be submitted to the court. With the assistance of an experienced attorney who specializes in Chapter 12, all of the important financial information will be submitted on the appropriate forms and schedules, including the identification of creditors who have a secured financial interest of your property or who are considered a priority creditor, such as the government.
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified chapter 12 farmers bankruptcy lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local chapter 12 farmers bankruptcy attorney to discuss your specific legal situation.